Google Invests $280M On Solar Panels
Google has spent over $700 million so far this year on clean energy. The money will directly fun the installer, SolarCity to offer solar powered systems to homeowners for no down payment. In exchange, customers will have to pay a fixed price for the power produced by the panels.
Google will earn a return on investment by charging SolarCity interest to use its money, allowing Google to also take the benefits of federal and local renewable energy tax credits.
Google’s CEO, Larry Page hopes to eventually have Google’s operations produce zero gas emissions, and has so far invested in wind farms in North Dakota, California, and Oregon, as well as solar projects in both California and Germany.
To put into perspective, your average rooftop solar setup costs between $25,000 and $30,000, a price that is often too high for consumers to shell out.
However, it’s a worthy investment as solar panels produce 60% of electrical usage per year, requiring the homeowner to buy extra power from the local utility, allowing electricity bills to dip down to a reasonable rate. I keep thinking that Google has made its last green investment of the year, until I read the headlines.