Jul 4, 2011

Google Ventures Into Residential Solar Power Systems

Google is quickly penetrating the renewable energy sector with its most recent investment in a solar power system fund in collaboration with SolarCity. While this is not Google’s first venture into the market, it is certainly the largest investment in solar power technology, with the total investment of USD280 million.

The fund is propel the installation of solar panels on the rooftops of residential structures, which not only will go a long way to reduce the burden on the environment for non-renewable energy sources (coal, oil, etc.) but also provide a good financial return to the company.

More specifically, SolarCity along with Google will provide for the solar cell technology and maintain it, whereas consumers will simply pay for the electricity generated by the solar cells. This money will be divided between SolarCity and Google, thus making the entire process of installation and use, more economical for the end user.

Currently, it is rather costly to install home solar power systems for individual homeowners because the technology is still more expensive than conventional electricity systems. However, with the right kind of financing, homeowners can draw great long term savings in terms of electricity bills while doing their bit to save the environment.

Recently, Coventry Cathedral in England decided to install rooftop solar panels too, which is the largest such project by a religious institution.