Clean Power Finance, the provider of integrated services and financing solutions for the solar industry, and Google (NASDAQ: GOOG) announced the creation of a new $75 million fund to finance residential solar projects. This initial investment in Clean Power Finance's white label financing solution represents the second fund available to its network of qualified installers who brand and market it to homeowners. Google has now invested more than $850 million in the renewable energy sector.
"Clean Power Finance has built an innovative platform that connects solar manufacturers, investors like us, and solar installers who offer our financing directly to homeowners. It's a powerful combination that will reduce costs and facilitate the expansion of distributed solar in the U.S.," said Rick Needham, Director of Green Business Operations at Google. "We're proud to be among the first investors to partner with Clean Power Finance, and enable the company to continue forging strong relationships with the best brands in solar."
SunLogic, CaliforniaSolar Systems and American Vision Solar are among the many solar installers currently branding and offering homeowners Clean Power Finance's financing solution. The Clean Power Finance-Google fund will enable up to 3,000 homeowners to go solar in a number of key markets.
Residential solar financing is among the fastest growing categories in the solar industry. Solar power purchase agreements (PPAs) and leases are the driving force behind solar adoption among homeowners, creating an easy and low cost way to go solar. In the first quarter of 2011, PPAs/leases accounted for more than a third of all residential solar sales in California and Colorado, according to Solar Energy Industries Association (SEIA).
"I've been fortunate enough to be a part of residential solar financing since its inception. Google's investment in one of Clean Power Finance's funds further validates the rapidly growing residential solar financing category and our unique market approach. Our open, online platform makes it simple for qualified solar installers to offer the best available consumer financing from leading investors like Google," said Nat Kreamer, Clean Power Finance Chief Executive Officer and board member.
Forty percent of residential solar systems sold in the U.S. last year were facilitated by Clean Power Finance's platform. CPF Tools was the first SaaS, professional-grade solar quoting and proposal application on the market, and today represents the most comprehensive platform connecting solar system installation, design, sales and financing.