San Francisco—September 27, 2011—Clean Power Finance, the leading provider of integrated services and financing solutions for the solar industry, and Google (NASDAQ: GOOG) today 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, California Solar Systems and American Vision Solar are among the many solar installers currently branding and offering homeowners Clean Power Finance’s financing solution. Read more here. 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.
Additional perspective on the Clean Power Finance partnership is available on the Google Blog: http://googlegreenblog.blogspot.com/.
About Clean Power Finance
Clean Power Finance is driving the mass-market adoption of residential solar by building an online marketplace to connect the solar industry and the capital market. The company provides solar professionals, manufacturers and distributors with access to consumer financing, easy-to-use software and essential services. For investors and lenders, the company makes it easy to deploy capital in residential solar projects. Funded by Kleiner Perkins Caufield & Byers (KPCB), Google Ventures and Claremont Creek Ventures, the company was started in 2007. To learn more about how we can accelerate the growth of your business, please visit www.cleanpowerfinance.com
Google’s innovative search technologies connect millions of people around the world with information every day. Founded in 1998 by Stanford Ph.D. students Larry Page and Sergey Brin, Google today is a top web property in all major global markets. Google’s targeted advertising program provides businesses of all sizes with measurable results, while enhancing the overall web experience for users. Google is headquartered in Silicon Valley with offices throughout the Americas, Europe and Asia. For more information, visit www.google.com.