The Solar Power Funding Avalanche
Developing and increasing renewable energy is key to tackling global warming, reducing the American dependence on fossil fuels and reducing pollution. Fortunately, solar power is increasing in the U.S. thanks to the over $10 billion raised by solar power companies over the last few months, as Green Tech Media reports. The funds come from venture capitalists (VC), the federal government, banks and major companies like Google. In July, solar raised over $650 in VC funding.
One company that raised VC funds this summer is Complete Solar Solution (CSS), which sells residential solar power systems. The funds will go partly to help increase the company’s sales of solar power systems, and partly to developing new technology.
“We show customers the best way to buy their electricity,” said Will Anderson, CEO of Complete Solar Solution. “Most people still aren’t aware that they can go solar without paying anything upfront, immediately lower their monthly bills, and lock in their electricity expense for as long as they live in their homes.”
Anderson claims that CSS is the “only company in the solar power field that has our combination of system capabilities, optimal design flexibility, and financing solutions for the consumer.”
First Solar receives $4.5 billion in loans from the federal government
The Department of Energy (DOE) gave $4.5 billion in loans to First Solar’s three photovoltaic (PV) projects, which will result in 20 million new PV panels in operation. The three projects are:
- Antelope Valley Solar Ranch: received $680 million for the 230 MW project in the Western Mojave Desert, about 80 miles north of LA. The power generated from the project will be sold to one of California’s largest utility companies, Pacific Gas & Electric (PG&E).
- Desert Sunlight: received $1.88 billion for the 550 MW project in eastern Riverside, California. The power generated will be sold to PG&E.
- Topaz Solar: received $1.93 billion for the 550 MW in San Luis Obispo County, California (located on the Central Coast).
Bank provides loans to export American-made solar panels to India
The Export-Import Bank of the United State (Ex-Im Bank) is providing $75 million in loans to export American-made solar panels to India, Matter Network reports. First Solar is one of the companies receiving a loan.
“We are working with U.S. exporters to make sure they have the competitive financing they need to participate in these important initiatives,” said Ex-Im Bank Chairman and President Fred Hochberg.
Google invests $280 in SolarCity
SolarCity, a residential solar power company, received $280 million from Google. The funds will extend solar lease and power purchase agreement options to customers who want solar power but don’t want to buy solar power systems. SolarCity operates in Arizona, California, Colorado, the District of Columbia, Maryland, Massachusetts, New York, New Jersey, Pennsylvania and Texas.
“Google is setting an example that other leading American companies can follow,” said Lyndon Rive, CEO of SolarCity. “The largest 200 corporations in the U.S. have more than $1 trillion in cash on their balance sheets. If more companies follow Google’s lead, we can dramatically reduce our nation’s dependence on polluting power.”
Photo credit: ricketyus