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The Solar Power Funding Avalanche

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.”

Related Stories:

Renewable Energy Sector Growing Despite Down Economy

Bank of America Spends Billions On Solar, Continues to Fund Coal

Solar Energy Powers One Million Bangladeshi Homes

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37 comments

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1:10PM PDT on Oct 1, 2012

Managing the Commons very much is a major part of the role of government. Global Warming is the one big issue now--it dwarfs everything else. If we fail to control global warming, we will have a climate much like what dinosuars had, with nothing but ocean and hot desert between 50 S and 50 N, and shallow sea covering much of the Mississippi River basin, and cliamte suitable for growing grain ONLY in Alaska, part of Maine, most of Canada, Greenland, Iceland, Scandanavia, Siberia, Antartica, and south end of Sourth America. It will cost about ten times U S GDP to replace fossil fuel with sustainable energy (wind, solar, geothermal, and bio-fuels mostly from algae) both here and as foreign aid to developing countries, between two and three times as much to buy fossil fuel reserves displaced by sustainable enrgy (now way is replacing fossil fuel with sustainable energy politically feasible without buying fossil fuel reserves displaced by sustainable energy), and between two and three times as much to capture and store enough CO2 to get ocean pH back to normal and atmospheric concentration of greenhouse gases below 350 ppm CO2 eq. and stable using Global Thermostat to capture and Enhanced Geothermal Systems to store and/or algae to capture and bio-char from algae to store (mixed in soil in root zone of crops) as to buy those displaced fossil fuel reserves. Buying fossil fuel reserves will be cheaper than capturing CO2 but over half of the CO2 to be captured and stored has alre

6:23AM PDT on Sep 29, 2012

Let California home owners in on the Feed in Tariff.
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Target: Governor Brown, California Energy Commission, California Public Utilities Commission.
Sponsored by: Daniel Ferra
California law, does not allow home owners to size a Solar system that generates more than 100% of their needs . Due to this law we have automatically taken out over 8 million roof tops that could generate over 11,500MWs of power, thats 5 San Onofre nuclear power plants.
We need to let our tax paying, home owning citizens in on this Feed in Tariff, it would be a gold mine for the State, Counties, Cities, and our Environment.
The California Feed in Tariff allows eligible customers-generators to enter in to 10- 15 or 20-year contracts with their Utilites to sell the electricity produced by renewable energy system
Germany and Japan our responding to Global Warming letting their residential home owners in on their feed in Tariff gold mine, in the spirit of Bill Mckibben and his work at 350.org, our children, and our eaarth, change this law.

11:18PM PDT on May 13, 2012

From 2011. What are they doing in 2012?

2:29PM PST on Jan 26, 2012

Thanks for the information.

9:07AM PDT on Aug 25, 2011

Our area is pretty low on number of sunny days. Can solar panels still work for us?

9:24PM PDT on Aug 22, 2011

Thanks for sharing this information. Solar! energy is the way to go

5:17AM PDT on Aug 12, 2011

We installed our panels early May this year. It took the Electric company over a month before they switched on the meter to record our input. We have not as yet received our initial deposit ($6200) back. The news stated that the rebate would be reduced by $1,000 after June 30. At the end of July we get news that the unit rebate will be dropped from 41 cents back to 27 or even just 7 cents per unit. I enquire and am assured that we were in early enough to not be affected.

Wednesday, Power Bill arrives. We are paid 7 cents per unit on 154 units generated. We have been done for some $60 odd. So much for helping to improve the carbon problem. Get everyone onto solar with great promises of vastly reduced bills. When enough people have invested in the programme, remove the contracted price and just pay a pittance. It cost us $1700 for the installation over above the Government rebate. It will take us around 20 years just to pay for the installation at that price. Great idea for the environment but crapp for the people who fell for the scam.

Just as a point of interest, we in OZ are going to be hit with a "Carbon Tax" by July 1 2012. This will put a lot of bigger trucking companies out of business and many smaller ones will take over who are not hit by the carbon tax. They will produce the same amount of carbon but being much smaller will have much more overheads and NO profit to talk of. The Government WILL get their money one way or the other and they will not go hungry try

5:28PM PDT on Aug 7, 2011

Brian F. A properly designed and implemented solar electric system need not cost so much as you mentioned, unless of course, the home is rather expansive and wasteful.

Bill L, Congrats, we have 3000 watts of power, plus an 1000 watt wind turbine. We haven't seen a utility bill in 30 years.
Bill, I was a bit curious about your 28 microsines. Why not one or two grid tied inverters?

5:45PM PDT on Aug 6, 2011

thanks.

10:41AM PDT on Aug 6, 2011

Great for the new home projects!!
But no one has yet explained to me why we need to cover the land in vast solar farms; is there any reason *other than* making sure the corporations get a piece of the pie? They can't have us being self-sufficient!

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