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.”

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

Solar Energy Powers One Million Bangladeshi Homes

Photo credit: ricketyus

Disclaimer: The views expressed above are solely those of the author and may not reflect those of
Care2, Inc., its employees or advertisers.

Ruth R.

11:18PM PDT on May 13, 2012

From 2011. What are they doing in 2012?

send a green star

Carole R.

2:29PM PST on Jan 26, 2012

Thanks for the information.

Laurie G.

9:07AM PDT on Aug 25, 2011

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

Jo A.

9:24PM PDT on Aug 22, 2011

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

Robert G.

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

Michael C.

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?

Tim C.

5:45PM PDT on Aug 6, 2011

thanks.

Past Member .

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!

Janice S.

8:27PM PDT on Aug 5, 2011

I am a huge proponent of SOLAR POWER!!! This is great to learn of these programs going forward. I hope they will be very successful.

I am , however, somewhat concerned about "government loans". If we are going to make "loans" , solar is the worthy, sensible option. Right now , though, we need to severely curtail government spending and start paying off the debt.

Brooke K.

6:14PM PDT on Aug 5, 2011

Interesting.