Patagonia Will Start Paying for Homeowners’ Solar Panels – Hopes More Companies will Follow Suit

Patagonia http://www.patagonia.com plans to use state and federal tax credits to invest $13 million in the construction of solar panels on 1,000 homes in Hawaii, turning the eco-conscious retailer into the financial backer of a green electrical utility.

With the announcement on Wednesday, Patagonia hopes companies across America will follow suit with similar efforts. "Any U.S. public or private company who pays their fair share of taxes can use this strategy to speed up the development of new energy infrastructure," Rose Marcario, Patagonia’s chief executive, said in an interview. "And they can make money doing it and create jobs."

This is Patagonia’s first investment in renewable energy. The deal came through the retailer’s $20 Million & Change fund http://www.businessweek.com/articles/2013-05-06/patagonias-latest-product-an-in-house-venture-fund , launched last year to help support startups focused on social and environmental causes.

By Caroline Winter

Full Story: http://www.businessweek.com/articles/2014-10-03/patagonia-will-start-paying-for-homeowners-solar-panels-in-hawaii#r=hp-ls