Apple will Buy Power Worth Almost $1 billion From First Solar Inc.

Apple will Buy Power Worth Almost $1 billion From First Solar Inc.Apple Inc said that in a pursuit to be a greener company it will be buying power worth almost $1 billion from a huge plant of First Solar Inc. It may be the beginning of a flight of contracts that have been driven by the expecting change in the incentives of the solar tax incentive which is likely to go from 30% to 10% soon. The tax benefits may particularly make such projects extremely attractive.

Apple said that it will be powering its Cupertino campus along with the entire array of Apple Stores in California and also the offices and data centres of the company in Newark with this solar power.

The CEO of Apple, Timothy Cook, said the deal not only is a stance to pursue solar energy use but also makes big sense on the financial front. According to him, the company will save huge amounts as renewable energy has is a fixed cost which is far less than the other conventional alternative.

The CEO of First Solar said in a statement, that this deal with Apple will lead the issue of addressing problems of climate change and will be opening a path for the other companies to see how they can replace traditional energy with renewable sources of power.