Tim Cook explains the smart business reason why Apple has its own solar energy plants
Tim Cook spoke at Goldman Sachs' Internet and Technology conference on Tuesday where he announced Apple's plan to build a $850 million solar farm that will power its new campus in Cupertino.
Cook explained how Apple's environmental initiatives aren't just for the company's public image.
They save money, too.
"I'm sure some of you are interested in, well, 'Is that a good use of funds or not,' and, y'know: quite frankly, we are doing this because it is right to do, but you may also be interested to know that it's good financially to do it," said Cook.
"We expect to have a very significant savings because we have a fixed-price for the renewable energy, and there's quite a difference between that price and the price of the brown energy."
In other words, Apple knows exactly how much its solar energy plant will cost to build and run, so its energy costs will be totally predictable. It won't have to rely on the fluctuating price of fossil fuels.
Cook didn't say how much Apple would be saving.
This isn't the first time Apple's CEO has defended the company's environmental initiatives, although he's usually defended them more on altruistic grounds.
Cook famously lashed out at an investor who criticized Apple for not focusing enough on profit.
"If you want me to do things only for ROI reasons, you should get out of this stock," he said.