SunPower and Google Invest $250 Million in Residential Solar Program
The solar producer is committing $150 million and Google will provide $100 million, San Jose, Calif.-based SunPower said today in a statement. The program will “help make solar accessible to more families,” said Chuck Boynton, the solar company’s chief financial officer.
The program will support solar leases for rooftop systems that use SunPower panels. Leasing, the fastest-growing part of the U.S. solar market, allows homeowners to pay little or nothing up front for systems in exchange for monthly payments.
This is the second clean-power investment in two days for the Mountain View, Calif.-based search-engine company. Google has invested more than $1 billion in renewable energy worldwide, including two prior deals in residential solar, the company said on its website today.
Google also said, “With SunPower Corporation, we’re creating a new $250 million fund to help finance the purchase of residential rooftop solar systems—making it easier for thousands of households across the U.S. to go solar. Essentially, this is how it works: Using the fund ($100 million from Google and $150 million from SunPower), we buy the solar panel systems. Then we lease them to homeowners at a cost that’s typically lower than their normal electricity bill. So by participating in this program, you don’t just help the environment—you can also save money.
SunPower gained 7.6 percent to $31.61 at 10:19 a.m. in New York. First Solar Inc. is the largest U.S. solar manufacturer.