Google and SunPower invest $250 million in residential solar panel leases
Google and SunPower invest $250 million in residential solar panel leases
Google and SunPower are planning to invest up to $250 million to lease solar panels to homeowners, the companies said on Wednesday, April 23, 2014.
Google is investing up to $100 million, while solar panel maker SunPower is committing the other $150 million. Some 20,000 people in the U.S. already lease solar panels from San Jose-based SunPower, the companies said. The new financing program will make it available to more people.
The deal is Google’s third investment in residential rooftop solar panel projects, the companies said.
Here is press release from Google
SunPower: investing in residential solar
In April 2014 we committed to invest $100 million into a fund with SunPower Corporation to finance residential solar installations. This will make it easier for thousands of homeowners across the U.S. to power their homes with renewable energy. With an additional commitment of $150 million from SunPower, the fund will total $250 million. By participating in this program, homeowners help the environment and benefit from a compelling value proposition, typically recognizing savings off their past electricity bills immediately on connection.