Google and SunPower Partner to Finance Residential Solar

April 30, 2014 1718 Views Ari Kobb, Laticrete, LEED professionals, Mahesh Ramanujam, Texas Department of Criminal Justice

MOUNTAIN VIEW, Calif. — Google Inc. and Sunpower Corp., a designer, manufacturer and deliverer of solar panels and solar energy systems, have announced that they will team up to finance approximately $250 million in residential solar lease projects.

The two companies announced last week that they would invest a combined $250 million with Google contributing $100 million and SunPower committing approximately $150 million.

“We’re pleased to team with SunPower to make solar power accessible to more homeowners, and offer families a more effective way to reduce their carbon footprint,” said Kojo Ako-Asare, head of corporate finance at Google, in a statement. “Google is committed to promoting the efficient use of resources and expanding the use of renewable energy. Our partnership with SunPower makes good business sense and supports our goals for a clean energy future.”

Approximately 20,000 U.S. homeowners currently lease solar power systems from SunPower Corp., which is based in San Jose, Calif. The agreement between the two companies marks Google’s 16th renewable energy investment and its third residential rooftop solar investment.

Google has invested more than $1 billion in renewable energy projects on three continents and across a range of technologies, according to Google. In total, the projects can generate more than two gigawatts, which is equivalent to enough electricity to power approximately 500,000 U.S. homes annually.

“We’re pleased to partner with Google to help make solar accessible to more families and allow those families to take control of their energy costs,” said SunPower CFO Chuck Boynton, in a statement. “With the increased and growing interest in reliable, cost-effective solar from businesses and homeowners alike, Google’s leadership is helping take solar mainstream.”

The global information technology company also announced last week that it has partnered with MidAmerican Energy to supply its $1.5 billion Iowa data center with 407 MW of wind energy.