Google Inc (GOOGL) partners with SunPower to help finance solar installs
Google Inc (NASDAQ:GOOGL) is going very green this month. Yesterday Google announced a deal to purchase up to 407MW of wind power for its Iowa data center. And today, Google has announced that it has committed $100 million to create a new fund for financing the purchase of residential solar installations through a partnership with SunPower Corporation.
This is Google’s 16th renewable energy investment and is the 3rd in residential rooftop solar projects. Google previously committed $280 million to create another fund with SolarCity. Google also committed $75 million through a partnership with Clean Power Finance.
This fund will include $150 million from SunPower, which will be used for purchasing solar panels that homeowners can use as part of a lease program. The lease will cost lower than normal electricity bills.
SunPower currently has a program that brought solar panels to around 20,000 U.S. households. SunPower expects that its partnership with Google will bring solar panels to thousands of more homes. SunPower builds the panels itself and installs them for homeowners.
“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,” stated Kojo Ako-Asare, head of corporate finance at Google in a statement today. “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.”@amitchowdhry or on Google+ at +AmitChowdhry