SolarCity Corp (SCTY) to help HP’s corporate HQ go solar

Posted May 14, 2014

SolarCity Corp (NASDAQ:SCTY) is taking Hewlett-Packard Company (NYSE:HPQ) headquarters solar as part of a project expected to reduce the greenhouse gas emissions and help its ambitious renewable energy goals.

SolarCity and HP, along with the City of Palo Alto, City of Palo Alto Utilities and SolarCity financing partner Direct Energy Business, worked together to enable the 1 megawatt system that is expected to offset more than 20% of HP’s current power usage onsite. SolarCity is going to install, own, and manage the solar power system. HP will purchase the solar electricity generated through a contract with SolarCity.

HP set an aggressive goal to reduce its scope one emissions from facilities and vehicles and scope two emissions from outside power sources from which it purchases energy. HP is hoping to reduce these emissions by 20% before 2020, compared to its 2010 baseline.

HP’s solar system will alleviate more than carbon emissions as it will help address California’s fresh water shortage by saving over 130 million gallons of fresh water over the next two decades that would otherwise be consumed to produce electricity from fossil fuel or nuclear sources.

“HP is making a decision that is positive for the environment and for its bottom line, and should be an inspiration to others,” stated SolarCity CEO Lyndon Rive. “The simple fact that solar power can be less expensive than power generated by fossil fuels gives us a fighting chance in the battles against air pollution, water pollution and climate change.”

SolarCity provided a package for HP that includes a rooftop solar system with over 4,000 panels as well as insurance, monitoring, and maintenance throughout a 20 year agreement.