Google and SunPower to invest $250 million in leasing solar systems

Google is partnering with solar panel maker SunPower to invest up to $250 million in leasing solar systems to homeowners. The Mountain View technology giant is contributing up to $100 million, and San Jose-based SunPower will invest $150 million, Google said in a blog post. The goal is to make “it easier for thousands of households across the U.S. to go solar.” “Using the fund … we buy the solar panel systems,” Google said. “Then we lease them to homeowners at a cost that’s typically lower than their normal electricity bill.”

Google has announced a plan intended to boost solar energy adoption to residences in the US. In parallel with purchasing up to 407MW of wind energy from Iowa utilities, Google is parterning with SunPower Corporation, to create a $250 million fund to finance the purchase of residential rooftop solar systems and offer them to consumers at a cost said to be lower than monthly energy bills. According to Google, “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.” The program doesn’t cover any overage — if the homeowner exceeds the energy generated or stored by the installation, that cost is the homeowner’s responsibility. Additionally, it is not yet known if the subsidized panel build-outs will include battery storage, or the ability to sell energy back to the local energy company.