Google And SunPower Financing $250 Million For Residential Solar Leases
Santa Clarita homeowners can take advantage of a new program that will provide financing to support approximately $250 million of residential solar lease projects.
Google officials are committing up to $100 million and SunPower officials are committing about $150 million for the project, which is expected to enable thousands of homeowners to finance solar power systems through SunPower solar leases, the most efficient solar panels available on the market today, SunPower officials announced Friday.
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“Solar has exploded and the demand for solar is totally mainstream now,” said Mark Figearo, CEO of Green Convergence, a Santa Clarita-based SunPower dealer. “What this Google partnership means is it’s making more funds available for solar leases… These major lenders are seeing the value of partnering with SunPower.”
Green Convergence offers both residential and commercial solar panels. SunPower’s residential solar panels create up to 50 percent more energy than conventional solar panels and outshine their competitors, covering far less roof space than other energy solutions and allowing customers to buy fewer solar panels to meet energy consumption needs.
The title of SunPower Elite Dealer was awarded to Green Convergence by SunPower in 2011, and the company was named Best Solar Installer by Santa Clarita voters in the Signal’s “Best of SCV” competition two years in a row.
Homeowners using solar power systems not only benefit the environment by using a clean source of energy and reducing pollution, they also have more control over fluctuating electric bills that usually skyrocket in the summer, Figearo said.
“People are not living comfortably in their houses because it’s just too much money in terms of electricity and not knowing what their energy bill is going to be, especially in the summer,” he said. “There’s a lot of peace of mind that comes with having solar. Every month you know exactly what you’re paying. You’re enjoying your house more, benefiting the environment and able to budget the cost of energy.”
Approximately 20,000 Americans are already leasing from SunPower, and thousands more are expected to join them as a result of the financing project, according to a SunPower news release.
The agreement is Google’s 16th renewable energy investment and third residential rooftop solar investment, resulting in the investment of more than $1 billion on three continents. Together, these projects can generate enough electricity each year to power about 500,000 U.S. homes, according to the news release.
"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 Chuck Boynton, SunPower’s CFO. "With the increased and growing interest in reliable, cost-effective solar from businesses and homeowners alike, Google's leadership is helping take solar mainstream."
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