Internet company Google has invested $100m in a $250m solar installation programme run by US-based solar system provider SunPower.
The capital will be used to finance solar rooftop installations installed by SunPower, which customers can pay for in instalments, offsetting the cost through lower electricity bills.
The initiative, in which SunPower will invest $150m, represents Google’s 16th renewable energy investment, including direct funding of solar and wind projects, and its third in residential solar power.
Google’s most notable investment in rooftop solar was the $280m it invested in a fund operated by SolarCity in June 2011, though the SunPower announcement was made the day after it agreed a power purchase agreement for up to 407 MW of wind energy produced by MidAmerican Energy that will power Google’s Iowa data centres.
“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. “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.”
– Photo courtesy of Google