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Google partnering to form $250 million residential solar lease program

updated 02:12 pm EDT, Wed April 23, 2014

SunPower corporation tapped for funds, solar panels, installs

Google has announced a plan intended to boost solar energy adoption to residences in the US. In parallel with purchasing up to 407 megawatts' worth of wind energy from Iowa utilities, Google is partnering 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.

by MacNN Staff




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