Fresh off its agreement to purchase up to 407 MW of wind power for its Iowa data center, Google today announced that it has committed $100 million to create a new fund to help finance the purchase of residential solar installations with SunPower Corporation.
The fund, which will also include $150 million from SunPower, is meant to enable a scheme that is similar to what other residential solar companies currently offer: The fund will purchase the solar panels homeowners will be able to lease these solar systems at a cost that is lower than their normal electricity bill.
SunPower’s current program has brought solar panels to about 20,000 U.S. households, and the company expects that this new fund will add “thousands” more. SunPower makes the panels itself and handles the installation for homeowners.
“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 in a statement today. “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.”
This marks Google’s 16th renewable energy investment and its third in residential rooftop solar. It previously committed $280 million to create a similar fund with SolarCity and also committed $75 million to a fund with Clean Power Finance to bring solar to about 3,000 homeowners.