Google (NYSE: GOOG) and SunPower (NASDAQ: SPWR) announced they are partnering to fin ance $250 million in residential solar projects. Google is contributing approximately $100 million and SunPower is providing about $150 million for the initiative, which will help fund thousands of rooftop solar leases for homeowners. SunPower currently leases about 20,000 solar power systems to consumers.
Through the funds, Google will purchase solar panel systems made by SunPower. Those systems will then be leased to homeowners at a cost lower than the typical electricity bill. The amount of solar leasing now available to residents through this project can generate more than two gigawatts of electricity - or approximately 500,000 homes.
This partnership is Google's 16th investment in renewable energy and its third residential solar investment. The company has donated more than $1 billion to renewable energy projects around the world.
Google also recently announced it's working with MidAmerican Energy in Iowa to supply the company's data center with electricity from wind farms. This is Google's largest project to date and will generate 407 megawatts of renewable energy.