Expands multifamily solar projects with three new developers in California
RICHMOND, Calif., Jan. 31, 2023 /PRNewswire/ — Today, SunPower Corp. (NASDAQ: SPWR), a leading residential solar technology and energy services provider, announced three new customers in its multifamily solar business, underscoring the company’s progress toward making it easier for developers to adopt solar while passing along energy savings to tenants. This enables both developers and renters to realize the economic benefits of renewable energy.
SunPower Logo. (PRNewsFoto/SunPower Corp.)
Working with SunPower, builders of multifamily residences like apartment buildings can reduce the out-of-pocket expenses typically required to install solar, participate in state and federal incentives such as the Inflation Reduction Act (IRA), and fairly distribute benefits back to residents — all while offsetting up to 100% of the community’s estimated electricity consumption. SunPower enables builders to sell energy generated by solar panels back to their tenants at a discounted price compared to local utility rates and collect payments directly with new financing tools alongside specialized billing software. The income generated from the sale of electricity by the building owner can help pay off the solar investment more quickly.
“Families renting in apartments or other multiunit complexes can benefit tremendously from lower electricity bills, especially as utility rates continue to rise,” said Matt Brost, Vice President of New Homes Sales at SunPower. “By pioneering a business model that helps multifamily developers adopt solar, we are enabling builders and renters to save with stabilized, affordable energy while also making a positive impact on the environment.”
To meet the shrinking supply of affordably priced housing, developers are expected to build 4.3 million new apartment units between now and 2035, according to the National Multifamily Housing Council and National Apartment Association. SunPower aims to help builders lower their operating costs and build more sustainable residences with solar-as-a-service by monetizing the building’s electricity usage.
New California multifamily builders offering SunPower solar as an amenity to residents include:
The Grupe Company
SunPower is near completion on a solar installation atop the 248-unit complex, Brix 325 Apartments, in Santa Rosa, California. The switch to solar is expected to save tenants approximately 10% or more compared to sourcing power directly from their local utility. Using SunPower’s specialized services and products exclusively for multifamily development, The Grupe Company will include solar credits and electricity costs alongside the tenant’s monthly rent. The Brix 325 Apartment complex will be ready to lease by spring 2023.
“Solar provides a hedge against rising electricity costs. By incorporating solar into our homes since 2005, our residents can avoid rising utility rates while doing the right thing for the environment,” …….