Many people who rent their homes cannot get solar energy because they don't own the house. The person who owns the house needs to agree to have solar panels installed, and not all owners are
because they don’t own the house. The person who owns the house needs to agree to have solar panels installed, and not all owners are willing to do that. Even when they do, who wants to take out a loan or spend tens of thousands of dollars on somebody else’s house? And that’s assuming lenders would even let you borrow for that.
While the press release described this in vague terms, I was still curious how the actual nuts and bolts of the program work. The company says it is utilizing new financing tools and specialized billing software, enabling building owners to be able to sell electricity generated by the panels back to tenants for cheaper than local utility rates, plus receive payments directly. This additional income from the sale of power also somehow offsets the investment in a shorter period of time.
By spring 2023, The Grupe Company will be completing the installation of solar panels on Brix 325 Apartments in Santa Rosa, California. Thanks to SunPower’s specialized services and products for multifamily development projects, tenants can look forward to saving an estimated 10% or more than they would have paid by sourcing power directly from their local utility companies. Plus, solar credits and electricity costs are now included and can be paid along with rent.
SunPower is also in the process of designing two apartment buildings located in San Diego, built by HomeFed Corporation. Upon completion, Artisan at The Village of Escaya and Luminary at Cota Vera are anticipated to yield 1.5 million kilowatts annually — enough renewable energy to equate nearly 1000 metric tons of carbon with over 2,300.
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