SunPower Brings Solar Energy to Hundreds of Low-Income Renters

Rhea-AI Summary

SunPower (NASDAQ:SPWR): Poppy Grove affordable housing community in Northern California is set to become one of the largest affordable housing communities in the nation to run on renewable energy, with over 1 megawatt of solar to be installed, offsetting up to 80% of residents' consumption and saving them up to $1,000 annually on their utility bills. The project aims to provide affordable energy and reduce financial burden on low-income families, reflecting SunPower's commitment to accessibility and equity in solar energy.

Positive

• The installation of over 1 megawatt of solar at Poppy Grove positions it as one of the largest affordable housing communities in the nation to run on renewable energy, demonstrating a significant achievement in the affordable housing sector.
• The 2,649-panel system is designed to offset up to 80% of the residents' consumption, resulting in potential annual savings of up to $1,000 on utility bills for the 387 families living in the community.
• The project is expected to save the community approximately $2.7 million over fifteen years with solar, reflecting a substantial financial benefit for both the residents and the real estate development partners overseeing the community.
• SunPower's commitment to accessibility and equity in solar energy is demonstrated through their efforts to make solar more accessible and affordable for low-income housing communities, aligning with the broader goal of reducing financial burden and improving quality of life for all families.

Negative

• None.

Poppy Grove affordable housing community in Northern California to include rooftop solar as an amenity, helping 387 families save on their monthly electricity bill

RICHMOND, Calif., Nov. 14, 2023 /PRNewswire/ -- SunPower (NASDAQ:SPWR), a leading residential solar technology and energy services provider, plans to install over 1 megawatt of solar at Poppy Grove in Elk Grove, CA, making it one of the largest affordable housing communities in the nation to run on renewable energy. The 2,649-panel system is designed to offset up to 80% of the residents' consumption helping them save up to $1,000 annually on their utility bills.

"The cost to power a home can pose a significant financial burden on low-income families, especially with increasing electricity costs. Solar can effectively provide affordable energy making it a highly valued amenity for affordable housing communities," said Matt Brost, vice president of New Homes Sales for SunPower. "We remain steadfast in our commitment to provide all Americans access to rooftop solar, no matter their income level or if they rent or own their homes."

The real estate development partners overseeing the 387-apartment community, UrbanCore Development and E. Smith & Company, worked with SunPower to design the array that can pass along energy savings to Poppy Grove's tenants. The 16-acre property built by Brown Construction is projected to save the community approximately $2.7 million over fifteen years with solar. These savings are not only expected to be shared with residents but also be used to maintain the on-site amenities, further lowering rental costs for residents.

"Our development team is extremely proud to build one of the largest solar programs in the nation at the Poppy Grove affordable apartment home community. The direct financial benefits from this renewable energy program will be shared with our residents and will significantly improve the quality of life for all our families," said Reese A Jarrett, President of E. Smith & Company.

Poppy Grove helps meet the city's needs for low-income housing progressing SunPower's commitment to make solar more accessible and equitable. SunPower also helped Poppy Grove developers utilize available incentives within the Inflation Reduction Act to help make the energy investment more affordable. The additional savings are expected to help offset the cost of solar and reduce the payback period to less than 6 years.

To learn more about how SunPower is changing the way our world is powered, visit www.sunpower.com.

About SunPower

SunPower (NASDAQ:SPWR) is a leading residential solar, storage and energy services provider in North America. SunPower offers solar + storage solutions designed and warranted by one company that gives customers control over electricity consumption and resiliency during power outages while providing cost savings to homeowners. For more information, visit www.sunpower.com.

Forward-Looking Statements

This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding expected business plans, product performance, and cost savings. These forward-looking statements are based on our current assumptions, expectations, and beliefs and involve substantial risks and uncertainties that may cause results to materially differ from those expressed or implied by these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, regulatory changes and the availability of economic incentives promoting use of solar energy and fluctuations or declines in the performance of our solar panels and other products and solutions. A detailed discussion of these factors and other risks that affect our business is included in filings we make with the Securities and Exchange Commission (SEC) from time to time, including our most recent reports on Form 10-K and Form 10-Q, particularly under the heading "Risk Factors." Copies of these filings are available online from the SEC or on the SEC Filings section of our Investor Relations website at investors.sunpowercorp.com. All forward-looking statements in this press release are based on information currently available to us, and we assume no obligation to update these forward-looking statements in light of new information or future events.

 

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SOURCE SunPower Corp.

FAQ

What is the purpose of the solar installation at Poppy Grove?

The purpose of the solar installation at Poppy Grove is to provide affordable energy and reduce the financial burden on low-income families, aiming to save residents up to $1,000 annually on their utility bills.

How much energy consumption is the solar array designed to offset for the residents of Poppy Grove?

The 2,649-panel system is designed to offset up to 80% of the residents' consumption, potentially resulting in significant annual savings for the 387 families living in the community.

What is the projected saving for the community over fifteen years with solar?

The community is projected to save approximately $2.7 million over fifteen years with solar, reflecting a substantial financial benefit for both the residents and the real estate development partners overseeing the community.

How is SunPower's commitment to accessibility and equity in solar energy demonstrated in this project?

SunPower's commitment to accessibility and equity in solar energy is demonstrated through their efforts to make solar more accessible and affordable for low-income housing communities, aligning with the broader goal of reducing financial burden and improving quality of life for all families.