SunPower Helps Electrify Homes for Habitat for Humanity, Creating Sustainable Housing for Low-Income Families

Rhea-AI Summary

SunPower (NASDAQ: SPWR) has announced its support for Habitat for Humanity of Greater Sacramento's affordable housing initiative, Cornerstone, which focuses on providing energy-efficient homes for low-income families. The donation includes 140 solar panels designed to lower energy costs by an estimated $1,500 annually for each of the 13 homes. A monetary grant from the SunPower Foundation will support the project's design and installation. This initiative aligns with SunPower's efforts to expand access to sustainable energy solutions, particularly for underserved communities. The Cornerstone project features 18 homes equipped with electric vehicle charging capabilities to enhance energy independence. SunPower employees will volunteer for home renovations in honor of Earth Day, demonstrating the company's commitment to community engagement and sustainable development.

Positive

• Donation of 140 solar panels to Habitat for Humanity aims to reduce energy costs for 13 low-income homes by approximately $1,500 annually.
• The initiative is part of SunPower's commitment to expand access to affordable solar energy solutions for underserved communities.
• Cornerstone community will feature 18 homes with electric vehicle charging capabilities, promoting energy independence.

Negative

• None.

Solar panel donation supports affordable, energy-efficient housing for low-income families in Sacramento

SunPower employees volunteer at Cornerstone community in honor of Earth Day

RICHMOND, Calif., April 19, 2023 /PRNewswire/ -- SunPower (NASDAQ:SPWR), a leading solar technology and energy services provider, today announced it is enabling Habitat for Humanity of Greater Sacramento's affordable housing community, Cornerstone, to run on renewable energy. With a donation of high-quality panels and supporting grant, SunPower is empowering Habitat for Humanity to create the first-of-its-kind, all-electric, solar-powered affordable housing community in Sacramento serving low-income families in partnership with Mutual Housing of CA.

The 140 donated panels will help offset the energy costs of 13 homes in the community and are expected to provide an estimated annual savings of about $1,500 for each homeowner. SunPower's donation will be combined with a monetary grant from SunPower Foundation to further support the design, permitting and installation at Cornerstone, distributed through Good Sun. This effort illustrates the company's commitment to provide more homeowners with access to affordable rooftop solar regardless of income.

"One of the many benefits of solar is its ability to provide long-term financial relief to families struggling with high and unpredictable energy costs," said Peter Faricy, CEO at SunPower. "Everyone deserves access to affordable, clean energy. Together with Habitat for Humanity, we are proud to a meaningful impact on the lives of families in Sacramento."

The Cornerstone community will consist of 18 single-family homes, each equipped with electric vehicle charging capabilities to provide homeowners with an ecosystem of energy solutions. As cost of living and energy prices increase in California, Habitat for Humanity's efforts to electrify their homes can lower energy costs while helping to meet U.S. climate goals.

"The climate is changing and so must our homes and how we build them," said Leah Miller, CEO for Habitat for Humanity of Greater Sacramento. "We strive to create homes that are durable, healthy and sustainable. Thanks to SunPower and Good Sun, we can make a positive impact in the community we serve with low cost, clean energy."

In honor of Earth Day, SunPower employees will be volunteering onsite today to help with installation and general renovation for two of the homes in the Cornerstone community. This is part of SunPower's 25x25 diversity, equity and inclusion (DE&I) commitments to expand access of solar to disadvantaged communities. The company unveiled the initiative in 2021 to spread the economic benefits of solar and battery storage with communities that typically carry a disproportionately higher energy burden.

Habitat for Humanity builds quality, affordable houses across the nation; selling to families who would otherwise not be able to afford the purchase of a home. Habitat for Humanity of Greater Sacramento has served over 10,000 individuals who earn less than 30% to 80% of the city's median income through home builds, repairs and community projects. To learn more about the Cornerstone community or apply, visit HabitatGreaterSac.org/apply.

To learn more about SunPower's 25x25 commitments to make solar accessible and equitable, visit sunpower.com/25x25.

About SunPower

SunPower (NASDAQ: SPWR) is a leading solar technology and energy services provider in North America. SunPower offers the only solar + storage solution 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

About Habitat for Humanity of Greater Sacramento

Celebrating 37 years of building hope and homes in Sacramento and Yolo Counties, Habitat for Humanity of Greater Sacramento builds and repairs homes for low-income families, seniors, and veterans, revitalizes neighborhoods, and provides equity-building opportunities to underserved communities.

A 501(c)3 nonprofit and local affiliate of Habitat for Humanity International, last year, Habitat Greater Sacramento served over 10,000 individuals through home builds, repairs, and community projects. Those interested in supporting Habitat's work can find more at www.habitatgreatersac.org.

About Good Sun

A 501(c)3 nonprofit CA corporation, Good Sun has been in business since 2013. Good Sun's mission is to provide education and promote awareness about solar and renewable energy, sustainable design, and appropriate technology. They install solar and appropriate technology systems for use in both private and public facilities that meet needy, low-income, and/ or charitable-use criteria.

Forward Looking Statement

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 and project plans, product performance, projected energy output, 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 SunPower's recent initiative involving Habitat for Humanity?

SunPower donated 140 solar panels to Habitat for Humanity of Greater Sacramento for their Cornerstone affordable housing project, aiming to support low-income families.

How much energy cost savings can homeowners expect from SunPower's donation?

Each of the 13 homes receiving solar panels is expected to save about $1,500 annually in energy costs.

What is the significance of the Cornerstone community project?

The Cornerstone community represents the first all-electric, solar-powered affordable housing initiative in Sacramento, consisting of 18 homes.

What commitments does SunPower have regarding community service?

In honor of Earth Day, SunPower employees will volunteer onsite at Cornerstone to assist with home renovations as part of their community engagement efforts.

How does SunPower's initiative impact low-income families?

This initiative provides low-income families with access to renewable energy, reducing their energy costs and improving housing sustainability.