SunPower Corp.(NASDAQ: SPWR), a Silicon Valley-based manufacturer of high efficiency solar cells, solar panels and solar systems announced that it is renewing its supplier partnership with GRID Alternatives, a Bay Area-based non-profit solar installer.
Under terms of the agreement, SunPower is providing GRID Alternatives with its high efficiency solar panels through a combination of donations and fair market value sales. The renewed commitment will bring solar technology to underserved communities across California and Colorado, generating approximately $4.8 million in energy savings over a 30-year life of the solar power systems. In addition, the partnership will provide thousands of hands-on training opportunities for job seekers through GRID's volunteer-based installation model.
"Solar is a recognized, clean energy resource that will help struggling homeowners save on their electricity bills today and for years to come," said GRID Alternatives co-founder and CEO Erica Mackie. "We are thrilled to continue our long-standing partnership with SunPower."
SunPower has worked with GRID Alternatives since 2006 providing philanthropic gifts and equipment and donating more than 1,300 employee volunteer hours to help hundreds of families install solar electric systems on their rooftops. This seven-year partnership is expected to generate approximately $15 million in savings for these families over the life of their systems.
"It's rewarding to see SunPower's investment directly impact local families looking to save on electricity costs or job trainees working to gain hands-on experience," said SunPower President and CEO Tom Werner, who volunteered with GRID Alternatives in 2012 to help install solar systems for two low-income San Jose families. "We greatly value our seven-year partnership with GRID Alternatives and look forward to continuing to provide the world's highest efficiency, most reliable solar panels on the market today."