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.