The Sweetwater Union High School District and SunPower Corp. (Nasdaq: SPWR) celebrated the installation of 3.3 megawatts of high efficiency SunPower solar power systems at six district schools on Friday.
SunPower installed solar shade structures in school parking lots. The systems use high efficiency solar panels and are guaranteed for the next 20 years.
"These SunPower systems will generate about 80 percent of the electricity demand at the campuses where they are located,” said Dr. Edward M. Brand, district superintendent.
The district's six operational solar systems are financed through a power purchase agreement with SunPower. Under terms of the agreements, Wells Fargo (NYSE: WFC) owns the systems and SunPower designs, builds, operates and maintains them.
According to SunPower, the district is buying the electricity at rates that are competitive with retail electricity, minimizing the effect of rising electricity costs with no capital investment. The district owns the renewable energy credits associated with the systems.
In addition, Sweetwater Union recently signed a power purchase agreement with SunPower for a potential 6.4 megawatts of solar power systems at 16 additional campuses.
Construction of these solar power systems is contingent upon SunPower receiving financing, which if received, would allow the additional campuses to be completed by the end of the year.