SolarCity Corp (SCTY) Signs Agreement With Hewlett-Packard

SolarCity Corp (SCTY) Signs Agreement With Hewlett-Packard
By BrokenSphere (Own work) [CC BY-SA 3.0 or GFDL], via Wikimedia Commons

SolarCity Corp (NASDAQ:SCTY) has enabled one of its systems to provide Hewlett-Packard Company (NYSE:HPQ)’s corporate headquarters with clean energy. In a press release today, SolarCity said the project will “significantly” cut down HP’s greenhouse gas emissions while also assisting the company in achieving its goals for renewable energy.

SolarCity partners with HP, Palo Alto

The two companies have partnered with the City of Palo Alto, City of Palo Alto Utilities and Direct energy Business, a financing partner of SolarCity Corp (NASDAQ:SCTY). Together, they enabled a 1-megawatt system designed to offset over 20% of the amount of power Hewlett-Packard Company (NYSE:HPQ) currently uses at its corporate headquarters. That’s expected to provide about a $1 million reduction in Hewlett-Packard’s utility power costs over the next 20 years.

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SolarCity Corp (NASDAQ:SCTY) will install, own and manage the solar system, while Hewlett-Packard Company (NYSE:HPQ) will buy the solar power generated by the system through a contract with SolarCity. The system is made up of a rooftop solar system consisting of over 4,000 solar panels. SolarCity is also providing maintenance, monitoring and insurance throughout the 20 years of the agreement.

Hewlett-Packard’s project moved forward quickly

In today’s press release, SolarCity Corp (NASDAQ:SCTY) said the City of Palo Alto Development Services Department made advances which allowed Hewlett-Packard Company (NYSE:HPQ)’s project to be built and become operational more quickly compared to previous solar installations. The city now issues same-day solar permits. In 2011, it took nearly 70 days to secure those permits. The city has also cut more than 80 days off of inspection timelines since 2011. Two years ago, Palo Alto issued 40 solar permits, but last year, because of the streamlined processes, the city increased the number of permits it issued by over 800%.

“HP is making a decision that is positive for the environment and for its bottom line, and should be an inspiration to others,” said SolarCity Corp (NASDAQ:SCTY) CEO Lyndon Rive in a statement. “The simple fact that solar power can be less expensive than power generated by fossil fuels gives us a fighting chance in the battles against air pollution, water pollution and climate change.”

Shares of SolarCity Corp (NASDAQ:SCTY) rose nearly 1% in morning trading.

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