PALO ALTO, Calif., May 13, 2014 (GLOBE NEWSWIRE) -- via PRWEB - SolarCity (Nasdaq: SCTY) is helping HP's corporate headquarters go solar in a project expected to significantly reduce the technology giant's greenhouse gas emissions and help it achieve its ambitious renewable energy goals. SolarCity and HP, along with the City of Palo Alto, City of Palo Alto Utilities and SolarCity financing partner Direct Energy Business (DEB), worked together to enable the 1 megawatt system that is expected to offset more than 20 percent of HP's current power usage onsite. SolarCity will install, own and manage the solar power system, and HP will purchase the solar electricity generated through a contract with SolarCity. SolarCity's installation is expected to help HP reduce its utility power costs by approximately one million dollars over the next two decades.*
HP's new solar installation is a single element of a broad commitment to protecting the environment. HP has set an aggressive goal to reduce its scope one emissions from facilities and vehicles, and scope two emissions from outside power sources from which it purchases energy. The company hopes to reduce these emissions by 20 percent before 2020, as compared to its 2010 baseline. HP's solar system will alleviate more than carbon emissions, it will also help address California's fresh water shortage by saving over 130 million gallons of fresh water over the next two decades that would otherwise be consumed to produce electricity from fossil fuel or nuclear sources.
The City of Palo Alto Utilities (CPAU) serves HP's corporate headquarters. HP's system, the largest solar system in Palo Alto to date, increases the amount of local solar power installed in Palo Alto by about 21 percent and is enough to power 214 typical homes for a year. CPAU already purchases 100 percent carbon neutral electricity, however if HP's solar installation is compared to the carbon footprint of power from fossil fuels, the system offsets the equivalent of planting more than 1.2 million trees.**
Advances made by the City of Palo Alto Development Services Department allowed HP's project to be constructed and operational much more quickly compared to solar installation timelines in years past. The city has developed mechanisms for issuing same day solar permits, which took almost 70 days in 2011, as well as cut inspection timelines by more than 80 days since 2011. Just two years ago, the city issued only 40 permits for solar in the entire year. In 2013, thanks to streamlined permitting and inspection processes as well as increased interest, the city was able to increase permits issued by more than 800 percent.
SolarCity provided a package for HP that includes a rooftop solar system with more than 4,000 panels as well as insurance, monitoring, and maintenance throughout the 20 year agreement.
"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 CEO Lyndon Rive. "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."
To learn more about how interested homeowners, municipalities and businesses can go solar simply and affordably, in many cases for less than they pay for utility bills, contact SolarCity directly at 1-888-SOL-CITY (1-888-765-2489) for a free, no-obligation solar consultation or visit SolarCity online at http://www.solarcity.com/request.
*Savings estimates based on current electricity usage at HP site as well as current and future utility power costs against SolarCity's locked in solar power rate for 20 year contract lifetime.
**Environmental benefit statistics based on 20 year contract lifetime and data from the National Renewable Energy Laboratory and Environmental Protection Agency.
This release contains forward-looking statements including, but not limited to, statements regarding expected savings, expected offsets, expected emissions reductions and assumptions relating to the foregoing. Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved, if at all. Forward-looking statements are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward looking statements. You should read the section entitled "Risk Factors" in our quarterly report on Form 10-Q which has been filed with the Securities and Exchange Commission, which identifies certain of these and additional risks and uncertainties. We do not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.
About SolarCity
SolarCity® (NASDAQ: SCTY) provides clean energy. The company has disrupted the century-old energy industry by providing renewable electricity directly to homeowners, businesses and government organizations for less than they spend on utility bills. SolarCity gives customers control of their energy costs to protect them from rising rates. The company offers solar power, energy efficiency and electric vehicle services, and makes clean energy easy by taking care of everything from design and permitting to monitoring and maintenance. SolarCity currently serves 15 states and signs a new customer every three minutes. Visit the company online at http://www.solarcity.com and follow the company on Facebook & Twitter.
Media Contacts
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