Cementing leadership in residential solar, SunPower supports homeowners in every step of the process from design to installation and now financing
SunPower Corp. (NASDAQ:SPWR), a leading solar technology and energy services provider, today announced SunPower Financial™, a financial services institution designed to make renewable energy affordable for more American homeowners. SunPower Financial will also expand access to underserved populations by supporting a new line of financial products featuring expanded eligibility as well as a 0% interest Annual Percentage Rate (APR) product for qualified customers.
The U.S. residential solar market is expected to quadruple by 2030 with roughly one in eight American homes having solar, according to Wood Mackenzie. With SunPower Financial solutions, homeowners can go solar with no down payment required, lower monthly payments, higher credit limits, and a faster application process. Key advantages for qualified customers include:
Up to a $150,000 credit limit for well-qualified customers, a $50,000 increase from prior offerings
A radically simplified application process with faster approval times
Expanding eligibility to customers with credit scores of 600+
Financial offerings for shared roofs, leased land, accessory dwelling units and mobile homes
SunPower Financial also offers a 0% APR for up to 25 years for qualified residential solar and storage customers in select regions. Taken together, these offerings represent the first step toward the company's 25x25 commitments to increase access for residential customers who live in historically marginalized communities by 25% by 2025.
The industry's only turnkey solar experience
Customers seeking home solar systems no longer need a third-party lender to manage the financing. With the introduction of SunPower Financial, SunPower becomes the only solar company to offer a seamless solution for purchasing solar plus storage, including design, sales, installation, warranty and now financing.
The 2021 SunPower Energy Sense Index shows that a high upfront cost for installations is the leading reason cited by homeowners not interested in installing a home solar system.1 With the introduction of strategic, flexible financial solutions, SunPower is providing the single biggest catalyst to drive the adoption of solar and energy storage.
"The benefits of solar should be available to all Americans, regardless of their zip code or income," said Jason MacRae, executive vice president of financial products at SunPower. "By bringing financing in-house, we can lower the barrier of entry for U.S. consumers to own their home solar and storage system."
SunPower's new financial products are available today for the purchase of SunPower Equinox® solar system and SunVault™ battery storage. SunPower Financial will become the primary provider of financing for SunPower's dealer network, beginning in six states representing over 75% of SunPower's U.S. home solar market.
Headquartered in California's Silicon Valley, SunPower (NASDAQ:SPWR) is a leading Distributed Generation Storage and Energy Services provider in North America. SunPower Financial Services is a dba of SunPower Capital Services, LLC, a wholly-owned subsidiary of SunPower. SunPower offers the only solar + storage solution designed and warranted by one company that gives customers control over electricity consumption and resiliency during power outages while providing cost savings to homeowners, businesses, governments, schools and utilities. For more information, visit www.sunpower.com.