Written by: Leonard Parker | solar news | December 9, 2021
SunPower Corp., a solar technology and energy services provider, has launched 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.
With SunPower Financial solutions, homeowners can go solar with no down payment required, lower monthly payments, higher credit limits and a faster application process. Well-qualified customers can gain access to an up to a $150,000 credit limit, a $50,000 increase from prior offerings. The program expands eligibility to customers with credit scores of 600+. Financial offerings now cover 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 25×25 commitments to increase access for residential customers who live in historically marginalized communities by 25% by 2025.
With the introduction of SunPower Financial, SunPower offers a seamless solution for purchasing solar plus storage, including design, sales, installation, warranty and now financing.
“The benefits of solar should be available to all Americans, regardless of their zip code or income,” says 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 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.