SAN JOSE, California, December 8, 2021 / PRNewswire / – SunPower Corp. (NASDAQ: SPWR), a leading provider of solar technology and energy services, today announced SunPower Financial ™, a financial services institution designed to make renewable energy affordable to more US homeowners. SunPower Financial will also expand access to underserved populations by supporting a new line of financial products offering expanded eligibility as well as a 0% Annual Percentage Rate (APR) product for qualified clients.
The U.S. residential solar market is expected to quadruple by 2030, with about one in eight U.S. households equipped with solar power, according to Wood Mackenzie. With solutions from SunPower Financial, homeowners can switch to solar power with no down payment required, lower monthly payments, higher credit limits, and a faster application process. The main benefits for qualified customers include:
- Up to one $ 150,000 credit limit for qualified customers, a $ 50,000 increase compared to previous offers
- A radically simplified application process with faster approval times
- Expanded eligibility to customers with 600+ credit scores
- Financial offers for shared rooftops, leased land, secondary suites and mobile homes
SunPower Financial also offers 0% APR for up to 25 years for qualified residential solar and storage customers in select regions. Together, these offers represent the first step towards 25×25 engagements increase access for residential customers who live in historically marginalized communities by 25% by 2025.
The industry’s only turnkey solar experience
Customers looking for solar home systems no longer need a third-party lender to handle the financing. With the introduction of SunPower Financial, SunPower becomes the only solar company to offer a seamless solution for purchasing more solar storage, including design, sale, installation, warranty and now financing.
The SunPower Energy Sense Index 2021 shows that a high initial cost for installations is the main reason given by homeowners who do not wish to install a solar home system.1 With the introduction of strategic and flexible financial solutions, SunPower provides the greatest catalyst to drive the adoption of solar energy and energy storage.
“The benefits of solar power 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 the funding in-house, we can lower the barrier of entry for American consumers to own their solar and home storage system.”
SunPower’s new financial products are available today for purchase of the SunPower Equinox® Solar System and SunVault ™ Storage Battery. SunPower Financial will become the primary provider of financing for SunPower’s dealer network, starting in six states representing more than 75% of SunPower’s home solar market in the United States.
Based in Silicon Valley, California, SunPower (NASDAQ: SPWR) is a leading provider of storage and distributed generation energy services 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 guaranteed by a single company that allows customers to control power consumption and resiliency during power outages while delivering savings to homeowners, businesses, governments, schools and utilities. For more information visit www.sunpower.com.
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding our plans and expectations for our products and solutions, including financial products, and the resulting cost savings, and our expectations for the impact of our 25X25 initiative to help ensure historically underserved communities benefit from solar power and storage. These forward-looking statements are based on our current assumptions, expectations and beliefs and involve substantial risks and uncertainties which may cause results to differ materially from those expressed or implied by these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, regulatory changes and the availability of economic incentives favoring the use of solar energy and fluctuations or declines in the performance of our solar panels. and other products and solutions. A detailed discussion of these factors and other risks that affect our business is included in the documents we file from time to time with the Securities and Exchange Commission (SEC), including our most recent reports on Form 10-K and 10-Q, in particular under the heading “Risk factors”. Copies of these documents are available online from the SEC or in the SEC Filings section of our Investor Relations website at investors.sunpowercorp.com. All forward-looking statements contained in this press release are based on information currently available to us, and we assume no obligation to update these forward-looking statements in light of new information or future events.
1 SunPower Energy Sense Index is a survey conducted by Schlesinger Group, an independent research company on behalf of SunPower.
© SunPower Corporation. All rights reserved. SUNPOWER, the SUNPOWER logo, SUNPOWER EQUINOX, SUNPOWER FINANCIAL and SUNVAULT are trademarks or registered trademarks of SunPower Corporation in the United States.
SOURCE SunPower Corp.