SunPower now offering in-house solar + storage financing
SunPower Corp. today rolled out SunPower Financial, a financial services company 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 with expanded eligibility and a 0% annual interest rate (APR) product for qualified customers.
SunPower Financial solutions allow homeowners to use solar energy with no down payment, lower monthly payments, higher credit limits, and a faster application process. The main benefits for qualified customers are:
- to a $150,000 credit limit for well-qualified customers, a $50,000 increase in previous offers
- A radically simplified application process with faster approval times
- Expansion of eligibility for customers with credit scores of 600+
- Financial offer for shared roofs, rented land, associated housing 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 offers represent the first step towards the 25×25 obligations to increase access for residential customers living in historically marginalized communities by 25% by 2025.
A turnkey solar experience
Customers looking for home solar systems no longer need an outside lender to manage financing. With the introduction of SunPower Financial, SunPower becomes the only solar company to offer a seamless solution for solar + storage purchasing, including design, sales, installation, warranty and now financing.
The SunPower Energy Sense Index 2021 shows that high initial costs for installations are the main reason cited by homeowners who are not interested in installing a solar system for their home.1 With the introduction of strategic, flexible financial solutions, SunPower provides the largest catalyst to drive adoption of solar and energy storage.
“The benefits of solar energy should be available to all Americans, regardless of their zip code or income,” he said Jason MacRae, executive VP of financial products at SunPower. “By putting in-house financing, we can lower the barrier to entry for U.S. consumers to own their own solar and home storage system.”
SunPower’s new financial products are available today for purchases of SunPower Equinox solar systems and SunVault battery storage. SunPower Financial will become the primary financing provider for SunPower’s dealer network, starting in six states representing more than 75% of SunPower’s US home solar market.
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