SunPower Corp. and Admirals Bank announced a strategic relationship to provide a $200 million loan program for SunPower residential solar projects over the next two years. The partnership supports the SunPower® to expand the financing options available to homeowners interested in owning high-efficiency SunPower solar power systems. Under the program, borrowers may apply for a loan of up to $60,000 to install a SunPower system. Each partner's obligations are subject to the terms of the partnership agreement and all loans are subject to credit approval.
"As a lender for residential solar power systems, Admirals Bank understands the unique value proposition that SunPower's proven, high performance solar technology offers," said Admirals Bank Chairman and CEO Nicholas W. Lazares. "For that reason, under this program, we are offering preferred interest rates for homeowners who choose SunPower solar energy systems. Admirals stands behind families and communities that choose to maximize their savings and minimize their carbon footprint."
"Admiral Bank's funding and affordable rates are enabling SunPower to expand its residential loan program to allow more U.S. homeowners to own the most efficient and reliable solar technology available," said SunPower CFO Chuck Boynton. "In some cases, the loan payment may be equal to or less than a homeowner's current utility bill and, once the loan is paid off, the homeowner will own a system that can produce clean electricity for the life of the system. They may also benefit from increased home value as a result of the solar system on the roof."
SunPower's loan program is available in all 50 states and Washington, D.C. In addition to owning the most efficient solar technology commercially available today, SunPower system owners also benefit from the SunPower warranty, the solar industry's first 25-year combined power and product warranty. SunPower loans may allow homeowners to take advantage of the 30% federal tax credit now available for installing solar power systems, as well as additional incentives offered by many states and municipalities.
In several states, SunPower also offers the SunPower Lease program, featuring low monthly payments with zero down.