Four-Year Commitment Diversifies Funding Resources for Homeowners Looking to Go Solar. On May 5, SunPower Corp. (NASDAQ:SPWR) announced that a new $1 billion partnership with Technology Credit Union (Tech CU) will expand financing options for qualified U.S. residential solar customers. The new partnership will give SunPower access to capital for its loan program.
There will be multiple benefits for both SunPower and its customers including:
- Decrease of SunPower's operating costs through lower per-watt financing fees;
- Streamlining of the loan application and contract signing process for customers; and
- Utilization of a financing platform that integrates SunPower's sales and system design tools that give customers the ability to examine cash, lease or loan acquisition options all at one time.
"Our new partnership with Tech CU will diversify SunPower's funding resources while providing our customers with a streamlined process and experience," said Norm Taffe, executive vice president of North American Channels. "This $1 billion commitment will also allow for tens of thousands of SunPower solar systems to be funded over the course of the next four years."
"We are pleased to add SunPower to our growing list of solar funding partners," said Deborah Crouch, vice president of Strategic Lending Partners at Tech CU. "We look forward to working with them for many years to come."
SunPower has various attractive financing provisions for customers wanting to go solar with loan, lease, and cash options. Last month, the company announced special promotions that can significantly reduce the upfront costs of going solar for U.S. customers.
As one of the world's most innovative and sustainable energy companies, SunPower (NASDAQ:SPWR) provides a diverse group of customers with complete solar solutions and services. Residential customers, businesses, governments, schools, and utilities around the globe rely on SunPower's more than 30 years of proven experience. From the first flip of the switch, SunPower delivers maximum value and superb performance throughout the long life of every solar system. Headquartered in Silicon Valley, SunPower has dedicated, customer-focused employees in Africa, Asia, Australia, Europe, and North and South America. For more information about how SunPower is changing the way our world is powered, visit www.sunpower.com.
About Tech CU
Tech CU has assets in excess of $3 billion, making it one of the 20 largest credit unions in California. It serves more than 125,000 members living and working throughout the counties of Santa Clara, San Mateo, Alameda, Contra Costa, Santa Cruz, San Francisco, Sacramento, San Joaquin, Solano, Marin, Napa, Sonoma, Los Angeles, Orange and San Diego. Based in the state of California, Tech CU has a national solar lending program that it is leveraging for this partnership. As a federally insured not-for-profit organization, Tech CU invests its resources to deliver lower rates, outstanding service and member benefits. For more information, visit: www.techcu.com.
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