SunPower Corp.(NASDAQ: SPWR) announced a new program with U.S. Bancorp (NYSE: USB) to expand financing options available to homeowners interested in high-efficiency SunPower solar power systems, the most efficient solar technology available today. Two to three thousand homes are expected to benefit from the new program.
"U.S. Bank is pleased to help advance SunPower's efforts to make renewable energy accessible to more American homeowners," said Darren Van't Hof, director of renewable energy investments for U.S. Bancorp. "With residential solar systems, more families can take control of their electricity bills and deliver the environmental and health benefits of solar power to their community."
The new program will provide financing for $100 million of residential systems, expanding leasing options in nine states. Both SunPower and U.S. Bancorp invested in the program, their first renewable energy partnership.
"The SunPower Lease program offers homeowners an unprecedented level of assurance that is vitally important when a homeowner enters into a long-term lease agreement," said SunPower CFO Chuck Boynton. "We are proud to partner with U.S. Bancorp and applaud its commitment to promoting the use of solar power."
The SunPower Lease is now available in Arizona, California, Colorado, Hawaii, Massachusetts, New Jersey, New York, Pennsylvania and Vermont. In addition to low monthly payments with zero down, the program includes the only direct-from-manufacturer performance guarantee.
"SunPower is the leading manufacturer of rooftop solar power systems in the U.S. because our customers know they can rely on high-efficiency SunPower technology to maximize the power generated on their roof – and their monthly savings," said Howard Wenger, SunPower president, regions. "Our popular lease program allows customers to have the best solar for zero down."