SAN JOSE, Calif. and BOSTON, June 16, 2014 /PRNewswire/ -- Today, SunPower Corp. (NASDAQ: SPWR) 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® Loan program in the U.S., expanding 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 lending leader 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.
About Admirals Bank
Admirals Bank is a federally-chartered financial institution headquartered in Boston, Mass. Since 2012, Chairman and CEO Nicholas W. Lazares has focused the bank's home improvement lending efforts in the residential solar and renewable energy industry, opening Admirals Alternatives, the renewable energy lending division of Admirals Bank. Admirals Bank also remains a leading national provider of the Title I Home Improvement Loan for a variety of other home improvements. Admirals Bank offers customers additional home borrowing solutions such as residential mortgages and the FHA 203(k) Loan. In addition, Admirals Bank is an active acquirer of commercial real estate loans in the secondary market with over $1 billion in acquisitions since 2010. Admirals Bank has also introduced Bespoke Banking to the financial industry, which is individually tailored, highly customized, concierge banking. Bespoke Banking offers checking and savings accounts, which can be conveniently opened and maintained online or via a mobile device. Admirals Bank is an Equal Housing Lender and Member FDIC.
About SunPower
SunPower Corp. (NASDAQ: SPWR) designs, manufactures and delivers the highest efficiency, highest reliability solar panels and systems available today. Residential, business, government and utility customers rely on the company's quarter century of experience and guaranteed performance to provide maximum return on investment throughout the life of the solar system. Headquartered in San Jose, Calif., SunPower has offices in North America, Europe, Australia, Africa and Asia. For more information, visit www.sunpowercorp.com.
SunPower is a registered trademark of SunPower Corp. All other trademarks are the property of their respective owners.
SOURCE SunPower Corp.