SAN JOSE, Calif., Sept. 8, 2020 /PRNewswire/ -- SunPower Corp. (NASDAQ:SPWR) today announced new low-annual percentage rate (APR) loans for U.S. residential solar customers. The new rates are expected to result in substantially lower monthly payments for homeowners purchasing SunPower's comprehensive solar energy solutions, lowering the barriers to entry so more households can use the clean energy of solar to generate their own electricity, manage their consumption and save money.
Interest in home energy systems has increased significantly among residential customers due to the COVID-19 pandemic, prolonged wildfire and hurricane seasons, frequent blackouts and utility rate fluctuations. In the first nine weeks of Q3 2020, SunPower saw more than a 50 percent increase in customer-requested sales consultations when compared with the same period in 2019.
SHIFTS IN OWNERSHIP TRENDS
According to a July 2020 report from energy research consultancy Wood Mackenzie, customer-owned installations facilitated by loan financing have outpaced third-party ownership since 2019. SunPower's new reduced financing rates—as low as 0.99% APR—are expected to accelerate the trend toward customer ownership, allowing qualified homeowners to build equity in their renewable energy assets. With SunPower's new 25-year low APR loan, homeowners can invest in a 6.0 kW solar energy system for under $100 per month.
"Our new financing options advance our goal of empowering homeowners to control their own energy at some of the most affordable rates on the market," said Norm Taffe, executive vice president of North American Channels. "These new lower rates will enable more homeowners to make the switch to clean, renewable energy while simultaneously saving money on their monthly energy costs."
SunPower is a solar + storage solutions company with a nationwide network of independent dealers and expert installers. The new low APR financing options support the company's mission of becoming North America's leading Distributed Generation (DG) Storage and Energy Services provider.
Headquartered in California's Silicon Valley, SunPower (NASDAQ:SPWR) is the leading Distributed Generation Storage and Energy Services provider in North America. SunPower offers the only solar + storage solution designed and warranted by one company that gives customers control over energy consumption, resiliency during power outages while providing cost savings to homeowners, businesses, governments, schools and utilities. For more information, visit www.sunpower.com.
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding customer financing offerings and capabilities, expected demand and our ability to meet it, and cost savings. These forward-looking statements are based on our current assumptions, expectations, and beliefs and involve substantial risks and uncertainties that may cause results to materially differ from those expressed or implied by these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, regulatory changes and the availability of economic incentives promoting use of solar energy and fluctuations or declines in the performance of our solar panels and other products and solutions. A detailed discussion of these factors and other risks that affect our business is included in filings we make with the Securities and Exchange Commission (SEC) from time to time, including our most recent reports on Form 10-K and Form 10-Q, particularly under the heading "Risk Factors." Copies of these filings are available online from the SEC or on the SEC Filings section of our Investor Relations website at investors.sunpowercorp.com. All forward-looking statements in this press release are based on information currently available to us, and we assume no obligation to update these forward-looking statements in light of new information or future events.
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SOURCE SunPower Corp.