SAN JOSE, Calif., March 18, 2021 /PRNewswire/ -- SunPower Corp. (NASDAQ:SWPR) today announced new Ultra-Low Annual Percentage Rate (APR) loans for residential solar and storage customers. The company's new offerings include rates as low as 0.99% for a 15-year loan and 1.99% for a 25-year loan.
The loans, offered through Technology Credit Union (TCU), are available for the purchase of a SunPower Equinox® system, the company's all-in-one home solar system, as well as SunVault™ battery storage. With SunVault, customers can store and manage the energy their systems produce to build resilience amid increasing blackouts and energy shutdowns; in areas that offer net metering, customers can also choose to sell excess energy back to the grid. *
"Consumers are demanding better, cleaner, more reliable energy. With this new Ultra-Low APR loan offering, we are enabling more people to achieve just that — all while making it possible to save money on electricity bills with a solar system they own," said Norm Taffe, Executive Vice President at SunPower.
For many customers, the monthly bills associated with SunPower's new loan are lower than the average monthly electricity bill in their area. With this new Ultra-Low APR offering, qualified SunPower customers can now purchase a 4kw solar system for as low as $72 a month. *
Demand for System Ownership Increases
According to research consultancy Wood Mackenzie, an average of 73 percent of solar installations were purchased either with cash or a solar loan in each of the first three quarters of 2020. This reflects a long-term trend in solar adoption, as cash and loan purchases of solar first eclipsed third-party ownership in 2017. As U.S. consumers continue to pursue control over their energy generation and management, attractive financing options can enable more customers to achieve resilience through renewable energy.
"System ownership allows customers to benefit from the long-term economic advantages of solar. More financial options for ownership can increase access to the benefits of solar and will accelerate solar adoption overall," said Taffe. "SunPower now offers one of the most affordable ways to own solar in the industry."
The new Ultra-Low APR loans are currently available in 17 U.S. states, representing nearly 90% of the U.S. home solar market. SunPower expects to expand to additional states throughout the year. To visualize your home solar design and savings instantly, visit https://us.sunpower.com/home-solar.
Headquartered in California's Silicon Valley, SunPower (NASDAQ:SPWR) is a 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 electricity consumption and 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, performance, or achievement 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 report on Form 10-K, 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.