SAN JOSE, Calif., Dec. 8, 2021 /PRNewswire/ -- SunPower Corp. (NASDAQ:SPWR), a leading solar technology and energy services provider, today announced SunPower Financial™, a financial services institution designed to make renewable energy affordable for more American homeowners. SunPower Financial will also expand access to underserved populations by supporting a new line of financial products featuring expanded eligibility as well as a 0% interest Annual Percentage Rate (APR) product for qualified customers.
The U.S. residential solar market is expected to quadruple by 2030 with roughly one in eight American homes having solar, according to Wood Mackenzie. With SunPower Financial solutions, homeowners can go solar with no down payment required, lower monthly payments, higher credit limits, and a faster application process. Key advantages for qualified customers include:
- Up to a $150,000 credit limit for well-qualified customers, a $50,000 increase from prior offerings
- A radically simplified application process with faster approval times
- Expanding eligibility to customers with credit scores of 600+
- Financial offerings for shared roofs, leased land, accessory dwelling units and mobile homes
SunPower Financial also offers a 0% APR for up to 25 years for qualified residential solar and storage customers in select regions. Taken together, these offerings represent the first step toward the company's 25x25 commitments to increase access for residential customers who live in historically marginalized communities by 25% by 2025.
The industry's only turnkey solar experience
Customers seeking home solar systems no longer need a third-party lender to manage the financing. With the introduction of SunPower Financial, SunPower becomes the only solar company to offer a seamless solution for purchasing solar plus storage, including design, sales, installation, warranty and now financing.
The 2021 SunPower Energy Sense Index shows that a high upfront cost for installations is the leading reason cited by homeowners not interested in installing a home solar system.1 With the introduction of strategic, flexible financial solutions, SunPower is providing the single biggest catalyst to drive the adoption of solar and energy storage.
"The benefits of solar should be available to all Americans, regardless of their zip code or income," said Jason MacRae, executive vice president of financial products at SunPower. "By bringing financing in-house, we can lower the barrier of entry for U.S. consumers to own their home solar and storage system."
SunPower's new financial products are available today for the purchase of SunPower Equinox® solar system and SunVault™ battery storage. SunPower Financial will become the primary provider of financing for SunPower's dealer network, beginning in six states representing over 75% of SunPower's U.S. home solar market.
Headquartered in California's Silicon Valley, SunPower (NASDAQ:SPWR) is a leading Distributed Generation Storage and Energy Services provider in North America. SunPower Financial Services is a dba of SunPower Capital Services, LLC, a wholly-owned subsidiary of SunPower. 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 our plans and expectations for our products and solutions, including financial products, and cost savings therefrom, and our expectations regarding the impact of our 25X25 initiative to help ensure historically underserved communities benefit from solar and storage. 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.
1 SunPower Energy Sense Index is a survey that was conducted by Schlesinger Group, an independent research company on behalf of SunPower.
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SOURCE SunPower Corp.