SunPower Financial to offer low-cost lease and PPA options to ADT Solar customers beginning this year
Further establishes SunPower Financial as the solar financier of choice for homeowners nationwide
RICHMOND, Calif., Aug. 1, 2023 /PRNewswire/ -- SunPower (NASDAQ:SPWR), a leading residential solar technology and energy services provider, today announced that ADT Solar, a division of ADT Inc. (NYSE: ADT), has entered into an agreement in principle with SunPower Financial™ to become the exclusive lease and PPA provider for ADT Solar customers. Through this arrangement, ADT Solar expects to begin offering customers a lease option for the first time, making solar accessible to more Americans.
SunPower Financial plans to act as the exclusive lessor for ADT Solar customers that choose to finance with a lease or power purchase agreement (PPA)1. ADT Solar intends to make products offered by SunPower Financial available to its customers this year. In the future, the two companies expect to explore opportunities to collaborate on additional streamlined solar and smart home services for homeowners.
"ADT Solar shares SunPower's commitment to simplifying solar and offering an exceptional customer experience. We look forward to working together and providing ADT Solar customers with attractive lease and PPA options to make the decision to switch to solar an easy one," said Jason MacRae, executive vice president of financial products at SunPower. "We launched SunPower Financial to bring world-class financing products to market and this relationship can help more households gain access to renewable, reliable, and affordable energy."
According to independent research commissioned by SunPower, nearly two in three Americans that would consider solar don't think they could afford to make the switch. Financial products like leases, PPAs, and loans allow qualified customers to adopt renewable energy with no money down by financing their system for up to 25 years.
"Our strategic relationship with SunPower Financial will enable ADT Solar to serve more customers with flexible, accessible financing options for their rooftop solar and battery backup needs and is expected to drive ADT Solar's growth," said Jamie Haenggi, ADT Executive Vice President, Solar. "The ADT Solar portfolio will soon provide lease options and PPA financing solutions to customers in addition to outright sales."
SunPower Financial is SunPower's in-house financial services institution designed to make renewable energy affordable for more American homeowners. With SunPower Financial solutions, SunPower has helped over 125,000 homeowners switch to solar with no down payment required, low monthly payments, high credit limits, and a fast application process.
About SunPower
SunPower (NASDAQ:SPWR) is a leading solar, storage and energy services provider in North America. SunPower offers solar + storage solutions designed and warranted by one company that gives customers control over electricity consumption and resiliency during power outages while providing cost savings to homeowners. For more information, visit www.sunpower.com.
Forward-Looking Statements
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 expected business plans and timing, product performance, 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 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.sunpower.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. Leases and PPAs are subject to availability. Be sure to ask during your solar consultation if they are available in your area.
SOURCE SunPower Corp.