SAN JOSE, Calif., Jun. 11, 2009 /PRNewswire/ -- SunPower Corp. (NASDAQ: SPWRA)(NASDAQ: SPWRB), a manufacturer of high-efficiency solar cells, solar panels and solar systems, today announced a solar loan program that makes solar power systems more affordable for homeowners in the U.S. The five-year loans, available through Addison Avenue Federal Credit Union of Palo Alto, Calif., may allow homeowners to take advantage of the 30 percent federal tax credit now available for installing solar power systems, as well as additional incentives offered by many states and municipalities. Homeowners do not need equity in their homes to qualify for these loans, and can easily transfer the SunPower systems to new owners on the sale of the house.
This new program joins an existing service that SunPower offers to help homeowners secure long term home equity loans to finance the purchase of their solar power systems. Interest on home equity loans may be tax deductible, and loan recipients also qualify for the significant state and federal tax incentives available today. Individuals should consult with their own professional tax advisors concerning specific tax circumstances.
"Compared to leasing programs available from other companies, SunPower's loan programs offer significant tax advantages and the opportunity to easily transfer the solar power system - and its value - when you sell your home," said SunPower Chief Marketing Officer Jan Soderstrom. "Why spend years paying to essentially rent a system, when you can enjoy the benefits of ownership today?"
"Federal and state tax credits reduced the cost of my SunPower system by more than 30 percent, so owning the system outright made sense to me," said homeowner Tom Bechly of San Jose, Calif. "Addison Avenue offered an easy loan application process with competitive rates. It's gratifying to watch my meter run backward, receive smaller electricity bills from the utility company each month, and know that I am doing my part for the environment."
"With the increased interest in the use of alternative energy sources as a means to combat global warming, we are pleased to be one of the first credit unions to offer a specific solar loan product," said Scott Pellegrini, product manager at Addison Avenue Federal Credit Union. "SunPower offers the most efficient solar power systems available on the market today, so homeowners who install SunPower solar systems will maximize the benefit to the environment while minimizing their electric bills. The switch to solar has never been more attractive."
Through the partnership with SunPower, Addison Avenue is offering solar loans of up to $50,000 on the purchase of a residential SunPower system. Existing members of Addison Avenue will also receive a rebate of $0.30 per watt (up to $1,500) from SunPower on the purchase of a SunPower system. There is no application fee or pre-payment penalty, and applicants will be offered affordable monthly payments and flexible extended terms. Current rates are as low as 5.25 percent APR for qualified borrowers.
For more information, visit www.sunpowercorp.com or www.addisonavenue.com/loans/solar/.
Founded in 1985, SunPower Corporation (NASDAQ: SPWRA)(NASDAQ: SPWRB) designs, manufactures and delivers the planet's most powerful solar technology broadly available today. Residential, business, government and utility customers rely on the company's experience and proven results to maximize return on investment. With headquarters in San Jose, Calif., SunPower has offices in North America, Europe, Australia and Asia. For more information, visit www.sunpowercorp.com.
About Addison Avenue Federal Credit Union
Based in Palo Alto, California, Addison Avenue Federal Credit Union is a nationwide, full-service financial institution serving more than 145,000 members. Addison Avenue offers a range of services to the employees and family members of its sponsor companies such as Hewlett-Packard, Agilent Technologies and CH2M Hill, as well as members from communities across the country. For more information, please visit www.addisonavenue.com.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that do not represent historical facts and may be based on underlying assumptions. The company uses words and phrases such as "may" and "offered" to identify forward-looking statements in this press release, including forward-looking statements regarding homeowners benefiting from federal, state and municipal tax credits and other incentives, such as tax deductible interest payments. Such forward-looking statements are based on information available to the company as of the date of this release and involve a number of risks and uncertainties, some beyond the company's control, that could cause actual results to differ materially from those anticipated by these forward-looking statements, including risks and uncertainties such as: (i) the continuation of governmental and related economic incentives promoting the use of solar power; (ii) the availability of third-party financing arrangements; and (iii) other risks described in the company's Quarterly Report on Form 10-Q for the quarter ended March 29, 2009, and other filings with the Securities and Exchange Commission. These forward-looking statements should not be relied upon as representing the company's views as of any subsequent date, and the company is under no obligation to, and expressly disclaims any responsibility to, update or alter its forward-looking statements, whether as a result of new information, future events or otherwise.
SUNPOWER and the SUNPOWER logo are trademarks or registered trademarks of SunPower Corporation. All rights reserved. All other trademarks are the property of their respective owners.
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