SunPower Corp. announced super low Annual Percentage Rate (APR) loans for residential customers looking to buy either the solar-only Equinox system or SunVault battery storage. 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 and are offered through Technology Credit Union (TCU). The new Ultra-Low APR loans are currently available in 17 U.S. states, representing nearly 90% of the U.S. home solar market.
[button link=”http://bit.ly/37Y4HEa”]SMA’s ShadeFix optimization produces more energy than traditional optimizers. ShadeFix also provides greater reliability and less service risk than alternatives. Watch the video to see for yourself! [/button]
“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 ultra-low 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 4-kW solar system for as low as $72 a month.
Demand is going up: 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.”
[button link=”https://goto.webcasts.com/starthere.jsp?ei=1441407&tp_key=29e928cae2″ bg_color=”#19a82e”]Buyer Beware Webinar: Lessons Learned from Inverter Testing with PVEL – April 6 – Register here for free[/button]
Listen to more in-depth conversations on Solar Builder's YouTube channel
Our most popular series include:
Power Forward! | A collaboration with BayWa r.e. to discuss higher level industry topics.
The Buzz | Where we give our 2 cents per kWh on the residential solar market.
The Pitch | Discussions with solar manufacturers about their new technology and ideas.