SunPower debuts lower APR for its residential solar financing

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SunPower Corp. announced new low-annual percentage rate (APR) loans for U.S. residential solar customers. The new rates are expected to result in substantially lower monthly payments for homeowners purchasing SunPower’s comprehensive solar energy solutions, lowering the barriers to entry so more households can use the clean energy of solar to generate their own electricity, manage their consumption and save money.

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Interest in home energy systems has increased significantly among residential customers due to the COVID-19 pandemic, prolonged wildfire and hurricane seasons, frequent blackouts and utility rate fluctuations. In the first nine weeks of Q3 2020, SunPower saw more than a 50 percent increase in customer-requested sales consultations when compared with the same period in 2019.

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Read more: What the SunPower, Maxeon split means for U.S. solar installers and EPCs

Shifts in ownership trends

According to a July 2020 report from energy research consultancy Wood Mackenzie, customer-owned installations facilitated by loan financing have outpaced third-party ownership since 2019. SunPower’s new reduced financing rates—as low as 0.99% APR—are expected to accelerate the trend toward customer ownership, allowing qualified homeowners to build equity in their renewable energy assets. With SunPower’s new 25-year low APR loan, homeowners can invest in a 6.0 kW solar energy system for under $100 per month.

“Our new financing options advance our goal of empowering homeowners to control their own energy at some of the most affordable rates on the market,” said Norm Taffe, executive vice president of North American Channels. “These new lower rates will enable more homeowners to make the switch to clean, renewable energy while simultaneously saving money on their monthly energy costs.”

SunPower is a solar + storage solutions company with a nationwide network of independent dealers and expert installers. The new low APR financing options support the company’s mission of becoming North America’s leading Distributed Generation (DG) Storage and Energy Services provider.

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