SunPower Corp. launched a financial services arm this week, SunPower Financial, aimed at making renewable energy affordable for more U.S. homeowners. The company said SunPower Financial will also expand access to underserved populations by supporting a new line of financial products with expanded eligibility as well as a 0% interest Annual Percentage Rate (APR) product for qualified customers — all without relying on a third-party lender.
With SunPower Financial, SunPower becomes the only solar company to offer a fully in-house solution for purchasing solar plus storage, including design, sales, installation, warranty and now financing.
“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.”
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.
Neat options 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 25×25 commitments to increase access for residential customers who live in historically marginalized communities by 25% by 2025.
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. With the introduction of strategic, flexible financial solutions, SunPower is providing the single biggest catalyst to drive the adoption of solar and energy 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.
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