SunPower Corp. announced new Ultra-Low Annual Percentage Rate (APR) loans for residential solar and storage customers. 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.
The loans, offered through Technology Credit Union (TCU), are available for the purchase of a SunPower Equinox® system, the company's all-in-one home solar system, as well as SunVault™ battery storage. With SunVault, customers can store and manage the energy their systems produce to build resilience amid increasing blackouts and energy shutdowns; in areas that offer net metering, customers can also choose to sell excess energy back to the grid. *
"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 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 4kw solar system for as low as $72 a month. *
Demand for System Ownership Increases
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."
The new Ultra-Low APR loans are currently available in 17 U.S. states, representing nearly 90% of the U.S. home solar market. SunPower expects to expand to additional states throughout the year.