SAN JOSE, California, March 18, 2021 / PRNewswire / – SunPower Corp. (NASDAQ: SWPR) today 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 by Technology Credit Union (TCU), are available for the purchase of a SunPower Equinox® system, the company’s all-in-one solar home system, as well as SunVault ™ battery storage. With SunVault, customers can store and manage the energy produced by their systems to build resiliency in the face of growing power outages and power outages; in areas that offer net metering, customers can also choose to sell excess energy back to the grid. *
“Consumers demand better, cleaner and more reliable energy. With this new ultra-low APR loan offering, we’re making it possible for more people to do it – while saving money on electric bills thanks to a solar system they own, “mentioned. 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 for their region. With this new ultra-low APR offering, qualified SunPower customers can now purchase a 4kW solar system for as little as $ 72 a month. *
Increased demand for system ownership
According to research firm Wood Mackenzie, on average 73% of solar installations were purchased either with cash or a solar loan during each of the first three quarters of 2020. This reflects a long-term trend in the economy. adoption of solar energy, in the form of cash purchases and loans. solar power for the first time eclipsed third-party ownership in 2017. As US consumers continue to control their production and management of energy, attractive financing options can enable more customers to achieve resilience through renewable energies.
“Ownership of the system allows customers to experience the long-term economic benefits of solar power. More financial options for property can increase access to the benefits of solar energy and accelerate the adoption of solar energy overall, ”Taffe said. “SunPower now offers one of the most affordable ways to own solar power in the industry.”
The new ultra-low APR loans are currently available in 17 US states, representing almost 90% of the US home solar market. SunPower plans to expand to other states throughout the year. To instantly view your home’s solar energy design and savings, visit https://us.sunpower.com/home-solar.
Based at California Silicon Valley, SunPower (NASDAQ: SPWR) is a leading provider of storage and distributed generation energy services North America. SunPower offers the only company-designed and guaranteed solar + storage solution that gives customers control over power consumption and resiliency during power outages while delivering savings to homeowners, businesses, governments, to schools and public services. For more information, visit www.sunpower.com.
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding customer funding offers and capabilities, expected demand and our ability to respond, and cost savings. These forward-looking statements are based on our current assumptions, expectations and beliefs and involve substantial risks and uncertainties that may cause results, performance or achievements to differ materially from those expressed or implied by such forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to: regulatory changes and the availability of economic incentives favoring the use of solar energy and fluctuations or decreases in the performance of our panels. solar and other products and solutions. A detailed analysis of these and other risks that affect our business is included in the documents we file from time to time with the Securities and Exchange Commission (SEC), including our most recent report on Form 10-K. , particularly under “Risk Factors.” Copies of these documents are available online from the SEC or in the SEC Filings section of our investor relations website at investors.sunpowercorp.com All forward-looking statements contained in this press release are based on information currently available to us, and we assume no obligation to update these forward-looking statements in light of new information or future events.
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SOURCE SunPower Corp.