SunPower Financial to offer low-cost lease and
PPA options to ADT Solar customers beginning this year
Further establishes SunPower Financial as the
solar financier of choice for homeowners nationwide
RICHMOND, Calif., Aug. 1, 2023
/PRNewswire/ -- SunPower (NASDAQ:SPWR), a leading residential solar
technology and energy services provider, today announced that ADT
Solar, a division of ADT Inc. (NYSE: ADT), has entered into an
agreement in principle with SunPower Financial™ to become the
exclusive lease and PPA provider for ADT Solar customers. Through
this arrangement, ADT Solar expects to begin offering customers a
lease option for the first time, making solar accessible to more
Americans.
SunPower Financial plans to act as the exclusive lessor for ADT
Solar customers that choose to finance with a lease or power
purchase agreement (PPA)1. ADT Solar intends to make
products offered by SunPower Financial available to its customers
this year. In the future, the two companies expect to explore
opportunities to collaborate on additional streamlined solar and
smart home services for homeowners.
"ADT Solar shares SunPower's commitment to simplifying solar and
offering an exceptional customer experience. We look forward to
working together and providing ADT Solar customers with attractive
lease and PPA options to make the decision to switch to solar an
easy one," said Jason MacRae,
executive vice president of financial products at SunPower. "We
launched SunPower Financial to bring world-class financing products
to market and this relationship can help more households gain
access to renewable, reliable, and affordable energy."
According to independent research commissioned by SunPower,
nearly two in three Americans that would consider solar don't think
they could afford to make the switch. Financial products like
leases, PPAs, and loans allow qualified customers to adopt
renewable energy with no money down by financing their system for
up to 25 years.
"Our strategic relationship with SunPower Financial will enable
ADT Solar to serve more customers with flexible, accessible
financing options for their rooftop solar and battery backup needs
and is expected to drive ADT Solar's growth," said Jamie Haenggi, ADT Executive Vice President,
Solar. "The ADT Solar portfolio will soon provide lease options and
PPA financing solutions to customers in addition to outright
sales."
SunPower Financial is SunPower's in-house financial services
institution designed to make renewable energy affordable for more
American homeowners. With SunPower Financial solutions, SunPower
has helped over 125,000 homeowners switch to solar with no down
payment required, low monthly payments, high credit limits, and a
fast application process.
1. Leases and PPAs are subject to availability. Be sure to ask
during your solar consultation if they are available in your
area.
About SunPower
SunPower (NASDAQ:SPWR) is a leading
solar, storage and energy services provider in North America. SunPower offers solar + storage
solutions designed and warranted by one company that gives
customers control over electricity consumption and resiliency
during power outages while providing cost savings to homeowners.
For more information, visit www.sunpower.com.
Forward-Looking Statements
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 expected business plans
and timing, product performance, 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
achievement to materially differ from those expressed or implied by
these 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
promoting use of solar energy and fluctuations or declines in the
performance of our solar panels and other products and solutions. A
detailed discussion of these factors and other risks that affect
our business is included in filings we make with the Securities and
Exchange Commission (SEC) from time to time, including our most
recent reports on Form 10-K and Form 10-Q, particularly under the
heading "Risk Factors." Copies of these filings are available
online from the SEC or on the SEC Filings section of our Investor
Relations website at investors.sunpower.com. All forward-looking
statements 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.