SAN JOSE, Calif., Dec. 8, 2021 /PRNewswire/ -- SunPower Corp.
(NASDAQ:SPWR), a leading solar technology and energy services
provider, today announced SunPower Financial™, a financial services
institution designed to make renewable energy affordable for more
American homeowners. SunPower Financial will also expand access to
underserved populations by supporting a new line of financial
products featuring expanded eligibility as well as a 0% interest
Annual Percentage Rate (APR) product for qualified customers.
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. Key advantages 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 25x25 commitments to increase access for
residential customers who live in historically marginalized
communities by 25% by 2025.
The industry's only turnkey solar experience
Customers
seeking home solar systems no longer need a third-party lender to
manage the financing. With the introduction of SunPower Financial,
SunPower becomes the only solar company to offer a seamless
solution for purchasing solar plus storage, including design,
sales, installation, warranty and now financing.
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.1 With
the introduction of strategic, flexible financial solutions,
SunPower is providing the single biggest catalyst to drive the
adoption of solar and energy storage.
"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."
SunPower's new financial products are available today for the
purchase of SunPower Equinox® solar system and SunVault™ battery
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.
About SunPower
Headquartered in California's Silicon Valley, SunPower
(NASDAQ:SPWR) is a leading Distributed Generation Storage and
Energy Services provider in North America. SunPower Financial
Services is a dba of SunPower Capital Services, LLC, a wholly-owned
subsidiary of SunPower. SunPower offers the only solar + storage
solution designed and warranted by one company that gives customers
control over electricity consumption and resiliency during power
outages while providing cost savings to homeowners, businesses,
governments, schools and utilities. 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 our plans and
expectations for our products and solutions, including financial
products, and cost savings therefrom, and our expectations
regarding the impact of our 25X25 initiative to help ensure
historically underserved communities benefit from solar and
storage. These forward-looking statements are based on our current
assumptions, expectations, and beliefs and involve substantial
risks and uncertainties that may cause results 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.sunpowercorp.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.
1 SunPower Energy Sense Index is a survey that was conducted by
Schlesinger Group, an independent research company on behalf of
SunPower.
© SunPower Corporation. All Rights Reserved. SUNPOWER, the
SUNPOWER logo, SUNPOWER EQUINOX, SUNPOWER FINANCIAL and SUNVAULT
are trademarks or registered trademarks of SunPower Corporation in
the U.S.
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SOURCE SunPower Corp.