SunPower is offering new low-annual percentage rate (APR) loans for U.S. residential solar customers. The new rates are expected to result in substantially lower monthly payments for homeowners purchasing SunPower’s solar energy solutions, lowering the barriers to entry so more households can use the clean energy of solar to generate their own electricity, manage their consumption and save money.
Interest in home energy systems has increased significantly among residential customers due to the COVID-19 pandemic, prolonged wildfire and hurricane seasons, frequent blackouts and utility rate fluctuations, the company stated in a press release. In the first nine weeks of Q3 2020, SunPower saw more than a 50% increase in customer-requested sales consultations when compared with the same period in 2019.
Shifts in ownership trends
According to a July 2020 report from energy research consultancy Wood Mackenzie, customer-owned installations facilitated by loan financing have outpaced third-party ownership since 2019. SunPower’s new reduced financing rates — as low as 0.99% APR — are expected to accelerate the trend toward customer ownership, allowing qualified homeowners to build equity in their renewable energy assets. With SunPower’s new 25-year APR loan, homeowners can invest in a 6-kW solar system for under $100 per month.
“Our new financing options advance our goal of empowering homeowners to control their own energy at some of the most affordable rates on the market,” said Norm Taffe, executive VP of North American Channels. “These new lower rates will enable more homeowners to make the switch to clean, renewable energy while simultaneously saving money on their monthly energy costs.”
SunPower is a solar + storage solutions company with a nationwide network of independent dealers and expert installers.
News item from SunPower