Residential solar and storage services provider SunPower announced that national residential solar installer ADT Solar 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.
SunPower Financial is SunPower’s in-house financial services institution. 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.
SunPower Financial plans to act as the exclusive lessor for ADT Solar customers that choose to finance with a lease or power purchase agreement. 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 who 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.”
News item from SunPower