SunPower accesses $1 billion in residential solar and storage loan capital from Tech CU

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Despite the pandemic, capital is still pouring into solar.

SunPower just announced a $1 billion partnership with Tech CU that gives the solar panel efficiency leader access to a significant chunk of capital for its loan program. The new partnership provides financing opportunities for potential U.S. residential solar and storage customers.

Tech CU has assets in excess of $3 billion, making it one of the 20 largest credit unions in California.

SunPower suggests that the benefits of this partnership include:

  • A finance platform that integrates SunPower’s sales and system design tools — so give customers can compare cash, lease or loan acquisition options transparently and in real-time.
  • Reduction of SunPower’s operating costs through lower per-watt financing fees
  • Streamlining of the loan application and contract signing process

A $1 billion commitment provides the capital for “tens of thousands of SunPower solar systems to be funded over the course of the next four years,” according to the company.

Last month, the company offered “zero money down” promotions that can reduce the upfront costs of going solar for U.S. customers.

SunPower recently announced that it is temporarily cutting executive pay, reducing the workweek for some employees, and that it has already idled its factories in the U.S., France, Malaysia, Mexico, and the Philippines in response to the impact of Covid-19.

Late last year, SunPower announced it would be spinning off its high-efficiency manufacturing business into a new company, Maxeon Solar Technologies. Maxeon products have historically led the industry as the world’s highest-efficiency solar modules. Tianjin Zhonghuan Semiconductor, one of the world’s largest silicon wafer makers, is pouring $298 million into Maxeon Solar.

SunPower has more than 8,000 full-time employees worldwide, of which about 2,000 are in the U.S.

SunPower remains on track to complete its planned split into two independently focused pure-play solar companies by the end of the second quarter.