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.
This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: email@example.com.
“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.”
This technology race has incrementally pushed solar PV out to the 23 to 25% solar harvest efficiency. Until bifacial solar PV is adopted on a large scale basis, we won’t know for at least 5 years, if the overall output of 25% efficiency solar PV is (really) more effective than bifacial solar PV panels rated as 21%. Cloudy conditions, haze, and temperature will effect all solar PV panels. IF bifacial has a leg up with back and side PV capture, it may even out to a 25% or better PV cell chemistry. The number of labs studying perovskites of several different chemistries is beginning to promise tandem solar PV cells that could harvest 30% to 35% perhaps more solar radiation. Some labs are using two types of perovskites and some are looking at a mono crystalline solar cell with a (spray on?) perovskite to make the tandem cell structure. A near future with tandem solar PV panels in the 500 to 600watt 18 square foot solar PV panel is coming, maybe sooner than we think.
By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.
Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.
You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.
Further information on data privacy can be found in our Data Protection Policy.