SunPower announced the launch of SunPower Financial, a finance institution for residential solar projects. The company said the financial products arm will expand access to underserved communities through a new line of products with expanded eligibility.
SunPower Financial offers a 0% APR for up to 25 years for qualified residential solar customers. The financing can also be applied to the cost of battery energy storage systems.
The new platform offers a max $150,000 limit for well-qualified customers. Credit requirements have been expanded, and now customers with credit scores of 600+ are eligible to be approved. New products for financing shared roofs, leased land, accessory dwelling units, and mobile homes are available through the platform, as well.
Many major solar installers opt for using a third-party financier, so SunPower’s move to create its own financial institution marks a significant pivot.
A 2021 customer survey run by SunPower showed that high upfront cost for installation was one of the leading reasons for homeowners not installing solar. The same survey found that 60% of homeowners overestimate the cost of purchasing solar when guessing what they might pay.
The survey also showed a strong desire for energy storage, as one in five homeowners said they worry about power outages on a weekly basis, and 88% listed resiliency during power outages as a top reason for going solar.
SunPower Financial will begin its launch in six states, representing about 75% of SunPower’s U.S. home solar market.
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