SAN JOSE, Calif., Sept. 8, 2020 /PRNewswire/ -- SunPower Corp.
(NASDAQ:SPWR) today announced 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 comprehensive 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. In the first nine weeks of Q3 2020, SunPower saw more
than a 50 percent 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 low APR loan, homeowners can invest in a 6.0 kW solar
energy 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 vice president 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.
The new low APR financing options support the company's mission of
becoming North America's leading
Distributed Generation (DG) Storage and Energy Services
provider.
About SunPower
Headquartered in California's Silicon Valley, SunPower
(NASDAQ:SPWR) is the leading Distributed Generation Storage and
Energy Services provider in North
America. SunPower offers the only solar + storage solution
designed and warranted by one company that gives customers control
over energy consumption, resiliency during power outages while
providing cost savings to homeowners, businesses, governments,
schools and utilities. For more information,
visit www.sunpower.com.
Forward-Looking Statements
This press release contains
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995, including, but not
limited to, statements regarding customer financing offerings and
capabilities, expected demand and our ability to meet it, and cost
savings. These forward-looking statements are based on our current
assumptions, expectations, and beliefs and involve substantial
risks and uncertainties that may cause results to materially differ
from those expressed or implied by these forward-looking
statements. Factors that could cause or contribute to such
differences include, but are not limited to, regulatory changes and
the availability of economic incentives promoting use of solar
energy and fluctuations or declines in the performance of our solar
panels and other products and solutions. A detailed discussion of
these factors and other risks that affect our business is included
in filings we make with the Securities and Exchange Commission
(SEC) from time to time, including our most recent reports on Form
10-K and Form 10-Q, particularly under the heading "Risk Factors."
Copies of these filings are available online from the SEC or on the
SEC Filings section of our Investor Relations website at
investors.sunpowercorp.com. All forward-looking statements in this
press release are based on information currently available to us,
and we assume no obligation to update these forward-looking
statements in light of new information or future events.
© 2020 SunPower Corporation. SUNPOWER and the SUNPOWER logo are
registered trademarks of SunPower Corporation in the U.S. and other
countries as well.
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SOURCE SunPower Corp.