SAN JOSE, Calif., March 18, 2021 /PRNewswire/ -- SunPower
Corp. (NASDAQ:SWPR) today announced new Ultra-Low Annual Percentage
Rate (APR) loans for residential solar and storage customers. The
company's new offerings include rates as low as 0.99% for a 15-year
loan and 1.99% for a 25-year loan.
The loans, offered through Technology Credit Union (TCU), are
available for the purchase of a SunPower Equinox® system, the
company's all-in-one home solar system, as well as SunVault™
battery storage. With SunVault, customers can store and manage the
energy their systems produce to build resilience amid increasing
blackouts and energy shutdowns; in areas that offer net metering,
customers can also choose to sell excess energy back to the grid.
*
"Consumers are demanding better, cleaner, more reliable energy.
With this new Ultra-Low APR loan offering, we are enabling more
people to achieve just that — all while making it possible to save
money on electricity bills with a solar system they own," said
Norm Taffe, Executive Vice President
at SunPower.
For many customers, the monthly bills associated with SunPower's
new loan are lower than the average monthly electricity bill in
their area. With this new Ultra-Low APR offering, qualified
SunPower customers can now purchase a 4kw solar system for as low
as $72 a month. *
Demand for System Ownership Increases
According to
research consultancy Wood Mackenzie, an average of 73 percent of
solar installations were purchased either with cash or a solar loan
in each of the first three quarters of 2020. This reflects a
long-term trend in solar adoption, as cash and loan purchases of
solar first eclipsed third-party ownership in 2017. As U.S.
consumers continue to pursue control over their energy generation
and management, attractive financing options can enable more
customers to achieve resilience through renewable energy.
"System ownership allows customers to benefit from the long-term
economic advantages of solar. More financial options for ownership
can increase access to the benefits of solar and will accelerate
solar adoption overall," said Taffe. "SunPower now offers one of
the most affordable ways to own solar in the industry."
The new Ultra-Low APR loans are currently available in 17 U.S.
states, representing nearly 90% of the U.S. home solar
market. SunPower expects to expand to additional states
throughout the year. To visualize your home solar design and
savings instantly, visit
https://us.sunpower.com/home-solar.
About SunPower
Headquartered in California's Silicon Valley, SunPower
(NASDAQ:SPWR) is a 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 electricity consumption and 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,
performance, or achievement 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 report on Form 10-K, 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.
© 2021 SunPower Corporation. All Rights Reserved. SUNPOWER, the
SUNPOWER logo, SUNPOWER EQUINOX and SUNVAULT are trademarks or
registered trademarks of SunPower Corporation in the U.S.
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SOURCE SunPower Corp.