SunPower Secures $1 Billion in Solar Plus Storage Financing

SunPower has announced that a new USD 1 billion partnership with Tech CU will increase financing options for qualified US residential solar customers.

SunPower Corp has announced that a new USD 1 billion partnership with Technology Credit Union (Tech CU) will increase financing options for qualified US residential solar customers. The new partnership will give SunPower access to capital for its loan program.

As per the firm, there will be multiple benefits for both SunPower and its customers including:

• Reduction of SunPower’s operating costs through lower per-watt financing fees;
• Streamlining of the loan application and contract signing process for customers; and
• Utilisation of a financing platform that integrates SunPower’s sales and system design tools that give customers the ability to compare cash, lease or loan acquisition options all at one time.

“Our new partnership with Tech CU will diversify SunPower’s funding resources while providing our customers with a streamlined process and experience,” said Norm Taffe, executive vice president of North American Channels. “This USD 1 billion commitment will also allow for tens of thousands of SunPower solar systems to be funded over the course of the next four years.”

“We are pleased to add SunPower to our growing list of solar funding partners,” said Deborah Crouch, vice president of Strategic Lending Partners at Tech CU. “We look forward to working with them for many years to come.”

SunPower provides a diverse group of customers with complete solar solutions and services. It has multiple attractive financing provisions for customers wanting to go solar with loan, lease and cash options. Last month, the company announced special promotions that can significantly reduce the upfront costs of going solar for US customers.

Tech CU has assets in excess of USD 3 billion, making it one of the 20 largest credit unions in California. Based in the state of California, Tech CU has a national solar lending program that it is leveraging for this partnership. As a federally insured not-for-profit organization, Tech CU invests its resources to deliver lower rates, outstanding service and member benefits.