Leading solar technology manufacturer and solar installer SunPower* has teamed up Admirals Bank, which offers solar loans across the US, to launch a $200 million home solar loan program. The loan program is to support home solar power installations from SunPower over the coming two years.
The loan program will allow SunPower customers to get a home solar loan of up to $60,000 for their solar power system. Of course, a credit approval is required.
The loans are available across the United States. The SunPower warranty on its systems lasts 25 years, and it guarantees both the solar panel systems and their level of electricity production.
Notably, the interest rates Admirals Bank is offering for these systems should be better than you can get almost anywhere else (if anywhere else) for such a project.
“As a lending leader for residential solar power systems, Admirals Bank understands the unique value proposition that SunPower’s proven, high performance solar technology offers,” said Admirals Bank Chairman and CEO Nicholas W. Lazares. “For that reason, under this program, we are offering preferred interest rates for homeowners who choose SunPower solar energy systems. Admirals stands behind families and communities that choose to maximize their savings and minimize their carbon footprint.”
SunPower offers financing of all sorts for its solar power customers — leasing, loans, or straight cash purchases. Being open to different financing options, SunPower has been able to shift with the home solar market. With solar power prices lower than ever (and still dropping) and solar being seen as a more secure and reliable investment by banks, there seems to be a shift to loans, and SunPower is in a good position to take advantage of that.
I’m very excited by this announcement, and can’t wait to find out how quickly the home solar loan market grows!
*Full Disclosure: I own stock in SunPower, and I plan to do so for a long time, as I think SunPower has an extremely bright future.