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SunPower Partners with Admirals Bank for $200 Million Residential Solar Loan Program

SunPower and Admirals Bank announced a $200 million loan program for residential solar projects. Available over the next two years in all 50 U.S. states, the program allows residents to borrow up to $60,000 for a SunPower system.

This partnership adds to the growing list of financing options for the rapidly expanding residential solar sector. Admirals Bank said it will offer preferred interest rates for homeowners, which are subject to credit approval. Participants will also be able to apply the 30 percent federal tax credit and any other local incentives to their system.

SunPower CFO Chuck Boynton explained the economic benefits of installing a solar system: “In some cases, the loan payment may be equal to or less than a homeowner’s current utility bill and, once the loan is paid off, the homeowner will own a system that can produce clean electricity for the life of the system,” he said. “They may also benefit from increased home value as a result of the solar system on the roof."

Homeowners that take advantage of this loan will also be entitled to a 25-year combined power and product warranty. SunPower also offers a solar leasing program in several U.S. states, which is becoming an increasingly attractive option for many homeowners.  Leasing requires zero money upfront and establishes monthly payments.

“Admirals Bank understands the unique value proposition that SunPower’s proven…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.”

Lead image: Money pile via Shutterstock

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