California — SunPower announced SunPower Financial™, its inhouse financial services institution.
The company says this service will expand access to underserved populations by supporting a new line of financial products featuring expanded eligibility as well as a 0% interest Annual Percentage Rate (APR) product for qualified customers.
The U.S. residential solar market is expected to quadruple by 2030 with roughly one in eight American homes having solar, according to Wood Mackenzie. With SunPower Financial solutions, homeowners can go solar with no down payment required, lower monthly payments, higher credit limits, and a faster application process.
Key advantages for qualified customers include:
1. Up to a $150,000 credit limit for well-qualified customers, a $50,000 increase from prior offerings
2. A radically simplified application process with faster approval times
3. Expanding eligibility to customers with credit scores of 600+
4. Financial offerings for shared roofs, leased land, accessory dwelling units and mobile homes
SunPower Financial also offers a 0% APR for up to 25 years for qualified residential solar and storage customers in select regions. Taken together, these offerings represent the first step toward the company’s 25×25 commitments to increase access for residential customers who live in historically marginalized communities by 25% by 2025.