- SunPower has created its own financing arm for residential solar and storage segment
- SunPower Financial will do away with the involvement of a 3rd party lender while it easier for homeowners to buy and use solar
- It also plans to offer solar solutions to underserved populations with a new line of financial products
SunPower Corporation has expanded its business portfolio to also include home financing solutions with the launch of a new division called SunPower Financial aimed at making buying and owning solar easier and affordable for homeowners.
SunPower Financial will become the primary provider of financing for SunPower’s dealer network, beginning in six states representing over 75% of SunPower’s U.S. home solar market, it stated.
This move adds to the company’s current services that cover design and installation of solar systems for homeowners. SunPower Financial, added the management, will also expand access to underserved populations with the help of a new line of financial products for qualified customers to ensure high upfront cost is not the impediment for the growth of home solar.
SunPower said the creation of its financing arm will eliminate the need of a 3rd party lender.
“The benefits of solar should be available to all Americans, regardless of their zip code or income,” said Executive Vice President of Financial Products at SunPower, Jason MacRae. “By bringing financing in-house, we can lower the barrier of entry for U.S. consumers to own their home solar and storage system.”
The new division will offer solar for zero down payment and low monthly payments, with higher credit limits and faster approval time. Financial offerings will be offered for shared roofs, leased land, accessory dwelling units and mobile homes.
It added that the new financial products are now available for the purchase of the company’s SunPower Equinox® solar system and SunVault™ battery storage.
SunPower has been working out its strategy to focus on being a Residential and Light Commercial solar and storage company. After spinning off its cell/module manufacturing to Maxeon Solar, it has been exploring strategic options for its Commercial and Industrial Solutions (CIS) business (see SunPower’s Q3/2021 Financial Results).