SunPower announced new Annual Percentage Rate (APR) loans for residential solar and storage customers.
SunPower’s new offerings include rates as low as 0.99 percent for a 15-year loan and 1.99 percent for a 25-year loan.
The loans, offered through Technology Credit Union (TCU), are available for the purchase of a SunPower Equinox home solar system, as well as SunVault battery storage.
SunVault enables customers to store and manage the energy their systems produce to build resilience amid increasing blackouts and energy shutdowns; in areas that offer net metering, customers can also choose to sell excess energy back to the grid.
“Consumers are demanding better, cleaner, more reliable energy. With this new Ultra-Low APR loan offering, we are enabling more people to achieve just that — all while making it possible to save money on electricity bills with a solar system they own,” said Norm Taffe, executive vice president at SunPower.
For many customers, the monthly bills associated with SunPower’s new loan are lower than the average monthly electricity bill in their area. SunPower customers can now purchase a 4kw solar system for as low as $72 a month.
The new APR loans are currently available in 17 U.S. states, representing nearly 90 percent of the U.S. home solar market. SunPower expects to expand to additional states throughout the year.