SunPower announced it has secured financing commitments of more than $450 million for its residential solar and storage loan program from HASI and Credit Agricole CIB.
The vehicle will acquire loans made to SunPower customers and is non-recourse to SunPower. Through this transaction, SunPower Financial will continue to provide customers with attractive loan options at tenors up to 25 years for their transition to a cleaner and lower-cost future.
“We continue to build and strengthen our suite of financing products to meet growing demand. This new transaction also illustrates the health and resilience of consumer credit markets during the recent period of shifting conditions,” said Guthrie Dundas, SunPower interim chief financial officer.
SunPower launched SunPower Financial in 2021 to make switching to solar even easier. SunPower Financial offers a seamless solution for purchasing solar and other home energy services through a single provider, including design, sales, installation, warranty and financing. In 2022, SunPower’s loan business grew 99 percent.
SunPower has also been a leader in the provision of solar lease financing to customers via its partnership with HASI. SunPower plans to participate in the new Treasury bonus incentive program through the provision of lease financing to customers in qualified Energy Communities, or areas at the forefront of the energy transition. This is in addition to the recent extension of the 30 percent solar investment tax credit.
“The new guidance is a great opportunity to ensure many more Americans receive the critical bill savings and job growth benefits residential solar and battery storage provide,” said Jason MacRae, executive vice president of Financial Products, SunPower.