SunPower, a provider of solar energy and storage solutions, has secured over $450 million in financing commitments for its residential solar and storage loan program. The financing comes from climate solutions investor HASI and sustainable finance provider Crédit Agricole CIB. Under the agreement, the vehicle will acquire loans made to SunPower customers and is non-recourse to SunPower.
SunPower's loan business, SunPower Financial, will continue to provide customers with attractive loan options for up to 25 years, while offering a seamless solution for purchasing solar and other home energy services through a single provider, including design, sales, installation, warranty, and financing. The company's loan business has grown by 99% year-over-year in 2022.
The announcement illustrates the health and resilience of consumer credit markets during the recent period of shifting conditions. “Among our leading value propositions is full consumer choice when it comes to how our customers purchase our solar and storage systems. We continue to build and strengthen our suite of world-class financing products to meet growing demand,” said Guthrie Dundas, interim CFO of SunPower.
In addition to its financing solutions, SunPower has established itself as a national leader in providing solar lease financing to customers through its partnership with HASI. The company plans to participate in the new Treasury bonus incentive program by providing lease financing to customers in qualified Energy Communities or areas leading the energy transition. This program is in addition to the recent extension of the 30% solar investment tax credit, from which customers are already benefiting.
The strong demand for solar deployment and loan solutions reflects the current state of the economic environment. SunPower's practices are at the forefront of industry trends and serve as a reference for other solar businesses. The company's commitment to offering consumers a range of financing options for its solar and storage solutions is commendable and underscores its leadership in the industry.
