DCU to offer $100M in SunPower residential solar loans

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SunPower and DCU enter into a partnership providing up to $100M in loans for SunPower residential solar projects. The loan is available in all 50 states and Washington, D.C.

SunPower and Digital Federal Credit Union (DCU) have entered into a partnership supporting the SunPower Loan program. The agreement may provide up to $100 million in loans for SunPower residential solar projects in the U.S. 

Under the agreement, negotiated with the help of Callahan & Associates, a financial consulting firm, DCU will serve as the lead originator for a consortium of 36 credit union partners formed to support SunPower’s residential loan program. After joining DCU, a homeowner may receive a loan of up to $50,000 from DCU, which may then be participated out to a credit union in the program.

“Enhancing the SunPower Loan offering with this agreement allows more homeowners to get the most efficient and reliable solar technology available with little or no money down, affordable rates and loan terms for up to 20-years,” said SunPower CFO Chuck Boynton. “Once the loan is paid off, the homeowner gets free electricity for the life of the system. If they end up selling their home, they may benefit from increased home value as a result of the solar system on the roof.”

In several states, SunPower also offers the SunPower Lease program, featuring low monthly payments with zero down. The SunPower Loan is expanding the financing options available to homeowners in the U.S. interested in going solar. 

The loan is available in all 50 states and Washington, D.C. SunPower system owners also benefit from the company’s 25-year combined power and product warranty. The loan may allow homeowners to take advantage of the 30% federal tax credit now available for installing solar power systems, as well as additional incentives offered by many states and municipalities.