SunPower announces new financing for its residential solar lease program. More than 20,000 Americans enrolled in the program, which includes one of the solar industry’s only direct-from-manufacturer performance guarantees.
More funding is coming in for solar leases, which have broadened residential solar adoption. SunPower Corp. (NASDAQ: SPWR) is one of the companies offering solar leasing, with more than 20,000 Americans enrolled in the company’s lease program.
Today, Hannon Armstrong Sustainable Infrastructure Capital, Inc. (NYSE: HASI) and Sunpower announced that HASI will provide $42 million in non-recourse debt to help finance SunPower’s residential solar lease program.
This new funding will help SunPower to expand its program and strengthen its balance sheet.
“The SunPower Lease program offers our customers financing under highly competitive terms for their SunPower solar panels, the most efficient on the market today. When coupled with our unprecedented level of energy assurance, the SunPower Lease program delivers more value to the homeowner,” said SunPower CFO Chuck Boynton. “Among our portfolio of financing options, solar lease remains one of the more popular choices by consumers and our innovative partnership with Hannon Armstrong will allow us to further fund the program’s growth this year.”
“We are pleased to announce our new relationship with SunPower, facilitating their ability to make rooftop solar power systems accessible to more American homeowners,” said Jeffrey Eckel, president and CEO of HASI. “With this investment, we are further diversifying our portfolio of economic, reliable and sustainable distributed energy assets, targeting assets that can produce sustainable yield.”
In addition to attractive terms and low monthly payments, SunPower says its lease includes one of the solar industry’s only direct-from-manufacturer performance guarantees.