SunPower has established a new US$105-million investment fund alongside Citi that will help finance residential solar lease projects in the US.
The money will be used to extend the SunPower Lease to potential customers in eight states and increase the financing options available to these homeowners interested in adopting solar. Citi will be contributing US$80 million towards the fund.
SunPower’s lease, which is currently available in Arizona, California, Colorado, Hawaii, Massachusetts, New Jersey, New York and Pennsylvania, enables customers to install PV systems without incurring hefty upfront costs and high monthly repayments. Homeowners can also obtain SunPower systems through cash purchase or SunPower's loan program, which offers a variety of low-interest loans.
“Citi's global financial leadership combined with SunPower's leading technology and quarter century of experience offer customers an unprecedented level of assurance that is vitally important when a homeowner enters into a 20-year lease agreement,” SunPower chief financial officer Dennis Arriola said. “We are proud to partner with Citi, and applaud its commitment to promoting the use of solar power.”
“Homeowners have many financing options when they choose a SunPower system, from cash purchase to loans to leases, and SunPower dealers work with customers to ensure they choose the financing option that is right for them. We are very pleased to extend the lease option to more of our U.S. customers,” Jim Pape, president of SunPower's residential and commercial business group, added.