SunPower, a prominent provider of solar technology and energy services for residential use, has received commitments of over $450 million from Crédit Agricole CIB and HASI, two major players in sustainable finance and climate solutions, for its solar and storage loan program.
The program allows customers to access loans with attractive terms of up to 25 years for their switch to cleaner and more cost-efficient energy. SunPower Financial, a service launched in 2021 to provide an integrated solution for purchasing solar and energy services, will continue to offer financing options through the program, which will be managed by a separate vehicle and is not the responsibility of SunPower.
SunPower’s loan business has grown 99% year-over-year in 2022, and the company has also been a leader in offering solar lease financing to customers through a partnership with HASI. In addition, SunPower plans to participate in the Treasury bonus incentive program by providing lease financing to customers in qualified Energy Communities. Furthermore, customers can take advantage of the recently extended 30% 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. “We continue to work with our financing partners to grow SunPower’s lease financing facilities in anticipation of continued strong customer demand, which is further boosted by this bonus credit.”