California-based SunPower Corp., a manufacturer of high-efficiency solar cells, panels, and systems, has launched a solar loan program to make solar power systems more affordable for homeowners.

The five-year loans, available through Addison Avenue Federal Credit Union of Palo Alto in California, will allow homeowners to avail of the 30% federal tax credit as well as additional incentives for installing the systems. The homeowners do not need equity in their homes to qualify for these loans. In the event that a house will be put on sale, the SunPower systems may be easily transferred to the new owners.

Addison Avenue is one of the first credit unions to offer a specific solar loan product, said Scott Pellegrini, Product Manager at Addison Avenue. The company offers solar loans of up to $50,000 for homeowners who will purchase SunPower solar systems. Existing members of Addison Avenue will also receive a rebate of up to $1,500 at $0.30 per watt from SunPower for the purchase of a residential solar power system.

Homeowners who wish to apply for SunPower’s new loan program do not need to pay any application fees or pre-payment penalties. The applicants will be offered affordable monthly payments at flexible extended terms.

“Compared to leasing programs available from other companies, SunPower's loan programs offer significant tax advantages and the opportunity to easily transfer the solar power system - and its value - when you sell your home,” said Jan Soderstrom, Chief Marketing Officer of SunPower.

SunPower Corp. is a leading manufacturer of solar power technology such as solar cells, panels, and systems for residential, commercial, government, and utility customers. The company’s headquarters is located in San Jose, California.


-  Natassia Y. Laforteza

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Source:

¹ http://investors.sunpowercorp.com/releasedetail.cfm?ReleaseID=389114