SunPower US Photo voltaic and Storage Buyer Mortgage Program – pv journal USA
The electrical energy financial savings may very well be equal to the month-to-month price of the 25-year residential photo voltaic facility mortgage.
SunPower and its mortgage associate Expertise Credit score Union (TCU) mentioned they provide 15-year loans with an annual rate of interest of 0.99% and 25-year loans at 1.99% for Equinox. SunPower’s Residence Photo voltaic System and SunVault, its house and light-weight business storage product.
At $ 72 a month for 4 kW Equinox house photo voltaic systemThe electrical energy financial savings may equal the month-to-month price of the 25-year mortgage, mentioned Norm Taffe, govt vp at SunPower. Below the mortgage program, a 13 kWh SunVault power storage system would price an extra $ 61 per 30 days, he mentioned. The costs of the person sellers could range.
The loans can be found to candidates with a FICO rating of 640 or larger in 17 states.
As a mortgage platform supplier to SunPower, the TCU makes cash by charging the borrower curiosity and a price that’s billed to SunPower. SunPower doesn’t cost any extra borrower charges.
Taffe mentioned the falling price of photo voltaic power, the photo voltaic funding tax credit score, the present low rate of interest atmosphere, and the demand for photo voltaic power within the US prompted SunPower to create the mortgage gives.
“The current blackouts in Texas are making customers in all places much more conscious that solar energy may also help guarantee power continuity,” he mentioned.
Because the demand for photo voltaic power has elevated nationally, so has the best way customers finance their programs. In 2014 round 70% of photo voltaic programs in residential areas had been financed via rental agreements. Nonetheless, since 2017, money and credit score financing have dominated. Within the first three quarters of 2020, almost three-quarters of photo voltaic panels had been purchased with money or credit score, in response to Wooden Mackenzie.
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