US solar giant SunPower has announced it is teaming up with Community First Credit Union to finance its solar module leasing arrangements in Australia.
The two companies are offering financing for up to $35,000 over a ten year period for rooftop solar systems ($35,000 will get you a very big system). SunPower says it will mean no deposit, and energy savings over the term of the loan, which can be repaid early.
SunPower revealed in July, in an exclusive interview with RenewEconomy, that it intended to use Australia as a test base for its “home solutions” energy offering, signaling a shift by solar manufacturers into the home energy market, providing competition for incumbent retailers.
The deal with Community First appears to be the first step in that move.
“The SunPower Solar Loan option is a cost-effective way for homeowners to install the most efficient and reliable solar power systems available, and start saving on their energy bills today,” said Community First Chief Executive Officer John Tancevski.
SunPower CEO Tom Werner said the Australian residential solar market had developed a need for innovative financing solutions. “By combining SunPower’s leading solar technology with Community First’s financial expertise, we’re offering customers in Australia the world’s most efficient solar power systems with no upfront system costs and significant energy savings over time,” he said in a statement.
SunPower says a system sized to closely match the homeowner’s energy needs is expected to generate savings in excess of monthly loan payments. The loans start at 6.99 per cent on a variable rate, and 7.49 per cent for a fixed rate.
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