SunPower and Citi have announced a new fund for approximately US$105 million in residential solar lease projects. SunPower will use the funds to extend its SunPower Lease to customers in eight states, expanding the financing options available to homeowners interested in SunPower solar power systems. Citi is contributing US$80 million to the fund.
"Citi's global financial leadership combined with SunPower's leading technology offer customers assurance that is vitally important when a homeowner enters into a 20-year lease agreement," said SunPower CFO Dennis Arriola. "We are proud to partner with Citi, and applaud its commitment to promoting the use of solar power."
The SunPower Lease is available to residents in Arizona, California, Colorado, Hawaii, Massachusetts, New Jersey, New York and Pennsylvania. In addition to low monthly payments with zero down, benefits of the program include a direct-from-manufacturer performance guarantee and an early buy-out option that allows homeowners to capitalize on solar home resale values.
Homeowners can also obtain SunPower systems through cash purchase or SunPower's loan program, which offers a variety of low-interest loans.
"Citi remains at the forefront of developing financial solutions that support the adoption of renewable energy and enable consumers to maximize energy efficiency." said Jason Cavaliere, director in the Alternative Energy Finance Group at Citi.
Article translated by Jackie Chang
