Boston, MA 06/17/2014 (wallstreetpr) – SunPower Corporation (NASDAQ:SPWR) has partnered with Admirals Bank to assist a $200 million loan provision for SunPower’s residential solar projects for the next couple of years.
Encouraging Residential Deployment
SunPower Corporation (NASDAQ:SPWR) and Admirals will work together so as to allow the solar power company to make its energy available to residential users at a more affordable price. The partnership aims to fund $200 million loan strategic scheme for SunPower’s projects for the next couple of years. According to the program, borrowers can avail a loan of as much as $60,000 to deploy a SunPower system. The loans are subject to credit authorization and can be availed at all 50 states as well as in Washington D.C.
SunPower Corporation (NASDAQ:SPWR)’s Chief Executive Officer, Chuck Boynton, said that for same applications, the loan amount may be dispersed keeping in line with the homeowner’s current utility bill. He said that after the loan is cleared, the owner will have a system that will be capable of producing clean electricity for the entire lifespan of the system. In addition, he believes that the homeowner will always benefit an increased home value due to the installation of the solar system on the roof of the house.
Previous Endeavors
SunPower Corporation (NASDAQ:SPWR) had entered into similar deals with other big names in some previous instances also. In May, the company had signed a deal with the tech giant Google Inc (NASDAQ:GOOG) which provided financial support of up to $250 million to residential solar projects. The program fetched $100 million from the Internet giant and the remaining $150 million was provided by SunPower. Before the announcement of the program, the company had as many as 20,000 customers who leased the systems.
SunPower Corporation (NASDAQ:SPWR)’s shares surged almost 5.3% in early trading hours after the announcement of the deal. The shares traded at 37.59 in the stock market on Monday.
