Boston, MA 06/19/2014 (wallstreetpr) – SunPower Corporation (NASDAQ:SPWR) is teaming up with Admiral bank for the launch of a preferred interest loan program to cover homeowners across the U.S. The bank is set to chip into the kitty, $200 million for the next two years to be used for residential solar programs.
Loans of up to $60,000 to be granted
The program will see loans of up to $60,000 disbursed to each homeowner interested in installing roof mounted SunPower solar system. The loans are to be awarded’ upon credit approval. The bank is trying to focus on home improvements through such lending initiatives in the solar and energy industry. SunPower Corporation (NASDAQ:SPWR) has already opened its renewable energy lending division, admiral alternatives.
The objective of the program is to encourage homeowners to install high efficient solar systems as a way of encouraging green energy solutions. The solar systems will also go a long way in allowing home energy reduce spending on energy. Users will also get 25 years of combined power and product warranty called SunPower warranty.
Tax Credit and Incentives up for Grabs
Successful borrowers for the loans may also be eligible for federal tax credit of up to 30% as well as other incentives provided by states and municipalities. This is not the first joint venture for solar power energy that SunPower has started. In April, the company in partnership with Google Inc. (NASDAQ:GOOG) started a financing program valued at $250 million aimed at targeting residential solar lease projects. SunPower is also running a $220 million financing program in partnership with Bank of America Merrill Lynch.
Demand for solar products continues to rise at the back of increased campaign to sensitive people about its benefit, as well as increased government incentives. Leasing of solar product rather than having to incur all the costs at once has allowed people to install the panels in masses. Signing of similar programs with large financial institution companies has enabled SunPower Corporation (NASDAQ:SPWR) shares continue surging in the market.
