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Published on June 29th, 2014 | by Zachary Shahan

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SunPower & Admirals Bank Launching Home Solar Loan Program

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June 29th, 2014 by Zachary Shahan
 
Planetsave

SunPower home solar loan

Leading solar technology manufacturer and solar installer SunPower* has teamed up Admirals Bank, which offers solar loans across the US, to launch a $200 million home solar loan program. The loan program is to support home solar power installations from SunPower over the coming two years.

The loan program will allow SunPower customers to get a home solar loan of up to $60,000 for their solar power system. Of course, a credit approval is required.

The loans are available across the United States. The SunPower warranty on its systems lasts 25 years, and it guarantees both the solar panel systems and their level of electricity production.

Notably, the interest rates Admirals Bank is offering for these systems should be better than you can get almost anywhere else (if anywhere else) for such a project.

“As a lending leader for residential solar power systems, Admirals Bank understands the unique value proposition that SunPower’s proven, high performance solar technology offers,” said Admirals Bank Chairman and CEO Nicholas W. Lazares. “For that reason, under this program, we are offering preferred interest rates for homeowners who choose SunPower solar energy systems. Admirals stands behind families and communities that choose to maximize their savings and minimize their carbon footprint.”

SunPower offers financing of all sorts for its solar power customers — leasing, loans, or straight cash purchases. Being open to different financing options, SunPower has been able to shift with the home solar market. With solar power prices lower than ever (and still dropping) and solar being seen as a more secure and reliable investment by banks, there seems to be a shift to loans, and SunPower is in a good position to take advantage of that.

I’m very excited by this announcement, and can’t wait to find out how quickly the home solar loan market grows!

*Full Disclosure: I own stock in SunPower, and I plan to do so for a long time, as I think SunPower has an extremely bright future.

Image: screenshot of SunPower video taken by Zachary Shahan / Planetsave.

Source: Planetsave. Reproduced with permission.

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About the Author

spends most of his time here on CleanTechnica as the director/chief editor. Otherwise, he's probably enthusiastically fulfilling his duties as the director/editor of Solar Love, EV Obsession, Planetsave, or Bikocity. Zach is recognized globally as a solar energy, electric car, and wind energy expert. If you would like him to speak at a related conference or event, connect with him via social media. You can connect with Zach on any popular social networking site you like. Links to all of his main social media profiles are on ZacharyShahan.com.



  • admiralsisbad

    I’m installing solar on my roof and called Admirals Bank re: financing. While the deal looks good on their website, only after you call do they tell you they have a 5% origination fee on the total cost of the loan, about $500 in funding fees, and then mortgage insurance. While the interest may be tax deductible, the $125/month I had figured suddenly jumped to $165/month!

  • Kyle Field

    Hey, welcome back :)

  • Patrick Lawson

    It looks like Admirals stretched the maximum loan amount considerably and stretched the maximum loan term term by 5 years to accommodate sunpower systems. Any idea on the special rate being offered?

  • JamesWimberley

    Good for SunPower. They have leveraged their earned reputation for quality into bankability for straightforward home-improvement loans. It looks increasingly as if the boom in solar leasing is simply a bubble, which will deflate as soon as banks like Admiral value solar roofs correctly as long-lived, reliable and income-generating assets.

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