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SunPower Charges Solar Leasing Program With $42 Million

SunPower CEO

SunPower CEO Tom Werner. Screenshot from Bloomberg TV interview.

US manufacturer SunPower has secured $42 million that will be aimed at escalating its solar leasing program. The California-based company now has 20,000 American households signed up for solar leasing, a trend initially led by others that SunPower has jumped into.

This $42 financial investment comes from Hannon Armstrong Sustainable Infrastructure Capital, Inc. (NYSE: HASI) in the form of “non-recourse debt.” Non-recourse debt, according to Wikipedia, “is secured by a pledge of collateral, typically real property, but for which the borrower is not personally liable. If the borrower defaults, the lender/issuer can seize the collateral, but the lender’s recovery is limited to the collateral. Thus, non-recourse debt is typically limited to 50% or 60% loan-to-value ratios, so that the property itself provides ‘overcollateralization’ of the loan.”

The bottom line, however, is simply that SunPower sees solar leasing as a good continued business strategy.

“The SunPower Lease program offers our customers financing under highly competitive terms for their SunPower solar panels, the most efficient on the market today. When coupled with our unprecedented level of energy assurance, the SunPower Lease program delivers more value to the homeowner,” said SunPower CFO Chuck Boynton. “Among our portfolio of financing options, solar lease remains one of the more popular choices by consumers and our innovative partnership with Hannon Armstrong will allow us to further fund the program’s growth this year.”

California installed more solar power in 2013 than in the previous 30 years combined, and a lot of that was installed via solar leasing.

Read related stories:

What A Free Solar Site Evaluation Can Do For You

SunPower Launches Commercial Solar Panels With World Record Efficiency — X-Series

Solar Leasing vs $0-Down Solar Loan — Scenarios In 10 States

SunPower CEO & Chairman Talks About The Solar Leasing Boom (VIDEO)

Solar Leasing For Small Commercial Solar Projects

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Written By

Cynthia Shahan started writing after previously doing research and publishing work on natural birth practices. (Several unrelated publications) She is a licensed health care provider. She studied and practiced both Waldorf education, and Montessori education, mother of four unconditionally loving spirits, teachers, and environmentally conscious beings born with spiritual insights and ethics beyond this world. (She was able to advance more in this way led by her children.)

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