Aug. 20, 2013 - SunPower today introduced the SunPower Solar Loan for homeowners in Australia. Affordable payment options are designed to help customers finance a residential SunPower solar system over time, as it produces electricity from rooftops. In many cases, a system sized to closely match the homeowner's energy needs is expected to generate savings in excess of monthly loan payments.
The SunPower Solar Loan is being made available by Community First Credit Union (Community First) to qualified borrowers. Applicants are approved based on Community First's credit criteria and are not required to provide property as collateral. The unsecured personal loan is available for terms of up to 10 years, though borrowers can repay principal on the loan early without penalty.
"The SunPower Solar Loan option is a cost-effective way for homeowners to install the most efficient and reliable solar power systems available, and start saving on their energy bills today," said Community First Chief Executive Officer John Tancevski. "We are happy to offer a longer than usual loan term with the SunPower Solar Loan because SunPower panels are guaranteed to produce more electricity than any others on the market for 25 years, generating greater long-term savings for our customers."
After an authorized SunPower partner conducts a free solar evaluation, interested homeowners can determine which loan best fits their budget and estimate monthly payments with Community First's online calculator tool. Homeowners can then apply for the SunPower Solar Loan with Community First either online or over the phone. If pre-approved, Community First will work with homeowners to finalize the solar loan.
"The Australian residential solar market has developed a need for innovative financing solutions like the SunPower Solar Loan offered by Community First," said SunPower President and CEO Tom Werner. "By combining SunPower's leading solar technology with Community First's financial expertise, we're offering customers in Australia the world's most efficient solar power systems with no upfront system costs and significant energy savings over time."
Both Community First members and non-members can access the SunPower Solar Loan which is available in amounts up to AU$35,000 for the purchase of a residential SunPower system.
SunPower Solar Loan options for qualified borrowers include:
An introductory variable rate starting at 6.99 percent per annum (7.10 percent per annum Comparison rate) for applications now to December 31, 2013
Fixed rate of 7.49 percent per annum (7.52 percent per annum Comparison rate) for the first five years and then reverting to the variable interest rate at that time
In addition to the SunPower Solar Loan, homeowners in Australia can obtain SunPower systems through a cash purchase.