SunPower Corp., a solar technology and global energy solutions provider, today introduced the SunPower Solar Loan for homeowners in Australia. Affordable payment options are designed to help customers finance a high efficiency, residential SunPower solar system over time, as it simultaneously 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.
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.
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[1] (7.10 percent per annum[2] Comparison rate) for applications now to December 31, 2013
• Fixed rate of 7.49 percent per annum[1] (7.52 percent per annum[2] 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.
Since 2009, SunPower has partnered with financial providers to make short- and long-term solar loans available to qualified residential customers in the United States.