SunPower announced it has received more than $450 million in financing commitments for its residential solar and storage loan program from climate solutions investor HASI and sustainable finance provider Crédit Agricole CIB. Under the agreement, The vehicle purchases credits made to SunPower customers and has no recourse to SunPower. Through this transaction, SunPower Financial, SunPower’s lending business, will continue to offer customers attractive credit options for up to 25 years.

“One of our key value propositions is that consumers have complete freedom of choice when it comes to how our customers buy our solar and storage systems. We continue to expand and strengthen our range of best-in-class financing products to meet growing demand. This new transaction also demonstrates the health and resilience of the consumer credit markets during the recent period of changing conditions,” said Guthrie Dundas, SunPower’s interim CFO.

With SunPower Financial, SunPower offers a seamless solution for purchasing solar and other residential energy services through a single provider, including design, sale, installation, warranty and financing. In 2022, the company’s lending business grew 99% year over year.

Additionally, through its partnership with HASI, SunPower has established itself as a national leader in providing solar lease financing to customers. The company plans to participate in it the new Treasury bonus incentive program by providing lease financing to customers in qualifying energy communities or areas that are leaders in the energy transition. This program complements the recent extension of the 30% solar investment tax credit that customers are already benefiting from.

Both the transaction and incentive programs mentioned above indicate strong demand for solar systems and loan solutions, as well as the current state of the economic environment. SunPower’s practices are at the forefront of industry trends and serve as a reference for other solar companies.