SunPower and U.S. Bancorp to Finance Residential Solar Lease Projects
SAN JOSE, Calif., Jan. 31, 2013 /PRNewswire/ — SunPower Corp. (NASDAQ: SPWR) today announced a new program with U.S. Bancorp (NYSE: USB) to expand financing options available to homeowners interested in high-efficiency SunPower solar power systems, the most efficient solar technology available today. Two to three thousand homes are expected to benefit from the new program.
“U.S. Bank is pleased to help advance SunPower’s efforts to make renewable energy accessible to more American homeowners,” said Darren Van’t Hof, director of renewable energy investments for U.S. Bancorp. “With residential solar systems, more families can take control of their electricity bills and deliver the environmental and health benefits of solar power to their community.”
The new program will provide financing for $100 million of residential systems, expanding leasing options in nine states. Both SunPower and U.S. Bancorp invested in the program, their first renewable energy partnership.
“The SunPower Lease program offers homeowners an unprecedented level of assurance that is vitally important when a homeowner enters into a long-term lease agreement,” said SunPower CFO Chuck Boynton. “We are proud to partner with U.S. Bancorp and applaud its commitment to promoting the use of solar power.”
The SunPower Lease is now available in Arizona, California, Colorado, Hawaii, Massachusetts, New Jersey, New York, Pennsylvania and Vermont. In addition to low monthly payments with zero down, the program includes the only direct-from-manufacturer performance guarantee.
“SunPower is the leading manufacturer of rooftop solar power systems in the U.S. because our customers know they can rely on high-efficiency SunPower technology to maximize the power generated on their roof – and their monthly savings,” said Howard Wenger, SunPower president, regions. “Our popular lease program allows customers to have the best solar for zero down.”
SunPower Corp. (NASDAQ: SPWR) designs, manufactures and delivers the highest efficiency, highest reliability solar panels and systems available today. Residential, business, government and utility customers rely on the company’s quarter century of experience and guaranteed performance to provide maximum return on investment throughout the life of the solar system. Headquartered in San Jose, Calif., SunPower has offices in North America, Europe, Australia, Africa and Asia. For more information, visit www.sunpowercorp.com.
SunPower is a registered trademark of SunPower Corp. All other trademarks are the property of their respective owners.
This news release has forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements do not represent historical facts and may be based on assumptions. The company uses words and phrases such as “to finance,” “to expand,” “expected to,” “will provide,” and similar statements to identify forward-looking statements in this press release, including forward-looking statements regarding U.S. Bancorp and SunPower providing financing to support $100 million of residential solar lease projects of SunPower. Such forward-looking statements are based on information available to the company as of the date of this release and involve a number of risks and uncertainties, some beyond the company’s control, that could cause actual results to differ materially from those anticipated by these forward-looking statements, including risks and uncertainties such as: (i) success of the residential lease program; (ii) increasing supply and competition in the industry and lower average selling prices, impact on gross margins; (iii) the risk of continuation of supply of products and components from suppliers; (iv) systems qualifying for financing under this program; (v) U.S. Bancorp continuing to provide financing under the program; and (vi) other risks described in the company’s Annual Report on Form 10-K for the year ended January 1, 2012, Quarterly Reports on Form 10-Q for the quarters ended April 1, 2012, July 1, 2012 and September 30, 2012 and other filings with the Securities and Exchange Commission. These forward-looking statements should not be relied upon as representing the company’s views as of any subsequent date, and the company is under no obligation to, and expressly disclaims any responsibility to, update or alter its forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE SunPower Corp.