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Banking on Solar Power

Posted by Matt Power

Jan 19, 2014 3:02:00 PM

A new partnership between SunPower Corp. and Digital Federal Credit Union (DCU) will make solar financing available to homeowners in all 50 states. The program is a smart move for SunPower, a maker of solar equipment, because it removes the obstacle of finding financing for buyers interested in their systems. DCU has formed a consortium of 36 credit union partners around the nation, who have agreed to loan up to $50,000 for a solar installation to homeowners who join DCU.

According to SunPower CFO Chuck Boynton, participants can now install solar products “with little or no money down, affordable rates and loan terms for up to 20 years,” He adds that: “Once the loan is paid off, the homeowner gets free electricity for the life of the system. If they end up selling their home, they may benefit from increased home value, as a result of the solar system on the roof.”

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