8-20-13 5:00 PM EDT | Email Article

Low-interest SunPower Solar Loan Allows Eligible Homeowners to Own their Solar Power System Outright with No Up-front Costs

SAN JOSE, Calif. and MELBOURNE, Australia, Aug. 20, 2013 /PRNewswire/ -- SunPower Corp. (NASDAQ: SPWR), a leading 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.

"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[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.

About SunPower
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.

About Community First Credit Union
Community First is Sydney's largest community based credit union and has been in operation since 1959. Community First has over 68,500 Members, 11 Financial Services Stores and over $765 million in assets under management.  For fifty years, the focus at Community First has been on building financial relationships that deliver our promise to benefit Members through standards of service superior than our competitors, fairer fees and competitive interest rates on savings and loans.

SunPower is a registered trademark of SunPower Corporation in the U.S. and other countries. All other trademarks are the property of their respective owners.

Community First Credit Union Ltd ABN 80 087 649 938, AFSL/Australian Credit Licence No.  231204. All lending is subject to lending guidelines. Terms and conditions, fees and charges apply – details available on application.

[1]Rate is current as at 15/08/13 and subject to change without notice. Discounted variable interest rate is 0.13%p.a. off the standard variable rate. Discounted variable rate will apply to the life of the loan to eligible applicants who apply by 31st December 2013. Fixed rate option reverts to the standard variable rate current at the end of the fixed period.

[2] WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. Example is based on $30,000 over 5 years.

SOURCE SunPower Corp.

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