DCU Leading Consortium of 36 Credit Unions to Support SunPower Loan Program
SAN JOSE, Calif., Sept. 30, 2013 /PRNewswire/ -- SunPower Corp. (NASDAQ: SPWR) and Digital Federal Credit Union (DCU) today announced an agreement that may provide up to $100 million in loans for SunPower residential solar projects in the U.S. The new partnership supports the SunPower® Loan program, expanding the financing options available to homeowners interested in owning high-efficiency SunPower solar power systems.
Under the agreement, negotiated with the help of Callahan & Associates, a financial consulting firm, DCU will serve as the lead originator for a consortium of 36 credit union partners formed to support SunPower's residential loan program. After joining DCU, a homeowner may receive a loan of up to $50,000 from DCU, which may then be participated out to a credit union in the program.
"Enhancing the SunPower Loan offering with this agreement allows more homeowners to get the most efficient and reliable solar technology available with little or no money down, affordable rates and loan terms for up to 20-years," said SunPower CFO Chuck Boynton. "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."
"DCU's participation in SunPower's residential solar loan program is based on the cooperative principles that are at the foundation of credit unions, and our approach to the development of innovative programs that serve the needs of businesses, consumers and our members," said Craig Roy, DCU's senior vice president of retail lending.
The SunPower Loan is now available in all 50 states and Washington, D.C. In addition to owning the most efficient solar technology commercially available today, SunPower system owners also benefit from the SunPower warranty, the solar industry's first 25-year combined power and product warranty. The SunPower Loan may allow homeowners to take advantage of the 30 percent federal tax credit now available for installing solar power systems, as well as additional incentives offered by many states and municipalities.
"Callahan & Associates is thrilled to bring together innovative credit unions with member-oriented programs like this," said Jon Jeffreys, vice president of Callahan & Associates. "Credit unions are working cooperatively to bring value and cost savings to homeowners throughout the country who may significantly lower their utility bill and add value to their home with a SunPower solar system."
In several states, SunPower also offers the SunPower Lease program, featuring low monthly payments with zero down.
DCU, based in Marlborough, Mass., is a full-service, not for profit financial institution cooperatively owned by and operated for its members. Since being chartered in October 1979, DCU has been chosen as the credit union for employees and members of more than 800 companies and organizations along with their families. DCU, the largest credit union in New England, has assets of over $5 billion and serves over 390,000 members in all 50 states. For more information, call 800-328-8797, or visit www.dcu.org.
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.
SOURCE SunPower Corp.
|SunPower Partners with Community First Credit Union to Offer Flexible Financing for Residential Solar Energy Solutions in Australia ()|
|Black Hills Federal Credit Union Updates Digital Banking Experience with Corillian Online and Mobiliti from Fiserv (2013/9/3)|
|Finger Lakes Federal Credit Union Moves to Fiserv for Digital Banking and Payments (2014/3/12)|
|CFE Federal Credit Union Selects Symitar's Episys System (2014/3/25)|
|State Department Federal Credit Union Selects Symitar's Episys System (2013/10/31)|
|Quorum Federal Credit Union Selects Symitar's Episys System ()|
|New Cumberland Federal Credit Union Selects Symitar's Episys System (2014/2/6)|
|Aloha Pacific Federal Credit Union Selects Symitar's Episys System (2014/2/13)|
|Member One Federal Credit Union Selects Symitar's Episys System (2014/2/11)|
|Police and Fire Federal Credit Union Selects Symitar's Episys System (2014/3/20)|
|Start Premium Trial||Register For Free|
|P||F||Fund Financial Data (13,000+ funds)|
|P||F||Stock Financial Data (7,000+ stocks)|
|P||F||Stock and Fund Screeners (basic)|
|P||F||Investing Articles and Market Commentary|
|P||F||Articles Archive (>30 days)|
|P||F||Discuss (dozens of stock, fund, bond, and general bulletin boards)|
|P||F||Portfolio Manager (basic)|
|P||F||Morningstar Investment Classroom|
|P||F||Access Your Portfolio Anytime, Anywhere via Your Mobile Device|
|P||Morningstar Fund Analyst Reports (full research on 1,700 funds, ETFs, and CEFs)|
|P||Morningstar Stock Analyst Reports (full research on more than 1,100 stocks)|
|P||Portfolio Manager (advanced with 10 X-Ray analyses, including recommendations)|
|P||Portfolio Monitor (monthly and on-demand personalized portfolio statements)|
|P||Morningstar Proprietary Stock Information (stock star ratings, buy/sell prices, economic moat ratings, and more)|
|P||Morningstar 5-Star Stock and Fund Favorites & Red Flags eNewsletters|
|P||Premium Stock and Fund Screeners (advanced with nearly infinite ways to find the best securities for you)|
|P||Discounts on Morningstar newsletters, books, seminars, and more|
Access these features and more when you sign up for Free Membership.
Join Morningstar today. It's Free.
Access these features and more when you sign up for Premium Membership.
Start your free 14-day trial today online
Your subscription may be tax deductible. Please contact your tax advisor.