Last week, SunPower Corp. (NASDAQ: SPWR) and Admirals Bank announced a strategic relationship in which Admirals Bank has committed to make $200 million in loan funding available for SunPower residential solar projects over the next two years.
The partnership supports the SunPower® Loan program in the U.S., expanding the financing options available to homeowners interested in owning high-efficiency SunPower solar power systems. Under the program, borrowers may apply for a loan of up to $60,000 to install a SunPower system.
Admirals Bank was created about four years ago when Greek-American Nick W. Lazares and a group of investors bought a small, capital-challenged institution in Cranston, R.I. and renamed it to Admirals Bank. Since 2012, Chairman and CEO Nicholas W. Lazares has focused the bank’s home improvement lending efforts in the residential solar and renewable energy industry, opening Admirals Alternatives, the renewable energy lending division of Admirals Bank.
“As a lending leader for residential solar power systems, Admirals Bank understands the unique value proposition that SunPower’s proven, high performance solar technology offers,” said Lazares. (Watch an interview with Nick W. Lazares)
“For that reason, under this program, we are offering preferred interest rates for homeowners who choose SunPower solar energy systems. Admirals stands behind families and communities that choose to maximize their savings and minimize their carbon footprint.”
“Admiral Bank’s funding and affordable rates are enabling SunPower to expand its residential loan program to allow more U.S. homeowners to own the most efficient and reliable solar technology available,” said SunPower CFO Chuck Boynton.
SunPower’s loan program is available in all 50 states and Washington, D.C. SunPower loans may allow homeowners to take advantage of the 30% federal tax credit now available for installing solar power systems, as well as additional incentives offered by many states and municipalities.
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