SunPower starts Melbourne leasing

SunPower has launched a pilot residential rooftop solar leasing program in Melbourne, Australia, that it says will provide qualified homeowners electricity at a cost-competitive monthly rate for 25 years.

SunPower Choice allows a residential customer to finance a company solar system with no up-front payment. The program locks in solar electricity rates for the life of the lease, so homeowners know exactly what they will pay for electricity each month.

SunPower Choice offers a money-back guarantee on the amount of solar energy the installation produces annually. The company also provides monitoring and any necessary maintenance at no additional cost for the length of the agreement.

When the lease agreement expires, qualified homeowners will have an opportunity to purchase the system or extend the lease contract and continue enjoying electricity savings over the system's lifetime. Customers can also choose to end the lease at any time and have the system removed for a fee.

The SunPower Choice pilot program is modeled after the company's successful residential lease program in the US.

SunPower and Google last 23 April announced a new program that will provide $250m financing - $100m from Google - to support residential solar lease projects.