Admirals teams with SunPower

SunPower and Boston-based Admirals Bank have announced a “strategic” relationship to provide a $200m loan program for SunPower residential solar projects over the next two years.

The partnership supports SunPower’s existing loan program in the US by expanding financing options available to homeowners interested in owning the company’s high-efficiency solar power systems.

Under the program, borrowers may apply for a loan of up to $60,000 to install a SunPower system. Each partner's obligations are subject to the terms of the partnership agreement and all loans are subject to credit approval.

SunPower's loan program is available in all 50 states and the District of Columbia. Homeowners will be offered a 25-year combined power and product warranty.

In several states, SunPower also offers a lease program, featuring low monthly payments with zero down.

“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," says Admirals Bank chief executive Nicholas W. Lazares. "For that reason, under this program, we are offering preferred interest rates for homeowners who choose SunPower solar energy systems.”

SunPower claims to have the largest US residential installed base with over 100,000 residential solar systems in place.