SunPower, B of A in solar lease deal

SunPower unveiled a new initiative with Bank of America Merrill Lynch that will provide financing to support $220m of residential solar lease projects in the United States.

"The SunPower Lease program allows customers to have best-in-class, high efficiency solar on their rooftops with highly competitive terms, says SunPower chief financial officer Chuck Boynton.  “This, coupled with our unprecedented level of energy assurance, results in more value to the homeowner and increased retained value to SunPower.”

SunPower and BofA Merrill  have worked together since 2009, when the bank began financing large solar projects SunPower designed and constructed for public agencies in California.

SunPower says it has 20,000 customers already enrolled in solar leases.