The program will assist thousands of homeowners in financing solar power systems through SunPower solar lease. According to Chuck Boynton, SunPower CFO, the lease programme allows customers to have high efficiency solar on their rooftops with highly competitive terms. "More than 20,000 customers are already experiencing our lease program, and our partnership with Bank of America Merrill Lynch will continue to grow this popular financing option," he said.
BofA Merrill and SunPower have worked together since 2009, when BofA Merrill began financing large solar projects SunPower designed and constructed for public agencies in California, including Yolo County and Mendocino Community College.
"With this investment in residential solar systems, we are expanding our portfolio of solar installations with SunPower beyond commercial and government entities to now include installations in individual homes," said Todd Karas, head of Renewable Energy Finance at BofA Merrill.
In addition to attractive terms and low monthly payments, the SunPower Lease includes one of the solar industry's only direct-from-manufacturer performance guarantees.