Financing residential solar lease projects

SunPower and Citi team up to extend lease scheme to customers in eight states


Energy & Utilities >

SunPower Corp and Citi recently announced a new fund for residential solar lease projects worth approximately $105 million.

SunPower will use the fund to extend its SunPower lease to customers in eight states, expanding the financing options available to homeowners interested in harnessing solar power.

Citi, named 'America's Greenest Bank' in 2010 by Bank Technology News and 'Most Innovative Investment Bank in Climate Change and Sustainability' by Financial Times Banker, contributed $80 million to the fund.

The SunPower Lease is now available in Arizona, California, Colorado, Hawaii, Massachusetts, New Jersey, New York and Pennsylvania. In addition to low monthly payments with no down payment, customers receive a direct-from-manufacturer guarantee and an early buy-out option that allows them to capitalize on solar home resale values.

SunPower systems can also be obtained through cash purchase or SunPower's loan program.

"Citi's global financial leadership combined with SunPower's leading technology and quarter century of experience offer customers an unprecedented level of assurance," said SunPower CFO Dennis Arriola. "That is vitally important when a homeowner enters into a 20-year lease agreement. We are proud to partner with Citi, and applaud its commitment to promoting the use of solar power."

As part of its ongoing commitment to environmental sustainability, Citi has embarked on a 10-year, $50 billion initiative to support the commercialization and growth of alternative energy and clean technology around the world. To date, the bank has directed more than $30 billion as part of this initiative.