This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Digital Federal Credit Union To Offer Up To $100 Million In Loans For SunPower Residential Solar Systems

SAN JOSE, Calif., Sept. 30, 2013 /PRNewswire/ -- SunPower Corp. (NASDAQ: SPWR) and Digital Federal Credit Union (DCU) today announced an agreement that may provide up to $100 million in loans for SunPower residential solar projects in the U.S. The new partnership supports the SunPower® Loan program, expanding the financing options available to homeowners interested in owning high-efficiency SunPower solar power systems.

Under the agreement, negotiated with the help of Callahan & Associates, a financial consulting firm, DCU will serve as the lead originator for a consortium of 36 credit union partners formed to support SunPower's residential loan program. After joining DCU, a homeowner may receive a loan of up to $50,000 from DCU, which may then be participated out to a credit union in the program.

"Enhancing the SunPower Loan offering with this agreement allows more homeowners to get the most efficient and reliable solar technology available with little or no money down, affordable rates and loan terms for up to 20-years," said SunPower CFO Chuck Boynton. "Once the loan is paid off, the homeowner gets free electricity for the life of the system. If they end up selling their home, they may benefit from increased home value as a result of the solar system on the roof."

"DCU's participation in SunPower's residential solar loan program is based on the cooperative principles that are at the foundation of credit unions, and our approach to the development of innovative programs that serve the needs of businesses, consumers and our members," said Craig Roy, DCU's senior vice president of retail lending.

The SunPower Loan is now available in all 50 states and Washington, D.C. In addition to owning the most efficient solar technology commercially available today, SunPower system owners also benefit from the SunPower warranty, the solar industry's first 25-year combined power and product warranty. The SunPower Loan may allow homeowners to take advantage of the 30 percent federal tax credit now available for installing solar power systems, as well as additional incentives offered by many states and municipalities.

"Callahan & Associates is thrilled to bring together innovative credit unions with member-oriented programs like this," said Jon Jeffreys, vice president of Callahan & Associates. "Credit unions are working cooperatively to bring value and cost savings to homeowners throughout the country who may significantly lower their utility bill and add value to their home with a SunPower solar system."

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

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,125.39 +18.69 0.11%
S&P 500 2,000.13 +0.11 0.01%
NASDAQ 4,570.7650 +0.1280 0.00%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs