Massachusetts-based Digital Federal Credit Union (DCU) has agreed to provide up to $100 million in loans for SunPower residential solar projects in the U.S. The new partnership supports the SunPower Loan program that provides solar power financing options for homeowners.
Under the agreement, 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, which may then be farmed out to a credit union in the program.
‘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,’ says Craig Roy, DCU's senior vice president of retail lending.