Solar manufacturer SunPower Corp. has developed a solar loan program whereby five-year loans are made available to homeowners through Addison Avenue Federal Credit Union of Palo Alto, Calif.
SunPower says the loans, which do not require support from home equity to be obtained, can allow homeowners to take advantage of the 30% federal tax credit for solar power systems, as well as state and municipal incentives.
Through the partnership, Addison Avenue is offering loans of up to $50,000 on the purchase of a residential SunPower system. Existing members of Addison Avenue will also receive a rebate of $0.30 per watt (up to $1,500) from SunPower.
There is no application fee or prepayment penalty, and current rates are as low as 5.25% APR for qualified borrowers.