SunPower Corp. announced the closing on a new program with Bank of the West that will provide SunPower Commercial dealers a new financing option as part of a one-stop-shop complete solution. Bank of the West contracts and servicing will be private-labeled as SunPower Commercial Capital which will reinforce a cohesive customer experience.
"This new financing program will provide timely liquidity to help our commercial dealers offer customers attractive returns on solar, without large upfront capital outlays, which is especially important in a tough economic market," said Tom Werner, SunPower Corp. CEO and Chairman of the board. "This effort, similar to our successful program in our residential dealer channel, also enhances our one-stop shop complete solutions approach where small commercial customers will now have the benefit of SunPower's industry-leading Helix Roof and Carport solar systems, award-winning Helix Proposal software and now highly-competitive operating and capital lease financing."
"We are thrilled to team up with SunPower to bring innovative and sustainable energy solutions to customers," said Tristan Watkins, Executive Vice President, Bank of the West Equipment Finance. "Bank of the West is taking action to finance a sustainable tomorrow and I'm proud to extend our impact by working with SunPower to deliver simple, and flexible financing solutions to their channel partners and commercial clients."
SunPower's Leading Commercial Direct Business
SunPower is ranked as the number one commercial direct solar solutions provider in the U.S. for capacity and has been for the past three years running. Additionally, the company was recently awarded $26.7 million in funding made available under the California Public Utility Commission's Self-Generation Incentive Program (SGIP) Equity budget, which provides rebates for qualifying distributed energy systems installed on the customer's side of the utility meter.
"For the past five quarters, SunPower has led SGIP reservations, reinforcing the new business that we've signed and our leadership role in commercial storage," Werner added. "With our new Equity program awards, we plan to provide approximately 36 megawatt hours of energy storage systems across 21 sites for customers in disadvantaged communities targeted by the program."