Credit Unions Band Together on $100 Million Solar Power Lending Initiative

Massachusetts-based Digital Federal Credit Union said it will lead a consortium of 36 credit union partners formed to support the residential loan program of California-based solar systems provider SunPower. The program may provide up to $100 million in loans for residential solar projects in the US.

According to Digital FCU and SunPower, this program is available right now in all 50 states and Washington, D.C. In several states, SunPower also offers the SunPower Lease program, which allows homeowners to get into a SunPower lease with zero down.

Under the deal, Digital CU will serve as the lead originator for the CU consortium. 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.

The new partnership is an effort to expand the financing options available to homeowners interested in owning high-efficiency solar power systems, DCU said.

According to Craig Roy, DCU’s senior vice president of retail lending, “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.”

SunPower is a designer and manufacturer of solar panels and systems serving residential, business, government and utility customers.