New Resource Bank Announces Plan to Finance Residential Solar Systems

New Resource Bank, a newly launched bank focusing on eco-entrepreneurs and clean technology, has launched one-step financing to allow customers to more easily finance residential solar energy installations. The bank announced an alliance with SunPower Corp., which manufactures, high-efficiency solar cells and panels, at the Solar Power 2006 Conference and Expo in San Jose.

The financing program customizes home-equity lending products that provide customers with cost effective options to own solar energy solutions. Customers finance their solar installation through an easy, one-step application process, then can make monthly payments while generating their own electricity. "We're making it affordable for people to go solar. When coupled with existing rebate programs and tax credits, our attractive financing terms can bring solar energy to many more homeowners, easily and cost effectively," said Liu.

"SunPower is committed to driving down the cost of owning a solar system. Our program with New Resource Bank gives our customers the best possible tool for financing their SunPower system," said Peter Aschenbrenner, vice president of sales and marketing for SunPower. "New Resource Bank has made the process very easy for our customers, which is extremely important." New Resource Bank offers long-term financing over a 25-year-loan term, matching SunPower's long-term solar panel warranty. Loan payments are usually close to the cost of monthly electric rates today. Additionally, since solar energy is not tied to the cost of fossil fuels, a solar system investment is a smart choice to hedge against rising power costs in the short and long-term.

"This innovative approach makes it easy for consumers to participate in California's effort to promote a million solar roofs," said Bob Epstein, New Resource Bank board member and co-founder of Sybase and Environmental Entrepreneurs, which recently helped champion the passage of the California Global Warming Solutions Act.

New Resource Bank plans to roll out the program at the end of October. SunPower North America will provide customer access through its sales channels and installation partners. Typical home solar installations are $20,000 to $40,000, depending on size and direction of the roof. After rebates offered by the state of California, New Resource Bank Residential Solar Financing can provide solar ownership for as little as $100 per month for a small system, and for most home-owners the interest expense is tax-deductible, which lowers the cost even more.