SunPower Partners With Bank of America for $220 Million in Solar Financing

Twenty thousand leasers already, with thousands more expected.

Jan 28, 2014 at 3:07PM

SunPower Corporation (NASDAQ:SPWR) announced today that it is partnering with Bank of America Corporation's (NYSE:BAC) Merrill Lynch to finance around $220 million of new residential solar lease projects.

Solar leases are a financial tool that allows customers to install rooftop systems with little to no initial investment. Users immediately start saving on their energy bill, which, in some cases, can more than offset monthly lease payments.

"The SunPower Lease program allows customers to have best-in-class, high efficiency solar on their rooftops with highly competitive term," said SunPower CFO Chuck Boynton in a statement today. "This, coupled with our unprecedented level of energy assurance, results in more value to the homeowner and increased retained value to SunPower. More than 20,000 customers are already experiencing our lease program, and our partnership with Bank of America Merrill Lynch will continue to grow this popular financing option."

Bank of America has been working with SunPower since 2009, when it first financed some of the solar company's larger projects in California. Head of Renewable Energy Finance at Merrill Lynch Todd Karas noted that this latest partnership is "consistent with our firm's overall 10-year, $50 billion environmental business initiative to help address climate change, reduce demands on natural resources and advance lower-carbon economic solutions."

While SunPower doesn't state how many new leases it expects to make with these funds, the press release does note that it should assist "thousands of homeowners" in adding solar to their roofs.


Justin Loiseau has no position in any stocks mentioned. The Motley Fool recommends and owns shares of Bank of America. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

4 in 5 Americans Are Ignoring Buffett's Warning

Don't be one of them.

Jun 12, 2015 at 5:01PM

Admitting fear is difficult.

So you can imagine how shocked I was to find out Warren Buffett recently told a select number of investors about the cutting-edge technology that's keeping him awake at night.

This past May, The Motley Fool sent 8 of its best stock analysts to Omaha, Nebraska to attend the Berkshire Hathaway annual shareholder meeting. CEO Warren Buffett and Vice Chairman Charlie Munger fielded questions for nearly 6 hours.
The catch was: Attendees weren't allowed to record any of it. No audio. No video. 

Our team of analysts wrote down every single word Buffett and Munger uttered. Over 16,000 words. But only two words stood out to me as I read the detailed transcript of the event: "Real threat."

That's how Buffett responded when asked about this emerging market that is already expected to be worth more than $2 trillion in the U.S. alone. Google has already put some of its best engineers behind the technology powering this trend. 

The amazing thing is, while Buffett may be nervous, the rest of us can invest in this new industry BEFORE the old money realizes what hit them.

KPMG advises we're "on the cusp of revolutionary change" coming much "sooner than you think."

Even one legendary MIT professor had to recant his position that the technology was "beyond the capability of computer science." (He recently confessed to The Wall Street Journal that he's now a believer and amazed "how quickly this technology caught on.")

Yet according to one J.D. Power and Associates survey, only 1 in 5 Americans are even interested in this technology, much less ready to invest in it. Needless to say, you haven't missed your window of opportunity. 

Think about how many amazing technologies you've watched soar to new heights while you kick yourself thinking, "I knew about that technology before everyone was talking about it, but I just sat on my hands." 

Don't let that happen again. This time, it should be your family telling you, "I can't believe you knew about and invested in that technology so early on."

That's why I hope you take just a few minutes to access the exclusive research our team of analysts has put together on this industry and the one stock positioned to capitalize on this major shift.

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David Hanson owns shares of Berkshire Hathaway and American Express. The Motley Fool recommends and owns shares of Berkshire Hathaway, Google, and Coca-Cola.We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

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