Mintz Levin would like to congratulate our client, Admirals Bank, on partnering with SunPower Corp., the second largest U.S. solar-panel maker, to establish an innovative solar power loan funding program. Together, SunPower and Admirals Bank have launched a $200 million loan program to facilitate residential photovoltaic (PV) installations over the next two years.
Under the program, homeowners will be able to apply for loans of up to $60,000 to assist with the installation of SunPower systems in their homes. The program is available in all fifty states and the District of Columbia.
This partnership between Admirals Bank and SunPower exemplifies a broader trend of increasing interest in residential solar installations. In the first quarter of 2014, the United States installed 1330 megawatts of solar PV, up 79 percent from the first quarter of 2013. For the first time, residential installations are surpassing commercial installations. Growth in the solar sector is projected to further increase in the coming years.
For more on the SunPower loan program, please see the press release from Admirals Bank.