SunPower Corp. (NASDAQ: SPWR) today announced that a new $1 billion partnership with Technology Credit Union (Tech CU) will increase financing options for qualified U.S. residential solar customers. The new partnership will give SunPower access to capital for its loan program.

• Reduction of SunPower's operating costs through lower per-watt financing fees;
• Streamlining of the loan application and contract signing process for customers; and
• Utilization of a financing platform that integrates SunPower's sales and system design tools that give customers the ability to compare cash, lease or loan acquisition options all at one time.

"Our new partnership with Tech CU will diversify SunPower's funding resources while providing our customers with a streamlined process and experience," said Norm Taffe, executive vice president of North American Channels. "This $1 billion commitment will also allow for tens of thousands of SunPower solar systems to be funded over the course of the next four years."

"We are pleased to add SunPower to our growing list of solar funding partners," said Deborah Crouch, vice president of Strategic Lending Partners at Tech CU. "We look forward to working with them for many years to come."

SunPower has multiple attractive financing provisions for customers wanting to go solar with loan, lease and cash options. Last month, the company announced special promotions that can significantly reduce the upfront costs of going solar for U.S. customers.