SunPower Introduces Pilot Lease Program to Finance Residential Solar Projects in Melbourne, Australia

SAN JOSE, Calif. and MELBOURNE, Australia, Aug. 18, 2014 /PRNewswire/ -- SunPower Corp. (NASDAQ: SPWR) has launched SunPower® Choice, a new pilot leasing program to help residential customers in Melbourne, Australia, finance a SunPower solar system for no money down. As part of the program, SunPower will install its high efficiency solar panels for qualified Melbourne homeowners, providing reliable, clean electricity at a predetermined and cost-competitive monthly rate for 25 years.

SunPower Choice locks in solar electricity rates for the life of the lease, so homeowners know exactly what they will pay for electricity each month. To assure customers that their system will deliver the power and performance expected over the long-term, SunPower Choice offers a money-back guarantee on the amount of solar energy the installation produces annually. The company also provides monitoring and any necessary maintenance at no additional cost for the length of the agreement.

"SunPower reinforces its commitment to the Australian market with SunPower Choice, a financing option designed to help more homeowners save on electricity with SunPower solar panels, the most efficient on the market today," said Tom Werner, president and CEO of SunPower. "When combined with SunPower's unrivaled energy assurance, SunPower Choice delivers the savings and reliable, emissions-free energy our customers expect from us, for no money down and at rates that beat traditional electricity prices."

When the lease agreement expires, qualified homeowners will have an opportunity to purchase the system or extend the lease contract and continue enjoying electricity savings over the system's lifetime. Customers can also choose to end the lease at any time and have the system removed for a fee.

Aside from the SunPower Choice pilot program in Melbourne, which is modeled after the company's successful residential lease program in the United States, customers across Australia can purchase a residential SunPower solar system through both cash and loan programs, with the latter available to qualified homeowners.

SunPower has had a footprint in the country since 2008, designing and installing systems for residential, commercial, and utility customers nationwide. The company has an office in Melbourne and a presence in every mainland state.

For more information on the SunPower Choice pilot lease program, visit choice.sunpower.com.au.

About SunPower Corp.
SunPower Corp. (NASDAQ: SPWR) designs, manufactures and delivers the highest efficiency, highest reliability solar panels and systems available today. Residential, business, government and utility customers rely on the company's quarter century of experience and guaranteed performance to provide maximum return on investment throughout the life of the solar system. Headquartered in San Jose, Calif., SunPower has offices in North America, Europe, Australia, Africa and Asia. For more information, visit www.sunpower.com.

SOURCE SunPower Corp.