Solar residential leasing company Sunrun has launched a new extended loan option designed to further lower the cost burden of adopting rooftop solar power in the U.S.
The BrightAdvantage package is offered as either a 12-year or 20-year loan, enabling homeowners to finance the purchase of the Sunrun solar system. The package is to be paired with new tools that can ensure each homeowners system is tailored specifically to their needs.
The loan option removes the high upfront cost of adopting solar power, and Sunrun claims that its low interest rates 3.99% APR for the 12-year term and 4.99% APR for the 20-year loan are among the most competitive in the market.
"Sunruns mission has always been to make saving with home solar simple and more accessible for homeowners," said Sunrun chief marketing officer Michael Grasso. "Our enhanced solar service options allow Sunrun to advance our mission and empower homeowners to choose a product that powers their lives in a way that works best for them."
The BrightAdvantage package augments Sunruns suite of financing options, which already includes the BrightSave lease and PPA a little or no money down option whereby the homeowner pays only for the electricity the system generates via a monthly bill and the BrightBuy option, which is an upfront payment for the installation and ownership of the solar system.
In July, Sunrun outlined the terms of its first initial public offering (IPO) in an attempt to remain competitive in the face of increasingly confident rivals operating in the U.S. residential solar space. Both Elon Musk-backed SolarCity, and Vivint Solar which was recently purchased for $2.2 billion by SunEdison have unveiled bold plans to grow this market segment over the next 18 months.