SunPower strikes $100M solar financing deal

|By:, SA News Editor

The Digital Federal Credit Union (DCU) has agreed to provide up to $100M in loans for residential solar projects featuring SunPower (SPWR +0.8%) panels. (PR)

Homeowners who become DCU members will be eligible for loans up to $50K. The initiative is part of the SunPower Loan program, which now covers all 50 states.

Demand for U.S. solar installation financing has been growing quickly, and so have available funds. GTM Research estimated earlier this year $5.7B in financing will be available for U.S. residential projects by 2016, up from $1.2B in 2012. SolarCity (SCTY +0.3%) has arguably been leading the charge.