U.S. Bancorp (USB) will provide financing to a company that makes panels to convert the sun's energy into electricity.
The $354 billion-asset company will provide financing for homeowners who lease a system from SunPower (SPWR), a San Jose, Calif., maker of solar energy systems.
U.S. Bancorp and SunPower have invested in the program, which will offer a $100 million in credit to homeowners in Arizona, California, Colorado, Hawaii, Massachusetts, New Jersey, New York, Pennsylvania and Vermont. Up to 3,000 homes are expected to use the financing, SunPower said in a press release.
"U.S. Bank is pleased to help advance SunPower's efforts to make renewable energy accessible to more American homeowners," Darren Van't Hof, U.S. Bancorp's director of renewable energy investments, said in a release. "With residential solar systems, more families can take control of their electricity bills and deliver the environmental and health benefits of solar power to their community."
"We are proud to partner with U.S. Bancorp and applaud its commitment to promoting the use of solar power," Chuck Boynton, SunPower's chief financial officer, said.
The lease lets homeowners set up a rooftop solar system without having to pay part of the price in advance.