A Different Kind Of Bank - New Resource Bank
New Resource Bank, an innovative commercial bank in San Francisco, has announced an agreement to provide simple and one-step financing to California customers of SunPower residential solar systems with SunPower Corporation, a Silicon Valley-based manufacturer of the world's highest-efficiency, commercially-available solar cells and solar panels.
Speaking at the Solar Power 2006 Conference and Expo last week, New Resource Bank's Initial founder and vice chairman, Peter Liu, discussed the Bank's unique solar home equity financing program. The financing program customizes home equity lending products that provide customers with cost effective options to own solar energy solutions. Customers finance their solar installation through an easy, one-step application process, and then can make monthly payments while generating their own electricity. "We're making it affordable for people to go solar. When coupled with existing rebate programs and tax credits, our attractive financing terms can bring solar energy to many more homeowners, easily and cost effectively," said Liu."SunPower is committed to driving down the cost of owning a solar system. Our program with New Resource Bank gives our customers the best possible tool for financing their SunPower system," said Peter Aschenbrenner, vice president of sales and marketing for SunPower. "New Resource Bank has made the process very easy for our customers, which is extremely important."
New Resource Bank offers long term financing over a 25 year loan term, matching SunPower's long-term solar panel warranty. Loan payments are usually close to the cost of monthly electric rates today. Additionally, since solar energy is not tied to the cost of fossil fuels, a solar system investment is a smart choice to hedge against rising power costs in the short and long-term.
"This innovative approach makes it easy for consumers to participate in California's effort to promote a million solar roofs," said Bob Epstein, New Resource Bank board member and co-founder of Sybase and Environmental Entrepreneurs, which recently helped champion the passage of the California Global Warming Solutions Act.
New Resource Bank plans to roll out the program at the end of October. SunPower North America will provide customer access through its sales channels and installation partners. Typical home solar installations are $20,000 to $40,000, depending on size and direction of the roof. After rebates offered by the state of California, New Resource Bank Residential Solar Financing can provide solar ownership for as little as $100 per month for a small system, and for most home-owners the interest expense is tax-deductible, which lowers the cost even more.
About New Resource Bank
New Resource Bank is a commercial bank in San Francisco that is setting a new standard in customer service while financing efficient and sustainable resources in its community. The Bank is founded by leading entrepreneurs, along with seasoned banking executives from national and local community banks. For more information, please go to http://www.newresourcebank.com
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