Solar panel company SunPower Corp. has established a new $105-million fund to expand its residential solar lease program.

Aided with an $80 million contribution from Citi, the firm plans to extend its SunPower Lease option to customers in eight states. The leasing program is now available in Arizona, California, Colorado, Hawaii, Massachusetts, New Jersey, New York and
Pennsylvania.

According to SunPower, the program provides low monthly payments with zero down, a direct-from-manufacturer
performance guarantee and an early buy-out option for homeowners who want to sell based on solar home resale values.

Homeowners can also pay for SunPower systems with cash or through the company’s loan program.

Citi is in the midst of a 10-year, $50 billion initiative to support the commercialization and growth of alternative energy and clean technology in markets around the world. To date, the financial services company has spent more than $30 billion as part of this initiative.

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