MARLBOROUGH, Mass. Digital FCU on Thursday said it signed a deal with SunPower Corp., a San Jose, Calif.-based maker of solar power systems, to provide up to $100 million in financing for residential solar projects which the credit union plans to participate out to area credit unions.
The deal will allow a homeowner who joins New England’s largest credit union to receive a loan of up to $50,000 for a high-efficiency solar power system.
The $5-billion credit union will serve as the lead in a 36-credit-union consortium financing the program, meaning the credit unions will deal directly with homeowners. Loans originating from Digital FCU may be participated to other credit unions in the program.
The loans are available for terms up to 20 years, and may allow residents to qualify for a 30% federal tax credit currently available for installing solar power systems.
SunPower has dealers in the credit union’s local market in Framingham, Hopedale, Hudson, Marlborough and Natick, Mass.
