CSR Press Release

April 23, 2007 - Robin Kneer was paying PG&E what some people pay in mortgage payments. "My PG&E bills were astronomical," says Kneer, who shares her 3,000 square-foot Oakley, CA, home with her husband and four children. "In the summertime, my PG&E bill can top $1,200 a month."

Kneer loved the idea of purchasing solar panels, but couldn't justify paying the high up-front costs out-of-pocket. "So when I attended a home fair and heard more about how I could finance solar panels, I looked into it," she explained.

In October, New Resource Bank, the nation's first commercial "green" bank, created innovative solar-systems loans for homeowners to make solar energy more affordable. It helps customers purchase the systems with no money down by allowing them to make payments over time. "Ideally, the solar payments would approximate the savings in their monthly electric bill. Even if a homeowner has the cash, this may be a smarter way to own solar while keeping money invested for retirement or children’s education," said Peter Liu, New Resource Bank founder and vice chairman.

While home equity financing from other banks is available, Kneer found the New Resource Bank loan more attractive. "I did my homework. I looked into getting a second on my home mortgage, and some lenders wanted $5,000 just in fees, plus higher interest rates. New Resource Bank doesn't charge points or fees for getting the loan. They genuinely seem to want to promote solar energy."

The results? "I’m already saving $500 a month on my PG&E bills, yet my monthly solar financing payments are only $333 for 15 years. Furthermore, I've added value to my home, and because the city of Oakley promotes green energy, the value of my home has increased, but there will be no property reassessment on the capital improvement I’ve made," she said.

So how did those numbers work out? "The panels with installation cost $65,543. However, I instantly received $17,160 in rebates from the state and PG&E. I also get a $2,000 tax credit on my federal income taxes. The loan was approved in 24 hours, and the company took care of everything, including getting my city permits and hiring the installers."

Solar panels are not the only "green" improvement the Kneers made to their home. "Our fireplaces have been converted to burn walnut shell pellets, which are more sustainable," say Kneer. In the meantime, Kneer enjoys looking at her solar panels' inverter in her laundry room. "It's not even the end of the day and I've already generated 3,940 kw of energy," she says proudly. Her husband, who installs hot tubs, is recommending solar panels and the innovative financing program to customers who want to keep their tubs warm throughout the seasons.

New Resource Bank, started providing simple and one-step financing to California customers of SunPower residential solar systems with SunPower Corporation (Nasdaq: SPWR), a Silicon Valley-based manufacturer of the world's highest-efficiency, commercially-available solar cells and solar panels last October.

New Resource Bank offers long term financing that matches 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.

Locking in Electrical Rates for the Future

Another customer of the New Resource Bank program, Glen Laughton of Antioch already has low electricity bills. "I'm paying between $130 and $200 a month," he said. A computer professional, Laughton did extensive research before deciding which solar panels to purchase. "SunPower's panels were simply the most efficient for the home and commercial markets," he said. He also appreciates the advantages of long-term financing. "Imagine if you could have locked in your electrical rates from 30-years-ago. You'd be happy today. By going solar, I'm fixing my electrical costs for the future," he explains.

After installing the panels, he expects his first month’s electrical bill to come in around $25. But inexpensive electrical bills were not his only goal: "I’ve had an interest in solar energy since 5th grade," he says with a laugh. "I want to help the environment and start a renewable energy business."

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 www.newresourcebank.com

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