By Nichola Groom

(Reuters) – SunPower Corp, a residential and commercial solar company said Wednesday it was launching a financial services division that aims to lower the cost of rooftop panels for American homeowners.

SunPower Financial is the financing arm that the company created as part of the September commitment it made to increase access to solar energy for low-income Americans. It also aims to dispel the notion that this is only for the wealthy.

This company pledge aligns with the Biden administration’s initiative to direct clean-energy investments to communities in need.

SunPower Financial said it will provide interest-free loans and higher credit limits to those with less credit. It also offers expanded loan eligibility for those who have lower credit scores. The company will offer mobile homes, shared roofs and other products.

The popularity of solar energy has increased rapidly over the past few years. It is expected to grow 21% in 2019. This is largely due to lenders working with solar companies to provide loans or leases without upfront fees and lower monthly payments than electric utilities.

Only 5% of U.S. houses have installed panels, which is a significant opportunity for residential solar businesses to find new customers.

SunPower CEO Peter Faricy spoke at the Reuters Energy Transition North America conference. He stated that research still shows that consumers believe it is impossible to afford solar power or are not eligible for financing.

Faricy explained that “the perception that people cannot afford solar is actually a awareness problem.” The facts will show that solar energy is easily affordable for everyone, regardless of credit score or income level.

SunPower stated that the company will offer financing internally, so its products won’t be restricted by the terms of other financial institutions.

Faricy stated that “it’s not really a risky loan” and noted that the default rates for solar loans are “extremely high.”