San Jose Credit Union members pool for solar discounts

A South Bay credit union and a pair of Bay Area solar companies have arranged a unique deal on discounted solar panels, potentially bringing the trio new revenue.

Some 130 active and retired San Jose city employees recently struck an agreement with San Jose-based SunPower Corp. and Richmond-based SunWater Solar Inc. to get lower prices on the companies’ photovoltaic and thermal solar panel systems. Each member of the group also happens to be a customer of San Jose Credit Union, which has agreed to finance their purchases.

This "group buy," announced Aug. 19, is the first of its kind for all three companies, representatives said.

Officials involved in the deal said there is no obligation to purchase a solar panel system, and members must have site inspections to see if their homes can accommodate the equipment.

Nevertheless, those who buy the systems will get discounted prices and low-interest loans from San Jose Credit Union. Andrea Brewer, president and CEO of the lender, said site inspections have begun.

According to Brewer, the group’s members work for a range of San Jose city agencies, including the police and fire departments. And while the discount is only available to members of the group — formally known as the "San Jose Employee Solar Group Buy" program — more people might sign up.

"They’re going to different city departments to see who else wants to join," she said.

Read the full story in the Silicon Valley / San Jose Business Journal.