Continued demand for residential solar sees SunPower bag record 19,700 new customers

Aug 4, 2022 04:30 PM ET
  • Continued demand from Americans for rooftop solar has led residential solar installer SunPower to include a record all time high of 19,700 customers in Q2 2022, a 51% year-on-year increase.
Continued demand for residential solar sees SunPower bag record 19,700 new customers
Image: SunPower

The business improves its strong performance in Q1 2022 as well as ends up the first half of the fiscal year with a stockpile of 53,000 retrofit and new residences customers. It currently has a total of 463,000 residential customers as of 3 July 2022.

Throughout Q2, SunPower partnered with IKEA to offer its items in choose IKEA shops around California later this autumn, which will expand the residential installer's reach to a bigger customer market.

Furthermore, revenue for the residential installer raised 63% year-on-year with US$ 417.8 million in Q2 2022, and also up from US$ 350.3 million last quarter.

Peter Faricy, CEO at SunPower, claimed: "With our critical development strategy, financial investment in world-class customer experience as well as robust pipeline, SunPower is well positioned to capture the solid resulting demand for solar and storage space."

In addition, the residential installer additionally finalised the sale of its commercial and also industrial solutions (CIS) business to TotalEnergies for US$ 250 million.

In May, the French power major was associated with a major renewables swap with fund manager Global Infrastructure Partners which is anticipated to get a 50% stake in Total's subsidiary Clearway Energy that possesses a regulating risk (51%) in SunPower.

" This agreement is a strong signal from energy leaders as well as financiers that increasing the power transition is an important and also a powerful vote of confidence that SunPower is well matched to play a leading role because adjustment," claimed Faricy.

Finally, SunPower anticipates to finalise negotiations throughout the next quarter with First Solar for the development of a "world altering" residential solar module.

During the incomes phone call with experts, Faricy urged legislators to pass the Inflation Reduction Serve As it would "guarantee that all Americans obtain access to clean power technology and also the price savings, resiliency as well as satisfaction that comes with it."

SunPower repeated its advice for the year of profits of US$ 90-110 million as well as customer enhancements of 73,000-80,000.

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