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

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SunPower’s revenue in Q2 2022 reached US$417.8 million and rose 63% year-on-year. Image: SunPower.

Continued demand from Americans for rooftop solar has led residential solar installer SunPower to add a record all time high of 19,700 customers in Q2 2022, a 51% year-on-year increase.

The company builds on its strong performance in Q1 2022 and finishes the first half of the fiscal year with a backlog of 53,000 retrofit and new homes customers. It now has a total of 463,000 residential customers as of 3 July 2022.

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During Q2, SunPower partnered with IKEA to offer its products in select IKEA stores around California later this autumn, which will expand the residential installer’s reach to a bigger consumer market.

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

Peter Faricy, CEO at SunPower, said: “With our strategic growth plan, investment in world-class customer experience and robust pipeline, SunPower is well positioned to capture the strong resulting demand for solar and storage.”

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

In May, the French energy major was involved in a major renewables swap with fund manager Global Infrastructure Partners which is expected to acquire a 50% stake in Total’s subsidiary Clearway Energy that owns a controlling stake (51%) in SunPower.

“This agreement is a strong signal from energy leaders and investors that accelerating the energy transition is an imperative and a powerful vote of confidence that SunPower is well suited to play a leading role in that change,” said Faricy. 

Finally, SunPower expects to finalise negotiations during the next quarter with First Solar for the development of a “world changing” residential solar module.

During the earnings call with analysts, Faricy urged legislators to pass the Inflation Reduction Act as it would “ensure that all Americans get access to clean energy technology and the cost savings, resiliency and peace of mind that comes with it.”

SunPower reiterated its guidance for the year of earnings of US$90-110 million and customer additions of 73,000-80,000.

Conference call transcript from Seeking Alpha.

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