SunPower customer additions soar amid strong demand for residential solar

SunPower is currently in negotiations with two undisclosed module manufacturers for a large supply of panels for 2023. Image: SunPower.

Residential solar installer SunPower increased its new customer addition record for a single quarter with 23,100 customers added in Q3 thanks to continued strong demand for rooftop PV.

A 63% jump year-on-year, Q3 customer additions were also up on the 19,700 customer additions posted in Q2.

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SunPower also registered an increase in its revenue with US$470 million in Q3 2022, a 67% increase compared to the US$282 million registered in Q3 2021.

The records in both customers and revenue put the company on track towards its high end for this year’s guidance, according to Peter Faricy, CEO of SunPower.

“Our strategy is working: with our focus on providing a world-class customer experience and industry-leading products, coupled with the right financing options, we are driving strong market share gains and a significant backlog that we believe will benefit us well into 2023,” said Faricy.

Moreover, Faricy added that SunPower continued to work closely with First Solar on a panel production agreement while working to increase its supplies of modules for 2023 and beyond, including, but not only, from Maxeon.

The company is currently in negotiations with two undisclosed module manufacturers for a large supply of panels for 2023, according to Faricy.

As SunPower is already present in most major markets across the US, the passage of the Inflation Reduction Act could help improve the company’s relationship with new dealers and customers, mostly from underrepresented communities, Faricy said during a conference call.

During Q3 2022, SunPower partnered with automotive giant General Motors (GM) to develop a new home energy system consisting of integrated electric vehicles (EV) and battery solutions and with the residential installer as GM’s exclusive solar provider.

The deal has been viewed as an important new sales channel that capitalises on the growing interest in rooftop solar from EV owners, according to Faricy.

Furthermore, SunPower made minority investments in solar dealers Renova Energy and EmPower Solar in September, adding them to its dealer accelerator programme.

Conference call transcript from Seeking Alpha.

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