From pv magazine USA
SunPower, a US residential solar development company, added 23,100 customers in the third quarter, with revenue increasing to $470 million and net income hitting $139 million, from a $73 million net loss in the July-September 2021 period.
Like other residential solar companies, California-based SunPower says it sees more customers turning to solar, as US retail energy prices continued to escalate by 14.3% year on year through August. For its fiscal year 2022 guidance, the company reiterated its plans to conclude the year with 73,000 to 80,000 customers, while generating $90 million to $110 million in net income.
SunPower said the serviceable market for US residential solar will expand by up to 50 million homes, given the recent passage of the Inflation Reduction Act (IRA) and the boosting of the solar ITC credit to 30% through 2032. The Solar Energy Industries Association (SEIA) and Wood Mackenzie have issued projections suggesting that 7.3 GW of incremental installed capacity could be added from 2023 to 2027.
SunPower pointed to additional market tailwinds from the IRA, including a 30% standalone energy storage ITC credit starting in 2023, and ITC adders for single-family leases, as new sources of customer accretion.
Source: EIA
This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.
By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.
Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.
You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.
Further information on data privacy can be found in our Data Protection Policy.