SAN JOSE, Calif., Nov. 16, 2021 /PRNewswire/ -- Today, SunPower Corp. (NASDAQ:SPWR), a leading solar technology and energy services provider, announced the launch of its Virtual Power Plant (VPP) solution, enabling SunVault™ energy storage customers to get paid for allowing the utility to use stored energy during peak demand and contribute to a more stable power grid in their community.
During hours of peak energy demand, like a hot summer day when many air conditioning units turn on at the same time, utilities need additional resources to meet increased demand and simultaneous energy needs. VPPs can enable utilities to extract this energy from efficient, renewable energy resources like distributed solar and energy storage and disperse it among all grid-connected customers to create a more stable and sustainable source of power.
Through the SunPower VPP, SunPower will coordinate the charge and discharge of participating customers' battery, sharing energy to the utility on their behalf while reserving some electricity in the battery for backup power to the home when needed. Customers will be notified prior to discharging the battery and can choose to bypass or pre-set their system so their personal backup does not fall below a certain level. In return, customers are compensated by the utility for their participation.
"With battery storage, homeowners gain energy independence and control for their household, even as blackouts and power shut-offs increase," said Peter Faricy, CEO of SunPower. "Now with the SunPower VPP, our customers can choose to participate in programs that will help stabilize the grid for their community while simultaneously offsetting the cost of their system. Citizens and utilities working together to provide reliable and renewable energy is the future of the grid."
SunPower's first VPP offering, ConnectedSolutions, is available to qualifying customers served by Eversource and National Grid in Massachusetts, Rhode Island and Connecticut. Enrollment is open now and can be completed with just a few clicks.
Those enrolled in ConnectedSolutions will have the opportunity to participate during their local utilities' VPP season, running June through September each year. SunPower passes through all grid payments directly to participants, who can earn hundreds of dollars per year in exchange for allowing the utility to discharge their battery during times of peak energy demand.
State policies alongside federal incentives and falling technology costs have spurred growth of solar in New England according to the 2021 Regional Electricity Outlook. ISO-NE, the organization overseeing the region's clean energy transition to ensure a sustainable and cost-competitive resource mix, leverages solar and battery storage to provide a third of the grid's power. With solar systems, batteries, and now its VPP program, SunPower is enabling more New England residents to help stabilize the grid with renewable energy.
SunVault storage available nationwide
To sign up for the SunPower ConnectedSolutions VPP, customers must have a SunVault storage system. SunVault, now available nationwide for those with a SunPower Equinox® solar system, is designed to provide homeowners power to essential loads including lighting, plug loads and kitchen appliances during outages or shut-offs. Users can also achieve additional electricity bill savings by using stored energy during peak times when utility rates are the highest or selling excess energy back to the grid.
SunVault is available in 13kWh and 26kWh sizes and is compatible with SunPower Equinox solar systems. Benefits include:
- Uses lithium iron phosphate chemistry designed for superior safety, longevity and durability
- Offers flexible configuration; a typical install requires only two, sleek boxes
- Detects utility disruptions and seamlessly switches to backup automatically
- Allows customers to track home energy use, solar, and storage in one place with the mySunPower™ app
To learn more about SunVault storage, visit: https://us.sunpower.com/home-solar/solar-battery-storage
To learn more about the ConnectedSolutions VPP or sign up now, visit: https://us.sunpower.com/homeowners/programs/sunvault-storage-connected-solutions
Headquartered in California's Silicon Valley, SunPower (NASDAQ:SPWR) is a leading Distributed Generation Storage and Energy Services provider in North America. SunPower offers the only solar + storage solution designed and warranted by one company that gives customers control over electricity consumption and resiliency during power outages while providing cost savings to homeowners, businesses, governments, schools and utilities. For more information, visit www.sunpower.com.
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding business plans and timelines, product performance, and cost savings. These forward-looking statements are based on our current assumptions, expectations, and beliefs and involve substantial risks and uncertainties that may cause results to materially differ from those expressed or implied by these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, regulatory changes and the availability of economic incentives promoting use of solar energy and fluctuations or declines in the performance of our solar panels and other products and solutions. A detailed discussion of these factors and other risks that affect our business is included in filings we make with the Securities and Exchange Commission (SEC) from time to time, including our most recent reports on Form 10-K and Form 10-Q, particularly under the heading "Risk Factors." Copies of these filings are available online from the SEC or on the SEC Filings section of our Investor Relations website at investors.sunpowercorp.com. All forward-looking statements in this press release are based on information currently available to us, and we assume no obligation to update these forward-looking statements in light of new information or future events.
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SOURCE SunPower Corp.