Aims to boost solar adoption and galvanize renewable energy economy with investments in local solar businesses
Entered agreements with Freedom Solar Power and Sea Bright Solar
SAN JOSE, Calif., March 31, 2022 /PRNewswire/ -- SunPower (NASDAQ:SPWR), a leading residential solar technology and energy services provider, today announced it launched the SunPower Dealer Accelerator Program. Through the program, SunPower is making investments in local solar dealers to advance their growth, and in turn, helping to speed the adoption of renewable energy across the U.S.
With the launch of the program, SunPower is making minority investments in Freedom Solar Power and Sea Bright Solar, two SunPower Master Dealers. As part of the deal, Freedom Solar and Sea Bright — who are already exclusively selling SunPower® solar systems — will sell SunVault™ battery storage and leverage SunPower Financial™ offerings for solar financing. In addition to capital, SunPower will provide the dealers with enhanced lead generation and business strategy support.
"There is an urgent need to provide more sustainable and resilient power, which will only happen if we scale solar to reach every corner of the U.S.," said Peter Faricy, CEO at SunPower. "Our dealers are on the front lines of the clean energy transition. With SunPower's Dealer Accelerator program we create avenues for these businesses to grow their own businesses and help more customers make the move to renewable energy by doing what they do best."
Texas-based Freedom Solar Power is the leading residential installer in the state as well as the Front Range of Colorado and central Florida, providing solar energy to thousands of homeowners. Freedom Solar teamed up with SunPower in 2014 and became the first and only SunPower Master Dealer in Texas. The company was named Residential National Dealer of the Year in 2017, Regional Top Producer of the Year in 2018, and National Top Producer of the year in 2019 and 2020. In 2021, Freedom Solar booked over $175 million of residential contracts, growing by 80% in Texas to outpace the market and regain market share leadership.
Sea Bright Solar provides solar solutions to homeowners in New Jersey, New York and Southern California, enabling them to save money on electricity and reduce dependence on fossil fuels. The company was named Residential National Dealer of the Year in 2019 for their success in offering high-quality, complete solar solutions alongside superior customer service to homeowners demonstrating exceptional industry knowledge and leadership.
The solar industry is at a strategic inflection point. Residential solar installers surpassed half a million installations in 2021, a first for the industry, and the residential solar market is expected to grow by 113% over the next 10 years, according to Solar Energy Industries Association (SEIA) and Wood Mackenzie. Yet, with less than 5% of U.S. homes currently powered by solar, this strong industry-level momentum along with the dramatic shift to a digital-first business environment highlights the need for solar companies to double down on software and customer service to meet demand and capture market share.
SunPower is on a path to quickly expand the solar market to serve more customers in high-growth markets including Texas, where battery storage attachments grew by 350% in 2021, according to a report by SEIA and Wood Mackenzie, and New Jersey, which has more solar installed per square mile than any other state in America. In addition, SunPower expects that the Dealer Accelerator program will help expand its penetration of products like SunVault storage and a comprehensive suite of financial products that provide homeowners access to higher credit limits, lower interest rates and a faster application process through SunPower Financial.
"Following the Texas winter storm, 2021 was a record-breaking year for Freedom Solar with more homeowners seeking reliable, clean solutions," said Freedom Solar Power CEO Bret Biggart. "By establishing a closer relationship with SunPower, we are well-positioned to double our growth in 2022 through a combination of organic growth in existing markets and accelerated new-market expansions. It's more than the additional financial resources but the intellectual horsepower and extensive network we create together."
"Surging consumer interest and strong incentives are making New Jersey a leader in solar development," said Sea Bright Solar President Brian Kelly. "We are excited for this next chapter of growth and development with the SunPower team to take advantage of some of the industry's biggest opportunities with solar and storage to deliver on the promise of solar in the northeast."
For U.S. dealers interested in joining SunPower's Dealer Accelerator Program, please contact partnerships@sunpower.com
About SunPower
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. For more information, visit www.sunpower.com.
About Freedom Solar
Founded in 2007, Freedom Solar is an industry leader in turnkey solar installations, providing high-quality, cost-effective, reliable solar solutions for residential and commercial markets nationwide. Headquartered in Austin, Texas, Freedom Solar also has operations in Colorado, Florida, and Virginia. The firm has installed more than 128.8 megawatts of solar panels since 2007, ranking as the tenth-largest solar installer in the U.S. Freedom Solar has completed projects for numerous national and multinational corporate clients, including Whole Foods Market, Shake Shack, Office Depot, The University of Texas at Austin, and numerous automotive dealerships, such as Alfa Romeo, BMW, Chevrolet, Ford, Maserati, Subaru and Toyota. For more information, visit https://www.freedomsolarpower.com or follow @freedomsolarpwr on Twitter and @freedom_solar_power on Instagram.
About Sea Bright Solar
Sea Bright Solar uses the power of the sun to help customers from coast-to-coast save money – and the planet! Since 2003, Sea Bright Solar has helped thousands of homeowners and businesses generate their own renewable energy and reduce or eliminate their reliance on the grid. Serving New Jersey, New York, and Southern California we provide customized, turnkey solar solutions. Our team consists of professional residential and commercial solar consultants, designers, engineers, and installation teams. Sea Bright offers extensive industry knowledge of the latest technology and best practices as well as solar financing and incentives. Through our innovative solar system installations, we have helped both homeowners and businesses benefit by cutting energy costs up to 100%.
Forward-Looking Statements
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 our plans and expectations for the Dealer Accelerator Program, including the anticipated results of the program, its impact on dealers and their growth, our plans for specific investments and support related to the program, and our expectations for the expansion of solar availability and the results thereof. 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; risks related to the introduction of new or enhanced products; changes in public policy, including the imposition and applicability of tariffs; and challenges managing our acquisitions, joint ventures, and partnerships, including our ability to successfully manage these dealer relationships and investments.
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, 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.
