SunPower Adds Tesla Powerwall 3 to its Portfolio
SunPower (NASDAQ: SPWR) has announced that it will now offer Tesla Powerwall 3 as part of its solar and storage solutions. This addition aims to meet growing consumer demand for battery storage amid increasing utility rates and grid outages. The Tesla Powerwall 3, which has 11.5kW of power and 13.5 kWh of energy, is engineered for whole-home backup and integrates seamlessly with SunPower's Equinox system.
SunPower Financial is also expanding its financing options to include loans and leases for Powerwall 3, making it more accessible. Approximately 82% of SunPower customers finance their solar-plus-storage systems, and this new offering is expected to simplify the adoption of clean energy solutions. The Powerwall 3 comes with a 10-year warranty backed by Tesla. Customers can order from SunPower-certified dealers nationwide.
- SunPower will offer Tesla Powerwall 3, meeting high consumer demand for battery storage.
- Tesla Powerwall 3 provides 11.5kW of power and 13.5 kWh of energy, ideal for whole-home backup.
- Powerwall 3 integrates seamlessly with SunPower’s Equinox system.
- SunPower Financial introduces loan and lease financing options for Powerwall 3, making it more accessible.
- 82% of SunPower customers finance their solar-plus-storage systems.
- Powerwall 3 comes with a 10-year warranty backed by Tesla.
- SunPower achieved record-breaking battery storage sales in 2024.
- The press release does not mention the cost of Tesla Powerwall 3, which could be a concern for potential customers.
- Potential financial strain for SunPower due to the expanded financing options.
- High reliance on third-party product performance (Tesla Powerwall 3) could pose risks.
Insights
The addition of Tesla Powerwall 3 to SunPower's portfolio is a significant development for the company. This move not only strengthens SunPower’s product offerings but also aligns well with the increasing demand for integrated solar and battery storage solutions. The inclusion of financing options through SunPower Financial further enhances accessibility, catering to a broader customer base. Given that
The integration of Tesla Powerwall 3 into SunPower’s offerings is technologically sound, considering Powerwall 3’s specifications. With 11.5kW of power and 13.5 kWh of energy storage, the Powerwall 3 provides robust backup capabilities and efficient solar energy capture. The inclusion of an integrated inverter that is fully compatible with SunPower’s Equinox system ensures seamless interaction between solar panels and storage, optimizing energy use. From a technical standpoint, this synergy could lead to improved system performance and customer satisfaction, reinforcing SunPower’s reputation for high-quality solar solutions. The 10-year warranty backed by Tesla adds a layer of credibility, potentially reducing customer concerns about long-term reliability. This technological integration is a strong value proposition, enhancing the attractiveness of SunPower's solar-plus-storage solutions.
With storage attach-rates soaring, SunPower adds most-requested battery storage to its offerings
SunPower Financial introduces loan and lease financing for Powerwall 3, making home backup even more accessible
"Homeowners are increasingly turning to battery storage to protect themselves against ongoing utility rate hikes and grid outages. We witnessed record-breaking battery storage sales in 2024 and see a future where almost all solar systems are paired with storage," said Shawn Fitzgerald, SVP Corporate Development and Product Strategy at SunPower. "Pairing Tesla Powerwall 3 with our industry-leading SunPower Equinox solar system was a natural progression in offering homeowners the best products on the market."
It is projected that one in every four American homeowners who install rooftop solar this year will also add battery storage.1 As more homeowners consider battery storage for reliable and affordable power, Tesla Powerwall has become one of the most sought-after battery storage solutions accounting for over half of home battery installations last year. The Powerwall 3 includes 11.5kW of power and 13.5 kWh of energy engineered to provide whole-home backup and capture solar energy more efficiently with an integrated inverter that is fully compatible with the SunPower Equinox® system.
"Expanding access to Tesla Powerwall 3 allows us to offer homeowners a comprehensive energy solution under one roof including sales, financing and installation," said Joe Holstein, owner of SunPower by Quality Home Services, a SunPower Master Dealer. "Together with SunPower, we're able to sell top-rated solar and battery storage solutions to meet the demands of our customers while simplifying the process to adopt clean energy."
Today, SunPower Financial expanded its suite of solar financing options to include loan2 and lease financing for Tesla battery installations as approximately
SunPower conducted rigorous testing to confirm that Tesla Powerwall 3 meets SunPower's high performance and quality standards, integrating with other products in its portfolio. The Tesla Powerwall 3 also comes with a 10-year warranty backed by Tesla.
SunPower customers can order Tesla Powerwall 3 from Tesla certified SunPower dealers nationwide. Customers can call 1-800-SUNPOWER to find a SunPower-certified dealer near them or visit us.sunpower.com/home-solar/tesla-powerwall to learn more.
1. Wood Mackenzie, "Home energy storage booms in the US" (April 2024) |
About SunPower
SunPower is the highest-rated solar company in the
† Based on public solar providers in the |
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 expected business plans, product adoption, availability and 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, changes in interest rates and consumer demand, competition in the residential solar industry, our ability to manage risks relating to product financing programs and fluctuations or declines in the performance or availability of our solar panels and other solar and storage 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 report 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.
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