SunPower Expands SunPower Residential Installation (SPRI) Across Six States

Rhea-AI Summary

SunPower (NASDAQ: SPWR) is expanding its SunPower Residential Installation (SPRI) program to seven new markets across six states by the end of Q2 2021. This initiative allows local companies to enter the solar industry without substantial upfront costs, as SunPower will handle installation and customer service. The SPRI will launch in Tucson, Fresno, Orlando, and Ft. Lauderdale, with plans for Denver, Raleigh, and the DC Metro Area later this year. Additionally, SunPower aims to hire over 300 technicians and double installations, enhancing its response to growing solar demand.

Positive

• Expansion of SPRI into seven new markets, increasing growth opportunities.
• Lower barriers for local entrepreneurs to enter the solar market.
• A commitment to hire over 300 field technicians, boosting local employment.
• Plans to double installations year-over-year, indicating strong demand.

Negative

• None.

SAN JOSE, Calif., Jan. 26, 2021 /PRNewswire/ -- As demand for solar increases across the country, SunPower (NASDAQ: SPWR), a leading solar technology and energy services provider, is announcing plans to significantly expand its SunPower Residential Installation (SPRI) program this year. SunPower plans to launch SPRI presence in seven new markets across six states by the end of Q2 2021.

SPRI enables local companies and entrepreneurs to create or expand their solar energy companies without the complex and asset-heavy roles often associated with a traditional solar dealer business. With SPRI, sales organizations and small businesses can focus on marketing and selling solar while SunPower manages the entire process of rooftop installation, maintenance and repair, customer service, and warranty. This structure lowers the barrier-to-entry for those that want to enter the fast-growing renewable energy sector, provides new channels for SunPower to meet the demand of its rapidly growing customer base, and gives homeowners more options when buying solar.

Organizations that work with SPRI are part of SunPower's Non-Installing Dealer network. Non-Installing Dealers get access to the industry's most advanced platform to market, present, design and sell SunPower® systems to homeowners. SunPower's turnkey software enables non-installing dealers to customize each project from panel placement to financing options.

"With SPRI we are increasing the size of the solar category by enabling entrepreneurs to create sales and marketing-focused solar businesses," said Tony Garzolini, VP of Sales at SunPower. "Our strong installing dealer network continues to be the foundation we rely on, but you no longer have to own construction equipment and manage a customer support team to be a part of this incredibly exciting industry."  

In the first quarter of 2021, SunPower will launch SPRI in:

• Tucson, Ariz.
• Fresno and the Greater Central Valley, Calif.
• Orlando and Ft. Lauderdale, Fla.

Later this year it will launch in Denver Colo., Raleigh, N.C., and the DC Metro Area. The company plans to hire more than 300 field technicians across these cities in 2021 and to complete twice as many installs year over year.

For a list of all SPRI locations, or for more information about becoming a SunPower installer, please visit:  https://us.sunpower.com/dealers-installers/become-sunpower-installer.

To learn more about to becoming a SunPower Non-Installing Dealer, visit https://us.sunpower.com/dealers-installers/become-sunpower-dealer.

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, businesses, governments, schools and utilities. For more information, visit www.sunpower.com.

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 future business plans, including our planned expansion and anticipated entry into new markets, as well as anticipated hiring and the planned addition of new dealers to our network, and areas of focus. 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 changes in our business strategy. 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.

©2021 SunPower Corporation.  All Rights Reserved.  SUNPOWER and the SUNPOWER logo are registered trademarks of SunPower Corporation in the U.S.

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SOURCE SunPower Corp.

FAQ

What is the SunPower Residential Installation (SPRI) program?

The SPRI program allows local companies to sell solar energy solutions without heavy investment in equipment, as SunPower manages installation and customer service.

Which states will SunPower expand its SPRI program in 2021?

SunPower will expand SPRI into Arizona, California, Florida, Colorado, North Carolina, and the DC Metro Area.

How many jobs will SunPower create with this expansion?

SunPower plans to hire over 300 field technicians across the new markets.

When will SunPower launch the new SPRI locations?

The SPRI launches will take place in the first quarter of 2021, with additional locations added by mid-year.

What are the expected benefits of the SPRI program for local businesses?

Local businesses can focus on marketing and selling solar products while SunPower handles installation, reducing overhead and operational complexities.