SunPower and ConEdison Solutions team on New York solar leasing program

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Vertically integrated U.S. solar company SunPower has this week unveiled a solar leasing program for New York State in collaboration with leading utility ConEdison Solutions.

The program, set to be launched next month, is designed to make it easier for more homeowners in the state to adopt solar power, offering residents no upfront costs and affordable monthly lease payments for a term of up to 20 years.

SunPower will provide and install its high efficiency rooftop systems, with ConEdison Solutions acting as owner and proprietor of the installations. Each system will be backed by a 20-year limited warranty and production guarantee, provided by SunPower.

"Increasing numbers of New York families are choosing solar leases, and we want to make their decision as easy as possible," said ConEdison Solutions VP Michael Perna. "We are combining the strength of our trusted brands to meet the demand for reliable, rooftop solar solutions. Through this residential lease program, homeowners may save on their electricity from day one after activation."

SunPower president for business units, Howard Wenger, added that ConEdison Solution’s customers can expect a high level of energy assurance when using SunPower’s systems. "More than 27,000 U.S. homeowners are leasing SunPower solar power systems today," Wenger said. "We are pleased to team with ConEdison Solutions to extend the program and make solar accessible to more New York families."

SunPower’s recent financial results may have revealed falling revenues, but the company is positioning itself to play a broader role in the global solar landscape. Its growing yieldco is proving to be a financially sound creation, and its 12 GW pipeline underwrites a great deal of faith in the company’s ongoing and future projects.

Analysis by Deutsche Bank was bullish yesterday, with the bank’s Vishal Shah reporting that SunPower’s factories are all running at full utilization and forecasted MW deployment projected to reach 30% CAGR from 2015 to 2019, reaching in the region of 4 GW.

Adding the potentially lucrative New York State leased solar market to its portfolio of projects and programs is likely to yield further growth for the ambitious, and increasingly diverse, solar company.