From pv magazine USA
Over the course of this strange year, U.S. residential solar companies such as SunPower, Sunrun, Enphase and Tesla have claimed that they could weather the Covid-19 storm with remote selling and new online strategies. And it turns out they were right.
SunPower just topped analyst estimates for third-quarter revenue and upped its guidance for 2020. Enphase and Tesla also reported strong signs of recovery in solar and storage. The combination of online sales strategies and a new set of homebound, energy-curious customers has enabled the market to grow in a cataclysmic year.
SunPower exceeded its revenue and EBITDA guidance and completed the spinoff of Maxeon. Its revenue numbers were above industry analyst estimates with GAAP revenue at $274.8 in the quarter. SunPower CEO Tom Werner has claimed that the transition to virtual and online selling has “materially lowered our overall customer acquisition cost.”
The company has raised its fourth-quarter and fiscal 2020 EBITDA guidance. Werner said that the company expects $100 million in revenue from its SunVault storage product in 2021.
SunPower’s residential business in megawatts recognized was up 33% sequentially. It benefited from “significant demand” for loans from its $1 billion partnership with Silicon Valley credit union Tech CU for potential U.S. residential solar and energy storage customers. SunPower continues to dominate in new homes with a backlog of more than 50,000 homes and expectations of 30% to 50% revenue growth in both its residential and new homes businesses for fiscal year 2021.”
BloombergNEF is forecasting that Americans will install a record 3 GW of solar on the roofs of their homes in 2020, with another 3.6 GW to be installed in 2021.
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