SunPower doubles earnings in record Q3


From pv magazine USA

SunPower, a US residential solar development company, added 23,100 customers in the third quarter, with revenue increasing to $470 million and net income hitting $139 million, from a $73 million net loss in the July-September 2021 period.

Like other residential solar companies, California-based SunPower says it sees more customers turning to solar, as US retail energy prices continued to escalate by 14.3% year on year through August. For its fiscal year 2022 guidance, the company reiterated its plans to conclude the year with 73,000 to 80,000 customers, while generating $90 million to $110 million in net income.

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SunPower said the serviceable market for US residential solar will expand by up to 50 million homes, given the recent passage of the Inflation Reduction Act (IRA) and the boosting of the solar ITC credit to 30% through 2032. The Solar Energy Industries Association (SEIA) and Wood Mackenzie have issued projections suggesting that 7.3 GW of incremental installed capacity could be added from 2023 to 2027.

SunPower pointed to additional market tailwinds from the IRA, including a 30% standalone energy storage ITC credit starting in 2023, and ITC adders for single-family leases, as new sources of customer accretion.

EIA Retail Energy Prices (August 2022)
U.S. retail energy prices
Source: EIA

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