Aims to boost solar adoption and galvanize renewable energy economy with investments in local solar businesses
Entered agreements with Freedom Solar Power and Sea Bright Solar
SAN JOSE, Calif., March 31, 2022 /PRNewswire/ — SunPower (NASDAQ:SPWR), a leading residential solar technology and energy services provider, today announced it launched the SunPower Dealer Accelerator Program. Through the program, SunPower is making investments in local solar dealers to advance their growth, and in turn, helping to speed the adoption of renewable energy across the U.S.
With the launch of the program, SunPower is making minority investments in Freedom Solar Power and Sea Bright Solar, two SunPower Master Dealers. As part of the deal, Freedom Solar and Sea Bright — who are already exclusively selling SunPower® solar systems — will sell SunVault™ battery storage and leverage SunPower Financial™ offerings for solar financing. In addition to capital, SunPower will provide the dealers with enhanced lead generation and business strategy support.
“There is an urgent need to provide more sustainable and resilient power, which will only happen if we scale solar to reach every corner of the U.S.,” said Peter Faricy, CEO at SunPower. “Our dealers are on the front lines of the clean energy transition. With SunPower’s Dealer Accelerator program we create avenues for these businesses to grow their own businesses and help more customers make the move to renewable energy by doing what they do best.”
Texas-based Freedom Solar Power is the leading residential installer in the state as well as the Front Range of Colorado and central Florida, providing solar energy to thousands of homeowners. Freedom Solar teamed up with SunPower in 2014 and became the first and only SunPower Master Dealer in Texas. The company was named Residential National Dealer of the Year in 2017, Regional Top Producer of the Year in 2018, and National Top Producer of the year in 2019 and 2020. In 2021, Freedom Solar booked over $175 million of residential contracts, growing by 80% in Texas to outpace the market and regain market share leadership.
Sea Bright Solar provides solar solutions to homeowners in New Jersey, New York and Southern California, enabling them to save money on electricity and reduce dependence on fossil fuels. The company was named Residential National Dealer of the Year in 2019 for their success in offering high-quality, complete solar solutions alongside superior customer service to homeowners demonstrating exceptional industry knowledge and leadership.
The solar industry is at a strategic inflection point. Residential solar installers surpassed half a million installations in 2021, a first for the industry, and the residential solar market is expected to grow by 113% over the next 10 years, according to Solar Energy Industries Association (SEIA) and Wood Mackenzie. Yet, with less than 5% of U.S. homes currently powered by solar, this strong industry-level momentum along with the dramatic shift to a digital-first business environment highlights the need for solar companies to double down on software and customer service to meet demand and capture market share.
SunPower is on a path to quickly expand the solar market to serve more customers in high-growth markets including Texas, where battery storage attachments grew by 350% in 2021, according to a report by SEIA and Wood Mackenzie, and New Jersey, which has more solar installed per square mile than any other state in America. In addition, SunPower expects that the Dealer Accelerator program will help expand its penetration of products like SunVault storage and a comprehensive suite of financial products that provide homeowners access to higher credit limits, lower interest rates and a faster application process through SunPower Financial.
“Following the Texas winter storm, 2021 was a record-breaking year for Freedom Solar with more homeowners seeking reliable, clean solutions,” said Freedom Solar Power CEO Bret Biggart. “By establishing a closer relationship with SunPower, we are well-positioned to double our growth in 2022 through a combination of organic growth in existing markets and accelerated new-market expansions. It’s more than the additional financial resources but the intellectual horsepower and extensive network we create together.”
“Surging consumer interest and strong incentives are making New Jersey a leader in solar development,” said Sea Bright Solar President Brian Kelly. “We are excited for this next chapter of growth and development with the SunPower team to take advantage of some of the industry’s biggest opportunities with solar and storage to deliver on the promise of solar in the northeast.”