By Frank Andorka, Senior Correspondent
What Happened: SunPower Corp. told a meeting of its authorized dealers, Monday afternoon in San Diego, that it would be adding two storage solutions to its Equinox home solar system. A spokesperson for SunPower said, “SunPower has been exploring storage offerings and capabilities for our residential customers. One example is our recent partnership with Sonnen. SunPower dealers can choose to work with Sonnen to offer residential customers the best storage and solar combination solutions to fit their specific energy needs.”
- sonnen, a German manufacturer of a sleek, residential stand-alone battery system
- Tesla, with its Powerwall product
SolarWakeup’s View: SunPower has been put in a challenging position since the Section 201 trade petition. Earnings have been hammered, and the fourth quarter of 2017 was not kind to the module manufacturer. Part of the problem, of course, is that Trump imposed a 30% tariff on all imported solar modules, which has disproportionally impacted the module maker’s profits.
While SunPower is awaiting a possible exemption from the tariffs, based on their claim that their IBC modules are significantly different than those competing with the U.S. manufacturers, the company can’t sit idly by hoping the tender mercies of the Trump Administration will help rescue their bottom line.
So last Thursday, the company announced it would be launching a commercial solar + storage product offering. And late Monday, SunPower told their dealers the company was partnering with Tesla and sonnen to add energy storage to its Equinox home solar system. Some 500 dealers, representing 150 installers,have traveled to Southern California for the dealer meeting.
To some, these moves may seem like Hail Marys, but from my perspective it’s a smart business decision. With prices of solar modules at historical lows and battery prices decreasing, it’s a great idea to get ahead of a curve that is clearly coming—and coming soon. It also allows dealers to respond against time of use rates and attacks on net metering.
It’s clear SunPower CEO Tom Werner is looking to the future of the solar industry and seeing that battery storage is it. And he is betting SunPower, especially with its module business stuck in neutral, will be the leader in complete home solar systems. The stock market may have the final word on whether they think he’s right.
