SunPower invests minority in two residential solar installers

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SunPower is investing in two of its leading residential installation dealers through the SunPower Dealer Accelerator Program to accelerate their growth.

Credit: Freedom Solar Power

SunPower has a minority investment in Freedom Solar Power (Texas) and Sea Bright Solar (New Jersey), two main SunPower licensees. As part of the deal, Freedom Solar and Sea Bright – which already exclusively sell SunPower solar systems – will sell SunVault battery storage and leverage SunPower Financial offerings for solar financing. In addition to capital, SunPower will provide dealers with enhanced lead generation and business strategy support.

“There is an urgent need to provide more sustainable and resilient energy, which will only happen if we expand solar power to reach every corner of the United States,” said SunPower CEO Peter Faricy. “Our dealers are on the front lines of the clean energy transition. With SunPower’s Dealer Accelerator program, we’re creating opportunities for these companies to grow their own businesses and helping more customers transition 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 Colorado’s Front Range and Central Florida, providing solar power to thousands of homeowners. Freedom Solar partnered with SunPower in 2014 and became the first and only SunPower Master Dealer in Texas. The company was named National Residential Dealer of the Year in 2017, Top Regional Producer of the Year in 2018, and Top National Producer of the Year in 2019 and 2020. In 2021, Freedom Solar reserved over $175 million residential contracts, up 80% in Texas to overtake the market and regain leadership in terms of market share.

“After the winter storm in Texas, 2021 has been a banner year for Freedom Solar, with more homeowners looking for 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 expansions into new markets. It’s more than the additional financial resources, but the intellectual power and the vast network that we create together.

Sea Bright Solar provides solar solutions to homeowners in New Jersey, New York and Southern California, saving them money on electricity and reducing their dependence on fossil fuels. The company was named 2019 National Residential Dealer of the Year for its success in delivering high quality, complete solar solutions along with superior customer service to homeowners demonstrating exceptional industry knowledge and leadership.

“Growing consumer interest and strong incentives are making New Jersey a leader in solar development,” said Sea Bright Solar President Brian Kelly. “We are excited about this next chapter of growth and development with the SunPower team to leverage some of the industry’s greatest opportunities with solar power and storage to deliver on the promise of solar power in the northeast.”

The solar industry is at a strategic inflection point. Residential solar installers surpassed half a million installations in 2021, an industry first, and the residential solar market is expected to grow 113% over the next 10 years, according to SEIA and Wood Mackenzie. Yet, with less than 5% of U.S. homes currently powered by solar energy, this strong industry-level momentum along with the dramatic shift to a digital-first business environment underscores the need for solar companies to double their software and their customer service to meet demand. and gain market share.

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