SunPower (NASDAQ: SPWR) stock plummeted during early trading Thursday after adding Tesla Powerwall 3 to its product lineup.
SunPower (SPWR) has announced a strategic partnership with Tesla (NASDAQ: TSLA) to offer the Tesla Powerwall 3 as part of its curated portfolio of high-quality and affordable solar and storage products. This strategic move aims to meet the increasing consumer demand for reliable solar energy storage options.
The decision comes amidst a notable trend, with one in four American homeowners who install rooftop solar this year expected to incorporate battery storage. The Tesla Powerwall, which dominated over half of home battery installations last year, boasts impressive specifications, providing 11.5 kW of power and 13.5 kWh of energy. Its integrated inverter enhances compatibility with SunPower’s Equinox solar system, offering customers a seamless and efficient energy solution.
Shawn Fitzgerald, Senior Vice President of Corporate Development and Product Strategy at SunPower, emphasized the logical progression of integrating Tesla Powerwall 3 with their solar systems. He cited the increasing sales of battery storage and the growing desire for energy independence, particularly in light of utility rate hikes and grid outages.
Moreover, SunPower Financial has expanded its financing options to include loans and leases specifically tailored for Tesla battery installations. These financing options, including no down payment, affordable monthly payments, and a streamlined application process, aim to make solar-plus-storage systems more accessible to consumers. Notably, 82% of SunPower’s customers currently finance their solar-plus-storage systems.
SunPower conducted thorough testing to ensure that the Tesla Powerwall 3 meets its stringent performance and quality standards while seamlessly integrating with other products in its portfolio. Furthermore, Tesla backs the Powerwall 3 with a 10-year warranty, providing customers with added peace of mind.
SunPower (NASDAQ: SPWR) Stock Movement
As of 10:15 a.m. (Eastern Time) Thursday, SPWR stock traded at $2.85, marking an 8.94% decrease compared to the previous trading session.
Edward Cooke is a financial analyst, freelance writer, and editor. He has six years of experience in financial journalism. He has an in-depth understanding of equities markets, tracking major indices and providing real-time analysis on stock price movements, corporate earnings, and market sentiment.
