On July 17, SunPower’s chief revenue officer Tony Garzolini released a letter to dealers stating the company will no longer support new lease or PPA sales, nor shipments of projects sold with either of those financing options.
While it has yet to be confirmed by the company, the letter stated SunPower will be deactivating lease and PPA offerings through its EddiE sales and design platform and bring shipments of projects not already in transit to a stop.
Because SunPower’s dealers are heavily involved with lease agreements, this is a blow to many residential solar installers across the U.S.
It is the latest in a string of major changes for the company; in April, SunPower announced layoffs and the closure of direct sales.
According to Solar Power World, the company’s stock dropped 40% to $1.51/share after this most recent news.
The letter read, “We recognize the gravity of this morning’s news and the difficult position you may find yourself in. We continue to explore alternative providers to help transfer sold projects and expect more details from SunPower as soon as possible.”
Read more here.