SunPower is one of the most popular solar companies in the US. And, since starting in 1985, the California-based company has expanded into more than 100 countries! In 2019, they began manufacturing panels under a separate company, Maxeon. By the following year, Maxeon spun off and became a fully independent company, manufacturing solar panels in a partnership with SunPower, who continues to provide distributed generation (DG), storage and energy services.
SunPower uses Maxeon solar cells in their solar panels, which are some of the most efficient on the market. These panels continue to be some of the best-selling and highest rated on the EnergySage Marketplace due to their reputation for quality and industry-leading warranty. In this article, we’ll discuss some of the facts and statistics you need to know about Sunpower and Maxeon.
- SunPower earned $1.3 billion in revenue in 2021.
- Maxeon manufactured 2,145 megawatts (MW) of capacity in solar panels in 2020.
- As of the beginning of 2022, 427,000 homes used SunPower to install energy equipment.
- SunPower’s market cap was $3.1 billion in 2022.
- If you are looking to buy SunPower products you can visit the EnergySage Marketplace to compare quotes from pre-vetted installers.
What’s in this article?
- SunPower’s annual revenue
- How many panels does Maxeon manufacture?
- SunPower’s offerings
- How many customers use SunPower products and services?
- How much money is SunPower worth?
What’s SunPower’s annual revenue?
In 2021, SunPower earned $1.3 billion in revenue. This year marks the first full year that SunPower is focusing entirely on other services than manufacturing panels after the split from Maxeon. Among these new sources of revenue include $130 million in storage installations.
How many panels does Maxeon manufacture?
In 2020, the most recent reporting year, Maxeon manufactured more than 2,145 MW of capacity in solar panels. Worldwide, roughly half of these panels were deployed as SunPower panels in the US, with the remainder sold under the Maxeon name in other countries. Maxeon is based in Singapore, manufactures their panels in Malaysia, and assembles them in Mexico.
Distributed generation – aka any source of electricity that’s on the decentralized distribution grid – makes up a significant portion of both SunPower and Maxeon’s annual output. Maxeon is the exclusive supplier for SunPower when it comes to distributed generation.
While most know SunPower for their solar panels and solar installation services, SunPower offers a number of products and services. Here’s the SunPower equipment currently available from EnergySage installers:
- SunPower solar panels: the average cost of a system with SunPower solar panels is $3.68/Watt on EnergySage (as of 2022).
- SunPower-branded Enphase inverters: the average cost of a system with SunPower-branded inverters is $3.74/Watt on EnergySage (as of 2022).
- SunPower SunVault storage system: the average cost of SunVault batteries is about $16,700 on EnergySage (as of 2022).
In 2021, SunPower also expanded into new industries, including solar financing services, virtual power plant services, and electric vehicle (EV) charging installations. It also made a series of acquisitions, including Blue Raven Solar, a solar installation company.
What to know about SunPower’s warranty
One thing that really sets SunPower apart is its industry-leading solar panel warranty. It’s an all-encompassing warranty, covering all parts of a solar system, from solar panels, to SunPower-branded inverters, to racking equipment. The warranty is easily transferable and includes a workmanship warranty that will still be honored by SunPower, even if the affiliated installer goes out of business.
How many customers use SunPower products and services?
As of the beginning of 2022, SunPower had completed installations at about 427,000 residential homes. This accounts for installations across various equipment types, including storage, inverters and solar panels. In the fourth quarter of 2021, SunPower added about 17,000 new customers.
How much money is SunPower worth?
SunPower’s market value was $3.1 billion as of June 2022. Their expansion into other markets outside of panels and a focus solely on the growing residential market are both good signs for the company, which has become one of the most well known names in solar.
Find installers for SunPower products on EnergySage
In addition to SunPower Maxeon solar panels, you can also find SunPower batteries and inverters on the EnergySage Marketplace. Sign up for a free account today to compare quotes for solar systems from our network of pre-vetted installers.