Solar-powered storage built to increase
storage capacity, optimize space
New cost saving features help California residents maximize savings under
new home solar tariff policy
RICHMOND, Calif., Sept. 7,
2023 /PRNewswire/ -- Today SunPower (NASDAQ:SPWR), a
leading residential solar technology and energy services provider,
announced the general availability of its most powerful SunVault®
energy storage solution along with new software updates to maximize
savings with stored energy.
Key features of the new SunVault battery storage firmware
include:
Greater electricity savings with smarter battery
software
SunPower introduced an enhanced operating software
that maximizes customer savings with solar and storage by creating
a smarter integration with the homeowner's local utility. Now, with
one click, homeowners can save more money on their electricity
bills by setting their SunVault to use stored energy when utility
"Time of Use" rates are higher. For some utilities, the price of
electricity during peak hours can be more than twice as expensive
as in typical hours.
Using real-time analytics, the Cost-Savings mode automatically
charges and discharges the battery based on cost-effectiveness.
This reduces a home's reliance on grid energy when rates are
highest and exports energy back to the grid when the best rates are
offered – especially valuable in September for California homeowners when credits are worth
much more under the state's new net energy metering policy, NEM
3.0. A SunPower solar-only system can reduce a customer's
electricity bill by 55-70% in California; with SunVault, the bill can be
reduced* up to 95%.
"Battery storage completes the solar experience and can give
customers more peace of mind when it comes to avoiding high energy
costs," said Shawn Fitzgerald, vice
president of corporate development and product strategy at
SunPower. "SunPower's SunVault battery storage goes beyond back up
power to do what's best for the homeowner – sell stored energy back
to the grid to offset the bill, deploy power when rates are highest
or reserve energy to withstand an outage – making solar paired with
battery storage an extremely cost-effective way to power a
home."
Enhanced energy capacity to provide more power in less
space
The latest SunVault battery configuration offers
increased energy density, enabling it to store more energy in a
single box. Now, SunVault includes 19.5 kWh of energy storage and
can be configured up to 39 kWh, a nearly 50% increase in energy
capacity from previous generations. For homeowners, this means they
can purchase a larger battery solution that can provide even more
savings and backup power.
Make informed decisions with predictive energy
consumption
This fall, SunPower will release a new feature
that can accurately forecast a home's energy needs to optimize
savings and energy security. The new enhanced version of SunVault
can analyze utility rates, a home's energy usage trends, historical
weather patterns and real time equipment performance to estimate
whether to store or discharge energy for optimal system
performance. This enables the battery to avoid potential energy
loss or oversupply while maximizing savings for homeowners under
California NEM 3.0 which made billing rates more complicated.
Homeowners can manage their SunVault energy storage through the
mySunPower® app, including the enhanced Cost-Savings mode and
monitoring energy reserves during peak demand. Further, all
SunVault energy storage systems are backed by a 10-year warranty
regardless of how much the battery is charged and drained over
time.
The latest version of SunVault is now available. To learn more
about SunPower's battery storage solution, visit
https://us.sunpower.com/home-solar/solar-battery-storage.
About SunPower
SunPower (NASDAQ:SPWR) is a leading
solar, storage and energy services provider in North America. SunPower offers solar + storage
solutions designed and warranted by one company that gives
customers control over electricity consumption and resiliency
during power outages while providing cost savings to homeowners.
For more information, visit www.sunpower.com.
Forward-Looking Statements
This press release contains
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995, including, but not
limited to, statements regarding expected product performance,
launch plans and timelines, and cost savings. These forward-looking
statements are based on our current assumptions, expectations, and
beliefs and involve substantial risks and uncertainties that may
cause results to materially differ from those expressed or implied
by these forward-looking statements. Factors that could cause or
contribute to such differences include, but are not limited to,
regulatory changes and the availability of economic incentives
promoting use of solar energy and fluctuations or declines in the
performance of our solar panels and other products and solutions. A
detailed discussion of these factors and other risks that affect
our business is included in filings we make with the Securities and
Exchange Commission (SEC) from time to time, including our most
recent reports on Form 10-K and Form 10-Q, particularly under the
heading "Risk Factors." Copies of these filings are available
online from the SEC or on the SEC Filings section of our Investor
Relations website at investors.sunpowercorp.com. All
forward-looking statements in this press release are based on
information currently available to us, and we assume no obligation
to update these forward-looking statements in light of new
information or future events.
*Savings is calculated with a 19.5 kWh SunVault storage system
in the first year of use, using current electricity rates in
California under Net Energy
Metering (NEM) 3.0. Savings will vary by location, utility, system
size and configuration, as well as customer usage.
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SOURCE SunPower Corp.