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SunPower Corp (NASDAQ:SPWR) shares are shooting higher Wednesday morning after the company announced that it will now offer Tesla Inc’s (NASDAQ:TSLA) Powerwall 3 as part of its portfolio of solar and storage products.
What To Know: SunPower said it has added its most-requested battery storage product to its lineup with the addition of Tesla’s latest Powerwall offering.
SunPower projects that one in every four American homeowners who install rooftop solar this year will also add battery storage. The company noted that Tesla Powerwall has become one of the most sought-after battery storage solutions, accounting for more than half of home battery installs last year.
“Homeowners are increasingly turning to battery storage to protect themselves against ongoing utility rate hikes and grid outages. We witnessed record-breaking battery storage sales in 2024 and see a future where almost all solar systems are paired with storage,” said Shawn Fitzgerald, SVP corporate development and product strategy at SunPower.
“Pairing Tesla Powerwall 3 with our industry-leading SunPower Equinox solar system was a natural progression in offering homeowners the best products on the market.”
The Powerwall 3 includes 11.5kW of power and 13.5 kWh of energy engineered to capture solar energy more efficiently with an integrated inverter, which is fully compatible with SunPower’s Equinox system. SunPower noted that it conducted rigorous testing to confirm the Tesla Powerwall 3 met its high performance and quality standards. The product comes with a 10-year warranty backed by Tesla.
SunPower said it expanded its solar financing options to include loan and lease financing for Tesla battery installations. SunPower customers can order Tesla Powerwall 3 from Tesla certified SunPower dealers nationwide.
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SPWR, TSLA Price Action: At the time of publication, SunPower share were up 16.8% at $3.17, while Tesla shares were down 1.55% at $183.70, according to Benzinga Pro.
Photo: courtesy of Tesla.
