SunPower's Complete Confidence Warranty Guarantees Even More Power Production Over 25 Years, Maximizing the Value of High Performance and Reliability for Customers
SAN JOSE, Calif., Sept. 5, 2017 /PRNewswire/ -- SunPower (NASDAQ: SPWR) today announced the launch of the solar industry's best warranty, guaranteeing power performance and product quality for 25 years, through extreme weather, wide-ranging temperatures, panel aging and more. The new warranty makes SunPower® E- and X-Series solar panels among the safest long-term energy investments for businesses, homeowners and utilities thanks to the industry's lowest power degradation rate, meaning that SunPower panels deliver more electricity - and consequently more savings - over time.
Because SunPower panels are built to work reliably for decades, the company now guarantees at least 98 percent power for the first year, followed by a maximum degradation rate of 0.25 percent each year thereafter for 24 years. This results in an unprecedented 92 percent power level at the end of 25 years compared to conventional solar panels which guarantee only 80 percent after 25 years.
SunPower pioneered the industry's first 25-year Combined Power and Product Warranty in 2012, and continues to back the high power, reliability and value of its products.
"We believe the best warranty starts with having the best product," said Tom Werner, SunPower President and CEO. "Our proven performance is validated by our customers' results, as well as extensive field testing under a wide range of real-world conditions, well beyond traditional industry specifications. SunPower stands behind its products so that customers have confidence and peace of mind when they choose SunPower to go solar."
In partnership with the National Renewable Energy Laboratory (NREL), the U.S. Department of Energy's primary national laboratory for renewable energy and energy efficiency research and development, SunPower has developed a robust method to calculate solar panel degradation. Degradation is something all solar panels experience, but at varying rates. When this method was applied to eight years of energy performance data from 264 SunPower solar systems operating at various locations worldwide, it shows that SunPower panels degrade less than 0.25 percent per year - 50 percent less than the annual degradation rate for conventional panels.
With a long-term investment like solar, an efficient, reliable product backed by a best-in-class warranty shortens the payback period, providing an attractive offering and peace of mind for customers, partners and financiers.
"Bank of America Merrill Lynch has a strong commitment to advancing renewable energy generation and plays a leading role in funding solar projects that help our world transition to a low-carbon economy," said Todd Karas, head of Renewable Energy Finance at Bank of America Merrill Lynch. "When selecting solar technology to finance, a reliable product supported by a robust warranty is of critical importance."
Unlike conventional solar warranties that typically cover just the panels, SunPower's Complete Confidence Warranty also includes the servicing needed to repair or replace defective parts when panels are installed by one of SunPower's 1,300 Authorized Installers worldwide.
For residential solar customers, the new coverage provides 25-year protection for every core component of the SunPower Equinox™ system. Introduced in 2016, the Equinox system is the nation's first home solar solution in which every major component has been designed and engineered by one company to work seamlessly together, delivering unbeatable power, long-term performance and premium curb appeal. This includes panels with integrated microinverters and racking, as well as 10-year coverage for monitoring hardware.
SunPower's Complete Confidence Warranty is effective as of July 1, 2017 and is available to all customers for their SunPower E- and X-Series solar panels. For more on why quality solar products and warranties matter, visit the SunPower blog post here.
As one of the world's most innovative and sustainable energy companies, SunPower (NASDAQ: SPWR) provides a diverse group of customers with complete solar solutions and services. Residential customers, businesses, governments, schools and utilities around the globe rely on SunPower's more than 30 years of proven experience. From the first flip of the switch, SunPower delivers maximum value and superb performance throughout the long life of every solar system. Headquartered in Silicon Valley, SunPower has dedicated, customer-focused employees in Africa, Asia, Australia, Europe, and North and South America. For more information about how SunPower is changing the way our world is powered, visit www.sunpower.com.
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