End of the line for a U.S. solar giant

Ryan Kennedy | Source: PV Magazine | Posted 09/17/2024

SunPower, one of the largest, oldest, and most influential solar businesses in the United States, has closed its doors. Residential solar installers in the United States have struggled as interest rates have risen and cash generation has emerged as an issue.

AI generated summary

In the volatile residential solar industry in the United States, veteran solar company SunPower faced financial turmoil, filing for bankruptcy and being delisted from the Nasdaq Stock Exchange. The company, once valued in billions, saw its stock plummet more than 99% from its peak in 2007. The decline was attributed to various factors, including reduced demand for solar as a result of stricter regulations and higher borrowing costs for consumers following the Covid-19 pandemic.

With the implementation of Net Energy Metering 3.0 in California and tightened loan terms, SunPower and other solar companies struggled to maintain profitability. The industry endured layoffs and closures, exemplified by SunPower's drastic measures to close business units, cut jobs, and ultimately declare bankruptcy. Despite these challenges, analysts predict a modest 5% to 10% growth in the US residential solar market for the upcoming years, suggesting a gradual recovery from the recent industry downturn.

Link to Original Article

Please find the link to the full article below. (Please note that content provider might require a paid subscription)

Source Link: https://pv-magazine-usa.com/2024/09/16/end-of-the-line-for-a-u-s-solar-giant/

Create a free trial account: Sign Up

Grid monitor is free to try. No credit card required

End of the line for a U.S. solar giant

AI generated summary

Link to Original Article

Create a free trial account: Sign Up

Already have an account? Login