SAN JOSE, Calif., Nov. 16, 2021 /PRNewswire/ -- Today,
SunPower Corp. (NASDAQ:SPWR), a leading solar technology and energy
services provider, announced the launch of its Virtual Power Plant
(VPP) solution, enabling SunVault™ energy storage customers to get
paid for allowing the utility to use stored energy during peak
demand and contribute to a more stable power grid in their
community.
During hours of peak energy demand, like a hot summer day when
many air conditioning units turn on at the same time, utilities
need additional resources to meet increased demand and simultaneous
energy needs. VPPs can enable utilities to extract this energy from
efficient, renewable energy resources like distributed solar and
energy storage and disperse it among all grid-connected customers
to create a more stable and sustainable source of power.
Through the SunPower VPP, SunPower will coordinate the charge
and discharge of participating customers' battery, sharing energy
to the utility on their behalf while reserving some electricity in
the battery for backup power to the home when needed. Customers
will be notified prior to discharging the battery and can choose to
bypass or pre-set their system so their personal backup does not
fall below a certain level. In return, customers are compensated by
the utility for their participation.
"With battery storage, homeowners gain energy independence and
control for their household, even as blackouts and power shut-offs
increase," said Peter Faricy, CEO of
SunPower. "Now with the SunPower VPP, our customers can choose to
participate in programs that will help stabilize the grid for their
community while simultaneously offsetting the cost of their system.
Citizens and utilities working together to provide reliable and
renewable energy is the future of the grid."
SunPower's first VPP offering, ConnectedSolutions, is available
to qualifying customers served by Eversource and National Grid in
Massachusetts, Rhode Island and Connecticut. Enrollment is open now and can be
completed with just a few clicks.
Those enrolled in ConnectedSolutions will have the opportunity
to participate during their local utilities' VPP season, running
June through September each year. SunPower passes through all grid
payments directly to participants, who can earn hundreds of dollars
per year in exchange for allowing the utility to discharge their
battery during times of peak energy demand.
State policies alongside federal incentives and falling
technology costs have spurred growth of solar in New England
according to the 2021 Regional Electricity Outlook. ISO-NE, the
organization overseeing the region's clean energy transition to
ensure a sustainable and cost-competitive resource mix, leverages
solar and battery storage to provide a third of the grid's power.
With solar systems, batteries, and now its VPP program, SunPower is
enabling more New England residents to help stabilize the grid with
renewable energy.
SunVault storage available nationwide
To sign up for
the SunPower ConnectedSolutions VPP, customers must have a SunVault
storage system. SunVault, now available nationwide for those with a
SunPower Equinox® solar system, is designed to provide homeowners
power to essential loads including lighting, plug loads and kitchen
appliances during outages or shut-offs. Users can also achieve
additional electricity bill savings by using stored energy during
peak times when utility rates are the highest or selling excess
energy back to the grid.
SunVault is available in 13kWh and 26kWh sizes and is compatible
with SunPower Equinox solar systems. Benefits include:
- Uses lithium iron phosphate chemistry designed for superior
safety, longevity and durability
- Offers flexible configuration; a typical install requires only
two, sleek boxes
- Detects utility disruptions and seamlessly switches to backup
automatically
- Allows customers to track home energy use, solar, and storage
in one place with the mySunPower™ app
To learn more about SunVault storage, visit:
https://us.sunpower.com/home-solar/solar-battery-storage
To learn more about the ConnectedSolutions VPP or sign up now,
visit:
https://us.sunpower.com/homeowners/programs/sunvault-storage-connected-solutions
About SunPower
Headquartered in California's Silicon Valley, SunPower
(NASDAQ:SPWR) is a leading Distributed Generation Storage and
Energy Services provider in North America. SunPower offers the
only solar + storage solution designed and warranted by one company
that gives customers control over electricity consumption and
resiliency during power outages while providing cost savings to
homeowners, businesses, governments, schools and utilities. 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 business plans
and timelines, product performance, 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.
© 2021 SunPower Corporation. All Rights Reserved. SUNPOWER, the
SUNPOWER logo, SUNPOWER EQUINOX, MYSUNPOWER and SUNVAULT are
trademarks or registered trademarks of SunPower Corporation in the
U.S.
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SOURCE SunPower Corp.