SunPower Financial reported it has expanded its suite of solar financing options to include loan and lease financing through Mosaic for Tesla battery installations.
SunPower announced it will now be offering Tesla Powerwall 3 as part of its portfolio of residential solar and storage products.
“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.
Tesla launched the Powerwall 3 in 2024 after it was unveiled at the RE+ trade e show in September 2023. It has the same storage capacity as the Powerwall 2 (13.5 kWh) but a key differentiator is that it can provide at least 50% more power at 11.5 kW of continuous power. It is a hybrid battery with the solar and battery inverter fully integrated, and is designed for new solar installations as opposed to retrofits. Some of the innovations over the Powerwall 2 are that it is reportedly easier to install, and it is smaller and lighter, while slightly deeper.
“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.” Fitzgerald said.
According to a report by Wood Mackenzie, one in every four American homeowners who install rooftop solar this year will also add battery storage. Reasons include resiliency as well as changes in net metering policy such as California’s NEM 3.0, which cut payments for exported solar energy by about 75%.
Powerwall was the choice in over half of home battery installations last year, according to Wood Mackenzie.
“Expanding access to Tesla Powerwall 3 allows us to offer homeowners a comprehensive energy solution under one roof including sales, financing and installation,” said Joe Holstein, owner of SunPower by Quality Home Services, a SunPower Master Dealer.
SunPower Financial reported it has expanded its suite of solar financing options to include loan and lease financing through Mosaic for Tesla battery installations. SunPower reports that qualified customers can finance a Powerwall 3 with no down payment.
SunPower specializes in residential solar installations, a market that has been hard hit by rising interest rates and policy changes such as NEM 3.0 In April SunPower announced it planned to close business segments as it restructures to lower costs. At the time the company’s stock was trading 96% lower than all-time highs and was down 86% over the past year.
SunPower’s revenues reported last December reflected a 28% year-over-year decline, while operating expenses increased, and net income resulted in a loss of $123.9 million. The company said that after a short transition period, all project pipeline operations from pre-installation through system activation would be conducted by Blue Raven Solar and other installation partners and SunPower certified dealers.
