In a July 17 letter circulating social media but not yet confirmed by the company, SunPower chief revenue officer Tony Garzolini writes to dealers that the company will no longer support new lease or PPA sales, nor shipments of projects sold with those financing options.
The solar installation company said it would deactivate lease and PPA offerings through its EddiE sales and design platform and halt shipments of product not already in-transit. SunPower’s dealers do a significant portion of their work via lease agreements, so this is a blow to local residential installers across the country.
In April of this year, SunPower announced layoffs and closed its direct sales efforts. Principal executive officer Tom Werner said at the time that the company would focus its efforts on its dealer network and installation partners.
SunPower has experienced a number of setbacks in the last few years as it worked to single its focus to residential installation efforts. The company’s stock dropped 40% to $1.51/share after this most recent news.