This exclusive offer for current and former members of all branches of the U.S. military is a way to serve those who've dedicated their lives to serving our country. The veteran solar program also supports SunPower's commitment to change the way our world is powered by making solar more affordable and accessible for everyone.
By going solar with SunPower, homeowners get access to the most powerful and efficient solar panels available, all backed by the industry's most comprehensive 25-year warranty. And by making the switch to solar in 2020, veterans and active military homeowners can reduce or even eliminate their monthly electric bill and may also qualify for the 26 percent federal tax credit on solar purchases.
Supporting Our Military SunPower is honored to continue supporting the United States Military. The company has a long history of working with government and armed services throughout the years. Through its commercial solar business, SunPower installed a 28-megawatt solar system at Vandenberg Airforce Base in 2017, and a 10-megawatt solar and storage solution at the U.S. Army's Redstone Arsenal in 2018, to name a couple. The veteran rebate program is a way to continue the company's longstanding military support by extending an exclusive offer through its industry-leading residential business.
Shopping for Solar From Home Homeowners have multiple ways to quickly and easily learn about SunPower® solar through innovative digital options without leaving the comfort of their homes. SunPower Design Studio can be accessed from a mobile device or computer, allowing homeowners to enter their address and estimated monthly electric bill into a special web app. And operational since last summer, SunPower's online energy consultants work with new customers to provide a 100 percent virtual experience from initial consultation through contract signing.
Solar Channel Business SunPower's U.S. residential business saw annual deployments grow more than 25 percent in Q1 year-over-year, bringing the total number of American homes with SunPower solar to over 319,000. The company's commercial business maintained its market share lead and has increased installation volume year over year.
Recognized an increased demand for its SunPower Equinox® platform – the only fully integrated residential solution designed, engineered and warranted by one manufacturer;
Retained its status as the #1 Commercial Solar Provider by capacity in the U.S. for the third straight year;
Expanded its leadership position in the new homes channel, partnering with 18 of the top 20 California new-home builders; and
Continues to raise the efficiency bar, boasting the most powerful residential solar panel available. The SunPower A-Series panels are built using the company's Next Generation Technology and deliver up to 420 watts for U.S. homeowners.
About SunPower 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.
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 expected cost savings and product performance. 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.
1 Rebate Terms: Before offer rebate costs will vary, depending on system specifications. Check with your SunPower installation contractor to confirm participation with this offer. Customer must provide military photo ID at time of solar consultation. This offer is only available to customers who purchase a new, complete SunPower system, excluding customers who purchase a new home with existing solar installed. Rebate may not be applied to quotes on existing proposals or past purchases. Cannot be combined with other offers. Rebate form at sunpowerrebate.com must be completed and submitted to SunPower with required documentation within 90 days of the final invoice date. Allow 3-7 weeks for processing. Late submissions or those submitted without proper documentation and signatures will be subject to delay or cancellation. Void where prohibited. Reward Card: SunPower Visa Reward Card issued by MetaBank, Member FDIC, pursuant to a license from Visa U.S.A. Inc. Reward Card expires six months from the date of issuance. Reward Card is subject to MetaBank's terms, restrictions, and conditions, available at: https://www.giftcards.com/terms. The Reward Card is not redeemable for cash. This promotion is not sponsored by or endorsed by MetaBank or Visa.