SAN JOSE, Calif., Dec. 6, 2018 /PRNewswire/ -- As 2018 comes to an end, SunPower (NASDAQ: SPWR) reflects on one of its most notable technology achievements to date: achieving the industry's lowest solar panel degradation rate which means that SunPower solar panels deliver more electricity – and consequently more savings – over time.
In partnership with the National Renewable Energy Laboratory (NREL), the U.S. Department of Energy's primary national laboratory for renewable energy and energy efficiency research and development, SunPower developed a robust method to calculate solar panel degradation which is something all solar panels experience, but at varying rates. When this method was applied to eight years of energy performance data from 264 SunPower solar systems operating at various locations worldwide, it proved that SunPower panels degrade at a median rate of 0.2 percent per year: 70 percent less than the annual degradation rate for Conventional Panels.
"SunPower is a solar industry leader for a reason, creating immense value for residential and commercial customers through high-quality solar solutions that are built to last, through extreme weather, wide ranging temperatures and more," said Tom Werner, SunPower CEO and chairman of the board. "We make good on this promise by offering the industry's best warranty which covers power, product and service for 25 years."
SunPower's interdigitated back contact (IBC) solar panels have long been regarded by customers for their high efficiency and reliability. The company's P-Series solar panels – soon to be manufactured in America – are gaining recognition for reliability as well. As an example, for the second year running, global independent energy expert and certification body DNV GL named SunPower a top performer for its P-Series solar panels.
"Through industry-leading innovations like our proven interdigitated back contact (IBC) and P-Series solar panels, as well as our cutting-edge Next Generation Technology (NGT), SunPower continues to pave the way for global solar growth," Werner continued. "In the new year and beyond, we remain committed to serving our customers with reliable solar energy and storage solutions that reduce electricity costs with minimal environmental impact."
This year marked more than 10.3 gigawatts of the company's high-reliability solar technology installed to date at residential, commercial and utility-scale projects around the world. Collectively, these SunPower® systems are expected to produce approximately 470 billion kilowatt hours of solar electricity over their first 25 years, offsetting carbon emissions from approximately 30 million tons of coal burned, producing enough electricity to drive an electric vehicle about 1.4 trillion miles; or for outer space enthusiasts, to travel 175 round trips to Pluto in an electric vehicle, should future infrastructure ever allow it.
SunPower is currently the No. 1 commercial solar provider in America with the most megawatts installed and the top residential solar manufacturer according to Wood Mackenzie (formerly GTM Research), with a footprint around the world.
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.
SunPower's 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 projected energy output, 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, performance, or achievement 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.