SunPower, a major rooftop solar company, filed for Chapter 11 bankruptcy on Monday, the company announced.
SunPower filed for bankruptcy in Delaware after a string of corporate struggles, changes to California's rooftop solar subsidy programs and high interest rates weighed down its business, according to Bloomberg News.
SAN RAFAEL, CALIFORNIA - APRIL 25: In an aerial view, solar panels are seen on the roof of an apartment complex on April 25, 2024 in San Rafael, California.
California has cut back on rooftop solar incentives as the state has an estimated 47 gigawatts of solar power installed, nearly 25 percent of the state's electricity, that powers 13.9 million homes.
In an aerial view, solar panels are seen on the roof of an apartment complex on April 25, 2024 in San Rafael, California.
"In light of the challenges SunPower has faced, the proposed transaction offers a significant opportunity for key parts of our business to continue our legacy under new ownership," Tom Werner, SunPower's executive chairman, said of the bankruptcy and the Complete Solaria transaction.
"We are working to secure long-term solutions for the remaining areas of our business, while maintaining our focus on supporting our valued employees, customers, dealers, builders, and partners." In 2023, state policymakers changed California's rooftop solar subsidy programs and weakened the incentive for companies to push rooftop solar by reducing payments to homeowners who sell back excess power the panels generate, according to CalMatters.
https://dailycaller.com/2024/08/06/solar-sunpower-california-bankruptcy-subsidies/
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