Consumers Can Soon Buy Solar Panels At IKEA: Here’s When The National Rollout Begins – SunPower (NASDAQ:SPWR)

A leading furniture and home furnishings retailer is stepping up its commitment to renewable energy with a new solar panel launch.

What Happened: IKEA has partnered with SunPower Corporation SPWR to make home solar panels more accessible to U.S. customers.

“At IKEA, we’re passionate about helping our customers live a more sustainable life at home. We’re proud to collaborate with SunPower to bring this service to the U.S. and enable our customers to make individual choices aimed at reducing their overall climate footprint,” IKEA U.S. CEO & Chief Sustainability Officer Javier Quinones said.

The home solar panel launch will hit California IKEA stores in the fall of 2022 with a national rollout planned on a gradual basis shortly after.

“Together with IKEA, we can help introduce the incredible benefits of solar to more people and deliver on our shared value of making a positive impact on the planet,” SunPower CEO Peter Faricy said.

Related Link: Best Renewable Energy Stocks 

Why It’s Important: IKEA offers solar panels in 11 markets currently, with the U.S. the latest market it has targeted. Those who buy their solar panels from IKEA can track usage on an app and even sell surplus energy back to IKEA.

In 2016, IKEA made a pledge to generate more renewable energy than it used by the year 2020, a goal the company hit.

In the U.S., IKEA owns several renewable energy assets including two wind farms, two solar farms and also features solar arrays on 90% of IKEA locations in the country.

IKEA also recently launched the Buy Back & Resell service in 37 U.S. store locations, where customers can sell back their gently used IKEA furniture for store credit.

There are 389 IKEA stores in 32 countries, with 51 locations calling the United States home.

Price Action: SunPower shares were up 9% to $15.21 on Friday.

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