Solar company SunPower is letting go of 358 employees in California, including 71 at its facility in Santee, according to a notice the company filed with the state. The job cuts go into full effect by June 24 and are part of a larger effort by the company to reduce its workforce by 20 to 25 percent, or roughly 1,000 employees, at SunPower locations across the country.
Reuters reported SunPower identified misstatements in its fiscal year 2022 results. Though Werner did not mention it in his remarks, solar installers across the U.S. have been hobbled by rising interest rates. Since rooftop systems typically cost tens of thousands of dollars, higher costs for financing reduces the incentive for customers to install solar panels.
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