Sunpower CFO: Residential Demand Has Never Been Stronger

Shares of SunPower, a provider of solar technology to residential, commercial and utility customers, saw its shares gain less than four percent since the start of 2015. By comparison, the

returned more than 10 percent over the same period. Sunpower's Chief Financial Officer Chuck Boynton spoke at Credit Suisse's 19th Annual Technology, Media and Telecom Conference on Wednesday and discussed the company's vision and outlook. Boynton said that he is "really excited" about the company's future and have set an "ambitious goal" of tripling its volume and more than doubling its earnings. In fact, the executive noted that residential demand has never been stronger. Boynton highlighted a new product called Performance Series which "can be equal or lower cost" compared to a Tier 1 Chinese product.

Boynton also discussed his optimism for 8point3, a limited partnership the company formed with

to own, operate and acquire solar energy generation products. According to Boynton, 8point3 and other YieldCos are buyers in the current market. He added that 8point 3 will "differentiate itself over time" as the market "normalizes." Meanwhile, costs were "frothy" six months ago and have "overcorrected." Boynton also noted that 30 years ago, MLPs were just a $10 billion industry and today it is nearly a $1 trillion market. The same growth prospects can be seen in the solar sector because the market is "so deep." The executive expanded that total volume for solar projects is up to $1.7 trillion (built and financed) in OCED countries over the next 10 years. Finally, Boynton said that he expects module cost reductions to be "significant" over the next five years and also envisions "very significant reductions" in overall had costs.