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SunPower CEO: 'Residential market is red-hot'

SunPower CEO: Extremely good Q1

The future looks bright, SunPower CEO Tom Werner said Thursday, following strong quarterly earnings and a partnership with Google.

The solar-power company posted GAAP revenue of $692 million and earnings of 42 cents per share, blowing past Wall Street estimates of $680 million in revenue and 33 cents per share.

"With Google and with Bank of America, we have two lease partners that have the ability to scale rapidly, so it gives us a really, really bright future in residential," he said on CNBC's "Fast Money."

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Source: Solar City | Facebook

Werner sounded bullish on the residential market as solar power becomes increasingly mainstream.

"What we see in solar is that the costs have come down, and people understand that it's pretty risk-free," he said. "You're crossing grid parity, and people can have clean energy and save money, so that combination means the residential market is red-hot."

Werner also looked to China for continued growth.

"It's a little complex, so we need to get the operating side of it working, but the upside demand is phenomenal," he said. "It's certainly way more than we can produce in the near-term. We see a similar phenomenon in Japan, so we've got two markets where demand is substantially higher than supply."

By CNBC's Bruno J. Navarro. Follow him on Twitter @Bruno_J_Navarro.