Sunnova and Montgomery County Green Bank Team Up to Make Solar More Accessible for Homeowners

Rhea-AI Summary

Sunnova Energy International (NYSE: NOVA) has partnered with Montgomery County Green Bank to provide affordable solar energy solutions to low-to-moderate income households in Montgomery County, Maryland. The program aims to assist residents earning up to $97,500 per year, allowing them to access solar energy without upfront costs. Customers can choose between locking in a solar energy rate for 25 years or selecting a discounted utility rate. This initiative supports Sunnova's mission to enhance energy independence while addressing the impacts of climate change on vulnerable communities.

Positive

• Partnership with Montgomery County Green Bank to provide affordable solar options.
• Program targeted at households earning up to $97,500 annually.
• No upfront costs for customers while accessing solar energy solutions.
• Ability for customers to lock in predictable solar energy rates for 25 years.

Negative

• None.

HOUSTON--(BUSINESS WIRE)-- Sunnova Energy International Inc. ("Sunnova") (NYSE: NOVA), a leading U.S. residential energy service provider, and Montgomery County Green Bank (MCGB), a nonprofit dedicated to accelerating energy efficiency, renewable energy, and clean energy investment, have partnered to help low-to-moderate income (LMI) households in Montgomery County, Maryland, transition to affordable, clean energy solutions by going solar with Sunnova.

Solar installation on a home (Photo: Business Wire)

“This partnership with Montgomery County Green Bank will help homeowners across the county gain access to the benefits of solar,” said Kelsey Hultberg, EVP, Sustainability and Corporate Communications at Sunnova. “By offering affordable solar services to low-to-moderate-income communities, we further demonstrate the important role solar plays in making energy independence a reality for everyone. These communities often suffer the effects of climate change more so than others and this program will allow Sunnova to get more solar into the hands of homeowners that need it most.”

This program is available to Montgomery County households that earn up to $97,500 per year and want to enjoy the benefits of going solar without any upfront costs. Through an innovative structure of Green Bank resources in partnership with Sunnova, more options are being made available to qualifying households to either lock in a predictable solar energy rate for 25 years or select Sunnova’s new offering that allows customers to lock in a set discount from the utility.

“A key benefit of this partnership with Sunnova is that it creates an opportunity for income-qualified households in the County to access solar through creative, affordable financing solutions who may not otherwise be eligible through traditional financing,” said Tom Deyo, CEO, Montgomery County Green Bank. “Our collaboration with Sunnova aligns with our mission to make clean energy and climate-resilient solutions more accessible and affordable for all.”

With utility rates rising significantly across the country, this program will allow customers to protect themselves from unpredictable utility prices, take control of their home energy costs, and power their home with a better energy service at a better price. Customers will also get to work with Sustainable Energy Systems, one of Sunnova’s trusted dealers in Montgomery County, who will install their systems.

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements generally relate to future events or Sunnova’s future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as “may,” “will,” “should,” “expect,” “plan,” “anticipate,” “going to,” “could,” “intend,” “target,” “project,” “contemplates,” “believe,” “estimate,” “predict,” “potential” or “continue” or the negative of these words or other similar terms or expressions that concern Sunnova’s expectations, strategy, priorities, plans or intentions. Forward-looking statements in this press release include, but are not limited to, statements regarding the implementation and benefits of the partnership for Sunnova and its customers. Sunnova’s expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected, including risks regarding our ability to forecast our business due to our limited operating history, the effects of the coronavirus pandemic on our business and operations, results of operations and financial position, our competition, changes in regulations applicable to our business, fluctuations in the solar and home-building markets, availability of capital, supply chain uncertainty, our ability to attract and retain dealers and customers and our dealer and strategic partner relationships. The forward-looking statements contained in this press release are also subject to other risks and uncertainties, including those more fully described in Sunnova’s filings with the SEC, including our Annual Report on Form 10-K for the year ended December 31, 2021 and our subsequent Quarterly Reports on Form 10-Q. The forward-looking statements in this press release are based on information available to Sunnova as of the date hereof, and Sunnova disclaims any obligation to update any forward-looking statements, except as required by law.

About Sunnova
Sunnova Energy International Inc. (NYSE: NOVA) is a leading residential energy service provider with customers across the U.S. and its territories. Sunnova's goal is to be the source of clean, affordable and reliable energy with a simple mission: to power energy independence so that homeowners have the freedom to live life uninterrupted®. For more information, please visit sunnova.com.

About the Montgomery County Green Bank
The Montgomery County Green Bank is an independent, 501(c)(3) nonprofit dedicated to helping businesses and residents affordably implement energy efficiency and clean energy solutions. The Green Bank supports the County by driving investment into energy efficiency and clean energy through lending and investment partners in the region. These efforts include working with homeowners, renters, and commercial entities of all varieties. The Sunnova program is part of Access Solar, a set of Green Bank programs to support low- and moderate-income households. For more information, visit www.mcgreenbank.org.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220614005813/en/

Media Contact

Alina Eprimian

Alina.Eprimian@sunnova.com

Investor & Analyst Contact

Rodney McMahan

Vice President, Investor Relations

Rodney.McMahan@sunnova.com

281.971.3323

Source: Sunnova Energy International Inc.

FAQ

What is the partnership between Sunnova and Montgomery County Green Bank about?

Sunnova has partnered with Montgomery County Green Bank to offer affordable solar energy solutions to low-to-moderate income households in Montgomery County, Maryland.

What are the income requirements to qualify for the Sunnova solar program?

Households earning up to $97,500 per year can qualify for the solar program.

Are there any upfront costs for the solar program offered by Sunnova?

No, the program allows customers to access solar energy without any upfront costs.

What options do customers have for solar energy rates?

Customers can lock in a predictable solar energy rate for 25 years or select a new offering with a set discount from utility rates.

When was the partnership between Sunnova and Montgomery County Green Bank announced?

The partnership was announced in the press release dated June 14, 2022.