Sunnova Announces Free* Battery Offer for New California Customers through Solar Plus Storage Lease Offering

Rhea-AI Summary

Sunnova Energy International (NYSE: NOVA) has launched an exclusive free battery offer for new customers in California who sign up for its solar plus storage lease services. This initiative, valued at $8,000, is a response to the NEM 3.0 policy changes effective April 15, 2023. The promotion aims to help homeowners mitigate the impact of reduced solar energy compensation, enhance energy resiliency, and reduce grid reliance. CEO John Berger emphasizes the opportunity to empower consumers despite regulatory challenges. However, the offer is limited to those adopting the Sunnova Easy Plan and excludes installation costs.

Positive

• Free battery offer valued at $8,000 for new customers enhances solar service appeal.
• Promotes energy independence and cost savings during California's NEM 3.0 transition.

Negative

• Restriction of the free battery offer to specific plans may limit broader customer access.

HOUSTON--(BUSINESS WIRE)-- Sunnova Energy International, Inc. ("Sunnova") (NYSE: NOVA), a leading U.S. Energy as a Service provider (EaaS), has announced an exclusive free* battery offer for new customers in California who sign up for Sunnova's solar plus storage lease services. This offer comes in response to the recent NEM 3.0 policy decision and is the first of its kind in California. The Sunnova battery promotion is designed to assist California homeowners manage the potential reduction in solar energy value, optimize solar generation, and ensure energy resiliency in the face of an unstable energy grid.

The solar net metering policy changes, which are set to take place on April 15^th, 2023, will affect how new California solar customers are compensated for excess energy they produce. Sunnova's unprecedented free* battery offer, valued at $8,000, is designed to help homeowners get the most out of their Sunnova solar plus storage service, despite the upcoming changes. By combining solar power with energy storage, Sunnova customers can further reduce their reliance on the grid, avoid higher electricity bills during peak demand periods, and secure backup energy protection for their homes.

"While some may view California's NEM 3.0 policy as a misguided attempt to prop up the failing utility industry and undermine consumer choice, Sunnova sees it as a chance to seize the market and offer real solutions to our customers," said William J. (John) Berger, Chief Executive Officer of Sunnova. "Instead of relying on a flawed and complex system that penalizes solar customers for generating their own power, we are offering a free* battery as part of our storage system to our new customers in California, enabling them to protect themselves from grid outages and maximize their savings. This is just another example of how Sunnova is leading the way in helping homeowners achieve true energy independence and control."

"With the upcoming changes to California's net metering policy, we are excited to offer this compelling incentive to make going solar easy for new customers and to help them maximize their solar investment,” said Michael Grasso, Chief Revenue Officer of Sunnova. "Additionally, we are excited to continue providing solar services that support our dealers' sales growth. By working together with our dealers, we can continue to provide innovative and sustainable energy solutions to homeowners while driving mutual growth and success."

*It is important to note that the free* battery offer is only available to new Sunnova customers who sign up for a residential lease of solar and storage service under the Sunnova Easy Plan. The free* battery offer, valued at $8,000, does not include the cost of installation, the solar system, or the 25-year Sunnova Protect™ plan.

This offer is a part of Sunnova's ongoing commitment to providing sustainable energy solutions for California homeowners.

Forward Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, 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," "expects," "plans," "anticipates," "going to," "could," "intends," "target," "projects," "contemplates," "believes," "estimates," "predicts," "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 release include, but are not limited to, statements regarding the impact of NEM 3.0 on solar customers as well as the implementation and benefits of the battery offer 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, supply chain uncertainties, 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, and our ability to attract and retain dealers and customers and manage our dealer and strategic partner relationships. The forward-looking statements contained in this release are also subject to other risks and uncertainties, including those more fully described in Sunnova’s filings with the Securities and Exchange Commission, including Sunnova’s annual report on Form 10-K for the year ended December 31, 2022. The forward-looking statements in this 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 U.S. Energy as a Service (EaaS) 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 and businesses have the freedom to live life uninterrupted^®. For more information, please visit sunnova.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230315005278/en/

Sunnova Media Contact:

Kelsey Hultberg

Kelsey.hultberg@sunnova.com

Sunnova Investor & Analyst Contact:

Rodney McMahan

281-971-3323

Rodney.McMahan@sunnova.com

Source: Sunnova Energy International, Inc.

FAQ

What is Sunnova's new battery offer for California customers?

Sunnova is offering a free battery, valued at $8,000, to new customers who sign up for solar plus storage lease services.

How does California's NEM 3.0 policy impact Sunnova's customers?

The NEM 3.0 policy, effective April 15, 2023, will reduce compensation for excess solar energy produced by new customers.

What does the free battery offer include?

The offer includes a battery under the Sunnova Easy Plan but does not cover installation costs or the solar system.

When will the NEM 3.0 policy changes take effect?

The NEM 3.0 policy changes will take effect on April 15, 2023.

What are the benefits of Sunnova's solar plus storage services?

The services help homeowners maximize solar generation, reduce reliance on the grid, and secure backup energy.