Sunnova Brings Solar and Storage to Ohio and North Carolina

Rhea-AI Summary

Sunnova Energy International Inc. (NYSE: NOVA) is expanding its services to Ohio and North Carolina, introducing its innovative SunSafe® solar + battery storage service. This initiative aims to enhance energy resiliency amid rising electricity rates and grid failures, particularly in areas prone to power outages. Sunnova will be the first nationwide residential solar provider to offer a comprehensive 25-year coverage in Ohio. The company aims to help homeowners manage energy costs, especially as electricity rates have risen by 15% in North Carolina and 16% in Ohio between 2009-2019.

Positive

• Expansion into Ohio and North Carolina enhances market presence.
• First nationwide provider to offer 25-year system and battery coverage in Ohio.
• Services promote energy independence and resilience against grid failures.
• Potential to support renewable energy job growth through expanding dealer network.

Negative

• None.

Sunnova Energy International Inc. ("Sunnova") (NYSE: NOVA), one of the leading U.S. residential solar and storage service providers, announced today it will begin offering its services in Ohio and North Carolina. Both states will have access to Sunnova’s SunSafe® solar + battery storage service, and +SunSafe® add-on battery service, which will allow homeowners to maintain energy resiliency in the face of potential grid crises and rising electricity rates. Sunnova will also be the first national residential solar and energy storage service provider with extensive 25-year system and battery coverage to offer its services in Ohio¹.

“Sunnova is proud to be first in Ohio. The state’s solar prices have fallen 45 percent in the last five years as per Solar Energy Industries Association’s data, and our goal is to enhance Ohio’s access to clean, affordable energy and help the state reach its renewable energy targets,” said Michael Grasso, Chief Marketing Officer of Sunnova. “As we expand to new markets and grow our customer base, we are also looking forward to growing our key network of dealers which means supporting more renewable energy jobs.”

Between 2015 and 2019, the amount of time Ohio residents lost power each year nearly doubled². Sunnova’s SunSafe and +SunSafe services in Ohio and North Carolina will increase homeowners’ energy independence by allowing them to produce their own clean energy and store excess in the battery for later use. As soon as the grid is down, homeowners can simply switch to using the stored energy and run the electrical appliances of their choosing³.

“North Carolina is a key market for us; the state has set solid goals to reduce its carbon emissions by 2030 and rooftop solar is a critical part of the solution,” continued Grasso. “North Carolina is only second to Florida in the number of tropical cyclone landfalls which have caused hundreds of thousands of North Carolinians to lose power. Sunnova is not only looking to help relieve the grid stress that can arise from such extreme weather events but more importantly, we want to provide homeowners the energy reliability and resiliency they need to keep their families safe.”

According to the U.S. Energy Information Association, North Carolina and Ohio have seen their electricity rates rise by 15% and 16% respectively from 2009 to 2019. Sunnova’s services will help homeowners take control over their energy costs. By going solar with Sunnova under the Easy Own Plan^TM loan, homeowners will no longer need to guess what the utility provider will be charging them next month or six months down the line, they will always know the cost of solar with Sunnova.

Customers in both states will also be covered by Sunnova Protect™, featuring worry and hassle-free maintenance, monitoring, repairs, and replacements for their solar systems and batteries⁴. Sunnova’s +SunSafe add-on battery service can also be added to homes that have existing solar systems, allowing the company to power energy independence and the customer to live life uninterrupted.

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 our expansion into new markets, increase in customer base, dealers, and growth, and other statements regarding the future. 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 implement of business plan, the impact of COVID-19, our ability to successfully integrate the SunStreet Energy Group, LLC acquisition, our competition, fluctuations in the solar and home-building markets, our ability to attract and retain dealers and customers and 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, 2020. 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 residential solar and energy storage 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®.

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¹ Refer to the Limited Warranty agreement for complete warranty terms and limitations, including the specifications for energy retention over the life of the battery
² The reliability trend is based on the comparison of the SAIDI data [“SAIDI with MED” column] from the EIA “Reliability” reports from 2015 – 2019 for all data points related to the state of OH. Annual reliability data for each market are available in zip files located at https://www.eia.gov/electricity/data/eia861
³ https://www.sunnova.com/batteryduration/
⁴ Refer to your Limited Warranty agreement for your complete warranty terms and limitations

View source version on businesswire.com: https://www.businesswire.com/news/home/20210420006173/en/

FAQ

What new services is Sunnova offering in Ohio and North Carolina?

Sunnova is offering its SunSafe® solar + battery storage service in Ohio and North Carolina.

What are the electricity rate changes reported by Sunnova for Ohio and North Carolina?

Ohio and North Carolina have seen electricity rates rise by 16% and 15%, respectively, from 2009 to 2019.

What distinguishes Sunnova's service in Ohio?

Sunnova is the first national residential solar provider to offer 25-year system and battery coverage in Ohio.

How does Sunnova's service impact energy independence for homeowners?

Sunnova's services allow homeowners to produce and store their own clean energy, ensuring energy resilience during grid outages.