Sunnova Launches Solar + Storage Lease Service Offerings in Nine States
Sunnova Energy International Inc. (NYSE: NOVA) has expanded its lease service offerings for solar + Tesla and Generac storage systems to nine new U.S. markets, including Illinois, Maryland, and Texas. Homeowners in these states can choose between new leasing options or existing loans. The company has seen significant growth, with dealers installing three times the battery systems in 2020 compared to 2019. The lease expansion offers flat billing, competitive pricing, insurance coverage, and a 25-year energy guarantee. Sunnova aims to enhance energy independence for homeowners.
- Expansion into nine new markets enhances customer access to solar + storage solutions.
- Increased flexibility for homeowners choosing between lease or loan options.
- Significant growth in battery system installations indicates rising demand.
- Competitive pricing without needing state or federal incentives attracts customers.
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Sunnova Energy International Inc. (“Sunnova”) (NYSE: NOVA), one of the leading U.S. residential solar and storage service providers, has expanded its lease service offerings, for solar + Tesla and Generac storage systems, to nine new markets. Illinois, Maryland, New Mexico, Pennsylvania, South Carolina, Texas, Florida, New York and Rhode Island homeowners, will now have the flexibility to choose between our new lease or existing loan offerings, when selecting a solar + storage system to power their home. Additionally, twenty-two new states will now have access to Enphase batteries through our loan program.
“We’re here to ensure our customers have access to energy services and financing options that make the most sense for their unique situations and that ultimately help them achieve energy independence,” said Michael Grasso, Chief Marketing and Growth Officer at Sunnova. “We also want to empower Sunnova’s local dealers to help families find the best energy options for their individual needs, and these expansions help us realize that goal.”
As families continue to spend more time at home and increasingly experience power outages as we enter hurricane and wildfire seasons, the demand for reliable and resilient energy will continue to grow. In 2020, Sunnova’s dealers installed three times the number of battery systems compared to 2019, and more than doubled the number in Q1 of 2021, compared to the same quarter last year. “Sunnova’s goal is to consistently anticipate our customers’ needs and diversify and innovate our offerings accordingly,” said Grasso.
This lease expansion is an addition to Sunnova’s wide suite of offerings and will provide customers with:
- balanced billing, where they pay a flat, predictable monthly rate based on the equipment cost,
- competitive pricing without having to apply for federal and state incentives and rebates,
- insurance coverage taken on by Sunnova – at no extra cost, and
- 25-year energy guarantee through Sunnova Protect®, with the balanced billing option.
Batteries are essential for storing the excess energy produced by a solar system and providing that stored energy for use during a power outage. Intelligent software automatically manages the battery system when the centralized grid goes down and seamlessly provides reliable back-up power to the essential appliances in your home. Decentralized and decarbonized solar + storage solutions not only provide homeowners with resiliency but can also help homeowners lower utility bills, while helping the respective states reach their clean energy targets.
The Enphase battery retrofit will allow customers with an existing home solar system to easily add energy storage. The retrofit will take the form of a new loan offering including 25-year coverage with Sunnova Protect®, also encompassing monitoring system production, repairs and replacements.
Learn about Sunnova’s current solar + storage promotions.
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®.
Disclaimers
No assurances can be given that the solar system or the battery will always work. You should never rely upon either of these to power life support or other medical devices.
The amount of power available from the battery during a power outage is limited, depending on the loads connected, customer usage and battery configuration (i.e., batteries in certain areas may be set up to provide you with the best economic benefit, which may affect the amount of back-up power available). Solar systems and/or batteries may require repairs after weather events and such repairs may be delayed due to forces outside of our control. No assurances can be given that the solar system or the battery will always work. You should never rely upon either of these to power life support or other medical devices. To see how long your battery will last during an outage, go to https://www.sunnova.com/batteryduration/.
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, our goals, the demand for reliable, resilient energy and energy storage, the ultimate ability to achieve energy independence, increased power outages, the ability of states to reach clean energy targets, 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 our 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.
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FAQ
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