Sunnova Offers Industry’s First 0% APR for Home Solar + Battery Storage Service

Rhea-AI Summary

Sunnova Energy International (NYSE: NOVA) has launched a groundbreaking 0% APR financing option for home solar and battery storage services. This initiative allows new customers to access solar energy systems with a 25-year system protection, making it easier for homeowners to invest in clean energy. Financing options include $0 down for solar + battery systems, and a 0.99% APR for solar-only services. Customers can also benefit from the 26% federal tax credit and state incentives, supported by Sunnova's Sunnova Protect™ warranty for hassle-free maintenance.

Positive

• Launch of 0% APR financing for new customers enhances accessibility to solar + battery systems.
• Customers can now access a 25-year system protection coverage with Sunnova Protect™.
• Potential to benefit from a 26% federal tax credit and state incentives enhances the financial appeal for customers.
• The financing solution addresses market needs, contributing to Sunnova's growth strategy.

Negative

• None.

Sunnova Energy International Inc. (NYSE: NOVA) announced today the launch of the industry’s first 0% APR financing¹ for home solar and battery storage service with 25-year system protection. New Sunnova customers may now be eligible to go solar for as low as 0% APR and $0 down with the purchase of a new Sunnova SunSafe® solar + battery storage system, or .99% APR and $0 down for the purchase of solar-only service. Sunnova provides its exclusive 25-year Sunnova Protect™ limited warranty service coverage for each solar + storage customer, offering worry-free maintenance, monitoring, repairs, and replacements to help ensure each home solar investment perform to its maximum potential.²

0% APR financing for home solar and battery storage service with 25-year system protection (Graphic: Business Wire)

“We are thrilled to be able to offer such competitive financing in the solar service industry,” said Michael Grasso, Chief Marketing Officer of Sunnova. “In addition to these historically low APRs³, this financing solution will allow new customers to take advantage of the 26% federal tax credit⁴ and state incentives while uniquely enjoying 25 years of Sunnova Protect™ coverage on their solar or solar + battery systems, and greater control over their energy costs.”

“We are focused on knocking down barriers that prevent homeowners from purchasing a clean and affordable energy system from a trusted service provider, like Sunnova,” said William J. (John) Berger, Chief Executive Officer of Sunnova Energy International. “Alongside our Lease and PPA (power purchase agreement) service offerings, this new APR offering will help address a real need in the marketplace and will further increase our industry-leading growth rate.”

During a power outage, Sunnova SunSafe® provides resilient backup power so homeowners can run their essential appliances. Unlike a solar-only system, Sunnova SunSafe® produces solar energy during the day and sends excess energy to the rechargeable battery for use at night, or anytime it’s needed.⁵ During the installation process, solar dealers will conduct an extensive review of the home and build an efficient home solar system - with battery - tailored to each consumer’s energy needs and budget. Sunnova only uses industry-leading, vetted battery technology like the Generac PWRcell™, Tesla Powerwall, and the recently announced Enphase Encharge™ storage system. All home solar and battery systems are covered by Sunnova Protect™⁶ featuring worry and hassle-free maintenance, monitoring, repairs, and replacements.

ABOUT SUNNOVA

Sunnova Energy International Inc. (NYSE: NOVA) is a leading residential solar and energy storage service provider with customers across the U.S. states 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^TM.

For more information, visit www.sunnova.com, and connect with us on LinkedIn, Twitter and Facebook.

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 allowing new customers being able to take greater control over their energy costs, and this offering addressing a real need in the marketplace and further increasing our industry-leading growth rate. 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, 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 prospectus filed pursuant to Rule 424(b) under the Securities Act of 1933, as amended, on July 26, 2019 and in Sunnova's other filings with the SEC, which are available free of charge on the SEC's website at: www.sec.gov.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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¹ Financing for well-qualified applicants only. APR offer may not be available in all markets.
² Refer to the Limited Warranty agreement for complete warranty terms and limitations, including the battery and specifications for energy retention over the life of the battery.
³ Financing for well-qualified applicants only. APR offer may not be available in all markets.
⁴ Customers may be eligible for a federal tax credit with the purchase of a solar system. To qualify for the tax credit, you must have federal income tax liability at least equal to the value of the tax credit. Additional tax credits may also be available for homeowners in certain states. Tax incentives are subject to change or termination by executive, legislative or regulatory action. Sunnova makes no guarantees regarding eligibility of any of the system’s costs for tax benefits. Sunnova does not provide tax advice. Contact your personal tax advisor for eligibility requirements.
⁵ 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/.
⁶ Refer to the Limited Warranty agreement for complete warranty terms and limitations, including the battery and specifications for energy retention over the life of the battery.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210203006001/en/

FAQ

What financing options does Sunnova Energy offer for new customers regarding solar energy?

Sunnova offers 0% APR financing for solar + battery storage systems and 0.99% APR for solar-only services with $0 down.

How long is the warranty coverage for Sunnova's solar + battery systems?

Sunnova provides a 25-year warranty coverage known as Sunnova Protect™ for its solar + battery systems.

What incentives can customers benefit from when purchasing Sunnova's solar systems?

Customers can take advantage of a 26% federal tax credit and various state incentives when purchasing Sunnova's solar systems.

What is the significance of the 0% APR financing announcement for SUNNOVA (NOVA)?

The 0% APR financing is significant as it makes solar energy systems more accessible to homeowners, potentially increasing Sunnova's customer base and market growth.