Sunnova earnings increase as firm aims to ‘not only survive, but thrive’ COVID crisis

Facebook
Twitter
LinkedIn
Reddit
Email
Image: Sunnova.

A major US residential installer has reported a surge in both revenues and earnings during Q2 2020, leading it to claim it is not only surviving the COVID-19 pandemic, but thriving.

Reporting its performance for the three months running until 30 June 2020, Sunnova confirmed revenues for the period had jumped by nearly 24% year-on-year to US$42.8 million.

This article requires Premium SubscriptionBasic (FREE) Subscription

Try Premium for just $1

  • Full premium access for the first month at only $1
  • Converts to an annual rate after 30 days unless cancelled
  • Cancel anytime during the trial period

Premium Benefits

  • Expert industry analysis and interviews
  • Digital access to PV Tech Power journal
  • Exclusive event discounts

Or get the full Premium subscription right away

Or continue reading this article for free

This resulted in earnings leaping by almost one-third year-on-year to US$18 million, helping to drastically reduce its net loss for the quarter to US$28.7 million, down on the US$49.8 million loss it reported in Q2 2019. The company also credited its trimmed losses to lower interest rates achieved via rate swaps in the second quarter.

At the end of the reporting period, Sunnova’s customer count had grown to 91,600, and the installer has continued to stand by its full 2020 guidance that the company will add 28 – 30,000 customers this year, swelling earnings to somewhere in the region of US$58 – 62 million.

Sunnova does, however, remain heavily indebted. Its financial results confirm long-term net debt has swollen to just over US$1.6 billion, a substantial increase on the US$1.35 billion long-term net debt it reported at the end of last year, with total long-term liabilities also now standing at just shy of US$2 billion.

In reporting a stronger second quarter, Sunnova compounds recent reports that the US residential solar market is rebounding both stronger and quicker than was perhaps first anticipated. A recent webinar on the US residential solar market organised by Roth Capital concluded that installers were on track to post positive figures for the remainder of 2020, with larger companies particularly well placed to make sizeable gains.

William J. Berger, CEO at Sunnova, said the company’s response to the pandemic had demonstrate how the residential solar market could adapt to “not only survive this crisis, but thrive”.

“With our expanding dealer network and rising storage attachment rate, in the second quarter we believe we grew our customer base at a rate faster than any other public U.S. residential solar and storage service company,” he claimed.

7 October 2025
San Francisco Bay Area, USA
PV Tech has been running an annual PV CellTech Conference since 2016. PV CellTech USA, on 7-8 October 2025 is our third PV CellTech conference dedicated to the U.S. manufacturing sector. The events in 2023 and 2024 were a sell out success and 2025 will once again gather the key stakeholders from PV manufacturing, equipment/materials, policy-making and strategy, capital equipment investment and all interested downstream channels and third-party entities. The goal is simple: to map out PV manufacturing in the U.S. out to 2030 and beyond.
21 October 2025
New York, USA
Returning for its 12th edition, Solar and Storage Finance USA Summit remains the annual event where decision-makers at the forefront of solar and storage projects across the United States and capital converge. Featuring the most active solar and storage transactors, join us for a packed two-days of deal-making, learning and networking.
25 November 2025
Warsaw, Poland
Large Scale Solar Central and Eastern Europe continues to be the place to leverage a network that has been made over more than 10 years, to build critical partnerships to develop solar projects throughout the region.
16 June 2026
Napa, USA
PV Tech has been running PV ModuleTech Conferences since 2017. PV ModuleTech USA, on 16-17 June 2026, will be our fifth PV ModulelTech conference dedicated to the U.S. utility scale solar sector. The event will gather the key stakeholders from solar developers, solar asset owners and investors, PV manufacturing, policy-making and and all interested downstream channels and third-party entities. The goal is simple: to map out the PV module supply channels to the U.S. out to 2027 and beyond.

Read Next

September 5, 2025
US solar tracker manufacturer Nextracker has launched a new electrical balance of systems (eBOS) trunk connector.
September 5, 2025
During a week of major US clean energy developments, ContourGlobal, PSE, Arevon, and Ameren Missouri advanced solar projects across four states in the US.
September 5, 2025
Newly formed firm Solaris Assets has acquired the business operations and assets of Texas-based residential solar installer Sunnova.
September 5, 2025
US solar tracker manufacturer Array Technologies has announced that two of its tracking systems are compatible with 2,000V solar systems.
September 4, 2025
Gavin Newsom has signed an executive order to accelerate the permitting of energy generation projects that could be set to lose IRA support.
September 4, 2025
US polysilicon company Highland Materials has aimed to begin construction at its polysilicon plant in the second half of 2026.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
September 16, 2025
Athens, Greece
Solar Media Events
September 30, 2025
Seattle, USA
Solar Media Events
October 1, 2025
London, UK
Solar Media Events
October 2, 2025
London,UK
Solar Media Events
October 7, 2025
Manila, Philippines