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

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

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

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.

8 October 2024
San Francisco Bay Area, USA
PV Tech has been running an annual PV CellTech Conference since 2016. PV CellTech USA, on 8-9 October 2024 is our second PV CellTech conference dedicated to the U.S. manufacturing sector. The event in 2023 was a sell out success and 2024 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.
17 June 2025
Napa, USA
PV Tech has been running PV ModuleTech Conferences since 2017. PV ModuleTech USA, on 17-18 June 2025, will be our fourth 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 2026 and beyond.

Read Next

July 18, 2024
EDP Renewables North America (EDPR NA) has inaugurated the 200MW/40MW  Scarlet I solar-plus-storage project in Fresno County, California.
July 18, 2024
US-based off-grid solar product manufacturer d.light has secured US$176 million to support its PayGo consumer loan offering in three African countries.
July 18, 2024
The facility can process up to 100,000 tonnes of decommissioned solar modules per year that can reduce electronic waste sent to landfills.
July 18, 2024
US energy technology company Generac has been awarded a US$200 million grant from the Department of Energy (DOE) to deploy residential solar PV and energy storage systems in Puerto Rico.
July 17, 2024
From January to May this year, 251 new solar projects became operational in the US, with a combined capacity of 10,669MW.
July 17, 2024
US utility PacifiCorp and rPlus Energies signed a power purchase agreement (PPA) for the Green River Energy Center project in 2022.

Subscribe to Newsletter

Upcoming Events

Upcoming Webinars
July 31, 2024
1:00 PM (BST) / 2:00PM (CEST)
Solar Media Events
September 24, 2024
Warsaw, Poland
Solar Media Events
September 24, 2024
Singapore, Asia
Solar Media Events
October 8, 2024
San Francisco Bay Area, USA