Sunnova eyes energy services investments as solar enters ‘new phase’ of maturation

Facebook
Twitter
LinkedIn
Reddit
Email
Sunnova said customers now expected more from solar and storage investments than just a financial investment. Image: Sunnova/Sunstreet.

US residential solar installer Sunnova said it was investing in its end-to-end solar services to cater for customers demanding more from their rooftop installations.

Speaking as the installer disclosed its Q2 2021 financial results, Sunnova chief executive William J. Berger said that solar had entered a “new phase of maturation and growth” where a “new value proposition had emerged”. No longer was residential PV solely pitched as a financial product, it is now “actively focused on reliability and resiliency”, he said.

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

“Customers are now expecting a long-term energy service offering that is fast and intelligent. To meet this need, we have dedicated resources to building out our end-to-end software platform, which contains capabilities such as quoting tools for dealers, predictive service analytics for customers, and grid services software for aggregation,” Berger added.

Investments in additional services, both for end users and other companies involved in the solar supply chain, have become common in recent months, while grid services have emerged as an area of particular interest for residential solar installers in the US as specific states open up grid services markets. Sunrun has actively pitched this in previous quarters, while earlier this week microinverter supplier Enphase Energy said customers of its battery storage solution in certain states would be able to earn up to US$1,500 per year by allowing grid utilities to access their capacity.

It was also confirmed earlier this week that Sunnova had partnered with inverter provider SolarEdge and grid operator National Grid to participate in a grid stability project in New England, wherein customers will help provide voltage support.

Sunnova reported a 55% jump in year-on-year revenue in Q2 2021, with turnover reaching US$66.6 million. Customer numbers meanwhile leapt to 162,600 as of 30 June 2021, aided by 12,700 new customers through organic means and the introduction of 33,500 customers following its acquisition of rival installer SunStreet, which completed earlier this year.

But despite the influx of new customers and a jump in revenue, the installer’s quarterly losses soared to US$66.3 million on higher net interest costs, an US$18.8 million hit owing to unrealised losses on interest rate swaps and higher general and administrative expenses.

Sunnova did, however, reaffirm its guidance for the year, stating it still expected to add between 55,000 and 58,000 new customers organically in 2021, with earnings before interest, tax, depreciation and amortisation (EBITDA) expected to fall between US$80 – 85 million this year.

25 April 2024
5pm BST (9am PDT)
The webinar will provide the very latest trends in PV module supply and what is important when assessing product quality and reliability. How many of the imported modules for example, from Southeast Asia and India, are based on n-type TOPCon and heterojunction now? What is important to look at when assessing these new technologies’ reliability?
21 May 2024
Napa, USA
PV Tech has been running PV ModuleTech Conferences since 2017. PV ModuleTech USA, on 21-22 May 2024, will be our third 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 2025 and beyond.
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.
22 October 2024
New York, USA
Returning for its 11th 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.

Read Next

Subscribe to Newsletter

Upcoming Events

Solar Media Events
May 1, 2024
Dallas, Texas
Solar Media Events
May 21, 2024
Sydney, Australia