Sunnova aims to add up to 125,000 customers in 2023, FY 2022 adjusted EBITDA up 38.6%

Facebook
Twitter
LinkedIn
Reddit
Email
Sunnova’s adjusted EBITDA increased by 38.6% to US$119.1 million in 2022. Image: Sunnova

US residential solar installer Sunnova is planned to add between 115,000 and 125,000 customers and double its adjusted EBITDA this year after showing improvement in its business in 2022, according to its latest financial results announcement.

The company grew its customer base throughout 2022, adding 33,000 customers in Q4 and 87,000 in total for the full year.

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

The company’s adjusted EBITDA in 2022 increased by 38.6% from US$85.9 million in 2021 to US$119.1 million in 2022. Sunnova attributed the increase to customer growth which was surging faster than expenses. In the meantime, Sunnova’s adjusted EBITDA in Q4 2022 was up 44.6% year-on-year, increasing from US$17.7 million in 2021 to US$25.6 million in 2022.

Sunnova’s revenue saw a year-on-year increase of 131% to US$557.7 million. The rise was primarily the result of an increased number of solar energy systems in service, the acquisition of SunStreet in April 2021, and the sale of inventory to dealers or other parties.

In Q4, Sunnova’s revenue increased by US$130.6 million to US$195.6 million. More solar energy systems in service and the sale of inventory to dealers or other parties were the reasons for the significant increase, according to the company.

Looking forward, Sunnova forecasts adjusted EBITDA for 2023 between US$235 and US$255 million.

“We delivered strong (financial) growth in Q4 as we placed a record number of customers into service. This strong growth trend has carried into 2023, increasing our confidence in our ability to meet or exceed our 2023 guidance targets,” said William Berger, founder and CEO of Sunnova.

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.
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

August 8, 2025
This week several solar developers have raised funds for projects around the world, including BRUC in Europe, Greenalia in the US, Qair in Mauritius and CREC in Philippines.
August 8, 2025
German solar inverter manufacturer SMA Solar posted losses in the first half of 2025, as demand in the residential and corporate & industrial (C&I) solar sectors 'remains weak'.
August 8, 2025
US solar tracker manufacturer Array Technologies has posted revenue of US$362.2 million in the second quarter of this year.
Premium
August 8, 2025
Energy storage escaped much of the pain inflicted on solar, but foreign entity restrictions may create some supply-chain challenges.
August 8, 2025
Solar PV is likely to become less accessible to low-income Americans after the Environmental Protection Agency (EPA) cancels the US$7 billion Solar For All scheme.
August 8, 2025
SolarEdge posted inverter shipments of 1.19GW in the second quarter of this year, alongside BESS sales of 247MWh.

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