Sunnova to cut 300 jobs amid ‘high interest rates’ and ‘policy uncertainty’

Facebook
Twitter
LinkedIn
Reddit
Email
Sunnova in Puerto Rico.
A Sunnova solar installation in Puerto Rico. Image: Businesswire.

US residential solar installer Sunnova will slash around 300 jobs, reducing its workforce by roughly 15%, as the residential solar market continues to face uncertainty.

Sunnova said the job cuts are part of “an optimisation of its business aimed at streamlining its operations and prioritising its highest-value customer segments to drive efficiency and higher cash generation.”  The cuts are forecast to contribute around US$35 million to annual cash savings.

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

The company will double down its focus on “high-margin lease,” third-party ownership products, it said in a statement. Back in its Q1 financial report, Sunnova said it would focus more heavily on “lease and power purchase agreement (PPA) customers” as it saw its customer additions slide.

This was followed in Q3 by losses of US$52.5 million, an improvement on previous quarters (see graph below).

Sunnova said it is “positioning itself for long-term success in an evolving market environment characterised by persistently high interest rates and policy uncertainty.”

CEO William J Berger said: “We must always optimise within the current economic and policy landscape. To better position Sunnova for long-term success, we are taking proactive steps to streamline our operations while maintaining a strong foundation to support our valued dealer network and end-use customers. These decisions are never easy, and we recognise the impact they have on every member of the team.”

Sunnova is not alone among US residential solar companies reassessing strategies. SunRun saw a shift towards residential energy storage systems over the course of 2024 amid fluctuating revenues. Last year also saw long-time industry stalwart SunPower file for bankruptcy and ultimately sink after months of struggling to stay afloat.

Ongoing high interest rates puts pressure on distributed solar companies as the cost of a solar system becomes more restrictive for homeowners and businesses. Policy changes, led by California’s net metering scheme in 2023, have also reduced the adoption of residential solar, often in favour of energy storage.

Despite being one out of 50 states, California’s impact on the US residential solar market is profound. The Solar Energy Industries Association (SEIA) said that, even in Q3 2024, California was “driving” a projected 19% decline in US residential solar installations.

The change in US government has also introduced uncertainty around many of the incentives and federal support for solar and other low-carbon energy resources.

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 26, 2025
Residential solar and energy storage could meet all the projected demand from US data centres over the next five years if tech companies invest in household energy infrastructure.
Premium
September 26, 2025
CALSSA's Kevin Luo spoke with PV Tech Premium exclusively on the association’s complaint about slow approval practices in California.
September 26, 2025
Global grids have failed to keep pace with renewable energy technologies and have become the “bottleneck of the energy transition”, according to a new policy report from the Global Solar Council (GSC).
Premium
September 25, 2025
An anticipated uptick in US cell manufacturing presents opportunities for European PV tool producers, says RENA Technologies’ Michael Vees.
September 25, 2025
Italian energy utility Enel has issued a US$4.5 billion (€3.8 billion) bond seeking investment from “US and international” investors.
September 25, 2025
Spanish renewables developer X-Elio has commissioned its first solar-plus-storage project in the US, which comprises of 72MW solar PV.

Subscribe to Newsletter

Upcoming Events

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
Solar Media Events
October 7, 2025
San Francisco Bay Area, USA