Vivint Solar plays up cost per watt reductions in Q4 financial results

Share on facebook
Share on twitter
Share on linkedin
Share on reddit
Share on email

Vivint Solar, in announcing its fourth quarter financial results, has claimed that the company’s cost per watt for installing and producing residential solar electricity fell by 30% during 2014.

The residential installation company also issued its latest guidance for 2015, with an expectation to install between 290MW and 310MW. Its installation numbers of around 50MW for the final quarter of 2014 were stronger than guidance issued in the third, when the company’s CEO Greg Butterfield had advised it was likely to manage only 45-47MW of installations.

This also meant the firm’s fourth quarter installations were up 191% year-on-year for the equivalent period last year. Cumulatively, Vivint says it had installed 228MW of PV as of 31 December across almost 36,000 projects. Figures from GTM Research for 2013 had established Vivint as the second biggest of the US residential installers after SolarCity.

The company posted a jump in revenues from the previous year’s final quarter of 202%, reaching US$5.9 million. In the fourth quarter of 2013, this had stood at just US$1.9 million. However, losses also increased from the equivalent 2013 period, dropping sharply from just US$16.7 million in Q4 2013 to US$40 million in the last quarter of the year just gone. As of the last day of 2014, Vivint held cash and cash equivalents of US$261.6 million.

Naturally, Vivint played up the positive aspects of the results like year-over-year growth and a rise in estimated retained value of 153% in the past year, in materials publicly issued to investors. The company said its cost per watt was at US$2.96 by the end of the year, declining by 30% from US$4.25 at the outset, meaning that on a full year basis cost per watt was at US$3.28.

Vivint, which floated on the New York Stock Exchange last October, raising nearly US$300 million in its Initial Public Offering (IPO), is currently the subject of a class action law suit was taken out by a number of shareholders following “disappointing” third quarter figures, with complainants given a deadline of until 20 January to have filed.

23 February 2022
Held annually since 2016, the Energy Storage Summit Europe is the place to be for senior stakeholders in the European storage industry. Designed to accelerate deployment of storage, we examine evolving chemistries, business models, project design, revenue stacks and use cases for storage. The 2022 edition will include exclusive content around longer duration solutions, energy strategies for wide-scale deployment of EVs and "EnTech", the event which sits at the intersection of digitisation, decentralisation and decarbonation of the power system. Come to meet TSOs, DSOs, Utilities, Developers, Investors and Lenders and leave with new contacts, partners and a wealth of information.
7 March 2022
Take your chance to join the most powerful platform in the MENA region. Middle East Energy (MEE), Intersolar, and ees, the leading energy exhibitions are joining hands to co-deliver an outstanding renewables and energy storage event at Middle East Energy 2021. Renewables and energy storage at MEE is the largest gathering of solar and renewable energy industry professionals in the Middle East & Africa, offering the most effective trade focused platform to international manufacturers and distributors looking to meet regional buyers.
8 March 2022
As Solar Finance & Investment enters its ninth year, we sit on the cusp of a new power market with solar at its heart. The 2022 edition of the event will build on our years of expertise and relationships to bring investors and lenders together with top developers. Connect with leaders in the field and use exclusive insights to drive investment and development decisions for the future. Meet new and existing project partners at the largest gathering of European solar investors and lenders.
23 March 2022
When it comes to storage, the US market exceeded a gigawatt of advanced energy storage installations (weighted towards lithium ion) at 1.46 GW, more than the previous six years in total! An exponential growth rate could see the market hit 7.5 GW p.a. by 2025. The summit will provide a wealth of content around this vital piece in the US power puzzle, with sessions dedicated to explore how companies are making money from batteries, the latest chemistries and their applications as they apply to different use-cases. We ask how investors can match ESG criteria to batteries and we will bring case studies of successful deployment and project execution onto the stage to examine how you can ensure your own projects are successful.
29 March 2022
Now in its 10th sell-out year, Large Scale Solar returns to Lisbon in 2022. We are excited to gather together face-to-face with the European solar industry as we provide unique and exclusive access to a powerful selection of the market's key stakeholders. Join this elite summit to find out how the market is maturing, which new markets are becoming more exciting, how technology is evolving and who's driving the market forward into the 2020s. Always senior, packed with developers, EPCs, utilities and investors this is the event for companies serious about European solar PV.
7 April 2022
Solarex Istanbul, Turkey’s first and unique exhibition on solar energy, provides a huge opportunity to Turkey on the way to being a solar energy hub. Solarex Istanbul will take place on 7-9 April 2022 for the 14th time. It will be a commercial platform to have the latest technologies and combination of new products from all around the world. It takes place annually at Istanbul Expo Center, Turkey. It is also called the most important platform for manufacturers, suppliers and dealers of the solar industry in Eurasia.

Read Next

January 27, 2022
Renewables owner and operator Brookfield Renewable has tripled its US development pipeline to 31GW through the US$650 million acquisition of clean power developer Urban Grid.
January 27, 2022
Hecate Energy’s first stage application for a 500MW solar PV plant in the state of New York has been accepted by the newly formed New York State Office of Renewable Energy Siting (ORES).
January 27, 2022
Italian asset manager Green Arrow Capital (GAC) has signed a framework agreement with Spanish solar company Progressum Energy Developments (PED) to acquire 508MW of ready-to-build solar PV projects in Spain in a deal worth over €400 million (US$446 million).
January 27, 2022
Tesla’s solar installations jumped 68% in 2021 to 345MW despite a slight dip in additions year-on-year during the fourth quarter.
January 27, 2022
Major European solar developers have called on the European Union (EU) to develop a PV supply chain strategy to avoid cost increases and disruption to projects, with the group calling for 20GW of manufacturing capacity by 2030.
PV Tech Premium
January 26, 2022
s solar finds itself deployed in further and more far flung climes, it is also having to operate in increasingly harsher climates. In this article, VDE Renewables assesses how such climates affect PV performance and what must be taken into consideration when formulating O&M strategies.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
February 23, 2022
London, UK
Solar Media Events
March 8, 2022
London, UK
Solar Media Events
March 23, 2022
Austin, Texas, USA
Solar Media Events
March 29, 2022
Lisbon, Portugal
Solar Media Events
April 25, 2022
Berlin, Germany