The chances of an ITC extension have improved, though it still looks like an uphill battle, solar executives say. With the end of 2019 approaching, the impending phase-down of the federal Investment Tax Credit is top of mind for solar executives. Unlike the ambivalence within the wind industry about an extension of its Production Tax […]
Vivint Solar’s Q2 Operating Loss Deepens as It Invests in New Sales Channels
The rooftop solar industry is grappling with how to keep customer acqusition costs down, and the number-two player is not immune. Vivint Solar, the second largest U.S. residential solar installer after Sunrun, grew its Q2 deployments by 19 percent to 56 megawatts, but reported a deeper operating loss. Vivint said it’s investing in new and […]
Hawaii’s Trailblazing Solar Market Continues to Struggle Without Net Metering
National market leader Sunrun has seen its PV permits tumble in Hawaii, echoing broader problems for the market. Is this the new normal? Hawaii’s residential solar market continues to contract, a phenomenon the industry largely attributes to policy changes that went into effect after the state ended net energy metering in 2015. The number of […]
Sunrun Hits Deployment Targets, Expands Grid Services Business in Q2
The nation’s largest home solar installer reached 255,000 total customers in the second quarter, a 26 percent increase since last year. The largest U.S. residential solar installer hit deployment expectations and built out its battery business in the second quarter. Sunrun installed 103 megawatts, hitting its guidance of between 102 and 104 megawatts. That’s an […]
Sunnova Raises $170M in First US Solar IPO in Years
“We’re the first solar company that went public that’s headquartered in Houston,” CEO John Berger tells GTM. “Now you know the energy business has really changed.” Shares of residential solar company Sunnova ended their first day of trading on Thursday at $11.25, below their initial price of $12 and well south of a range of […]
Sunrun Has Found a Way to Crack Energy Storage Markets
Energy storage has always been a natural complement to solar energy systems, but the two never seem to find a successful way to work together in practice. Tesla’s (NASDAQ:TSLA) Powerwall was supposed to be a natural product to go with Tesla solar systems, but adoption has been weak because it’s still essentially an expensive toy. […]
Sunrun Wins Another Capacity Contract for Aggregated Home Storage
The deal opens a new market for residential storage: California’s rapidly expanding community-based electricity buyers. A network of residential energy systems will help Oakland, California wean itself off fossil-fueled peakers. East Bay Community Energy, which buys power for Alameda County in Northern California, approved a contract Wednesday night to pay Sunrun for 500 kilowatts of […]
The Sunnova IPO: 3 Strategies for Success
Wood Mackenzie’s Michelle Davis looks at how Sunnova could thrive after what would be the first residential solar IPO in years. On June 27, 2019, Sunnova submitted a pre-initial public offering prospectus to the U.S. Securities and Exchange Commission. It would be the first residential solar company to go public in the U.S. since 2015. […]
Tesla’s Drop Continues in US Residential Solar Rankings
The company’s market share has plunged as it moves to lower its customer acquisition costs. Tesla sank to third place among U.S. residential solar providers for installations in the first quarter of 2019, continuing the one-time market leader’s dramatic decline. The latest ranking from Wood Mackenzie Power & Renewables shows Vivint Solar knocking Tesla out […]
Report: US Residential Solar Financier Sunnova Plans IPO
A public offering is in the works for the country’s fourth-largest residential solar TPO provider, according to a Reuters report. Sunnova Energy Corp., among the largest U.S. residential solar third-party ownership providers, is planning an initial public offering that could value the Houston-based company at more than $1 billion including debt, according to a Tuesday […]