Sunnova Energy International Inc. ("Sunnova") (NYSE: NOVA), a leading U.S. Energy as a Service (EaaS) provider, announced that it is expanding its energy service offerings to the commercial solar market.Leveraging the Company’s extensive experience in residential solar, Sunnova is expanding into the commercial market to serve the commercial, industrial, agricultural, commercial real estate, non-profit, and public sectors to help business customers become more sustainable and resilient while also providing budget certainty in the face of rising utility rates.
Entry into the commercial sector is supported by the passing of the Inflation Reduction Act, which is expected to increase deployment of commercial solar projects by 20% over the next five years, according to the SEIA/Wood Mackenzie Power & Renewables U.S. Solar Market Insight report. With the expansion of Sunnova’s energy services into the underserved commercial market, businesses will be able to take control of their energy costs by transitioning to solar, gaining resilient backup power, and tapping into available revenue streams such as selling excess solar energy back to the grid or participating in local grid services.
“Electricity usage can be one of the biggest and most unpredictable costs facing businesses, and unexpectedly losing power due to a utility outage can create additional expense and hardship,We see a significant growth opportunity in the commercial solar market that is a natural extension of our market-leading services on the residential side. We look forward to providing businesses with solutions that will reduce their energy costs and provide local energy generation, as well as insights and control. Our systems offer protection against utility power outages with integrated battery storage, and the ability to reduce carbon emissions. We have helped hundreds of thousands of homeowners across the country realize the benefits of solar and now we will be helping companies adapt to an ever-changing energy landscape by transforming into Sunnova Adaptive Businesses™.”
-William J. (John) Berger, founder and CEO at Sunnova.
With a total addressable market of approximately 145GW that is only 5% penetrated, according to Wood Mackenzie, Sunnova will be leveraging its network of dealers who have wanted to sell commercial solar, or who already do, to facilitate a rapid market entry.
We are excited to enter this underserved sector of the market to help businesses manage their energy needs with a differentiated and innovative approach,” said Michael Grasso, EVP, Chief Marketing and Growth Officer at Sunnova. “Sunnova will offer businesses a complete suite of energy technologies, finance options, and services tailored to meet their specific energy needs, business goals, and local utility rate structures. This expansion of our service offerings will allow us to do for business customers what we have done for residential customers—provide a better energy service at a better price through our new adaptive business technology solutions and 25-year service guarantee, the Sunnova Protect® Business plan.
Sunnova will also provide flexible financing options for systems starting at 50kW that are catered to the preferences and tax status of each business.
Sunnova Energy International Inc. (NYSE: NOVA) is leading U.S. Energy as a Service (EaaS) provider with customers across the U.S. and its territories. Sunnova's goal is to be the source of clean, affordable and reliable energy with a simple mission: to power energy independence so that homeowners have the freedom to live life uninterrupted®.
For more information, please visit sunnova.com