Sunnova Energy Inter...
OTCPK:NOVA
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End-of-day quote: 11/17/2025
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Sunnova Energy International Company Info
EPS Growth 5Y
21,08%
Market Cap
$0,00 B
Long-Term Debt
$8,13 B
Short Interest
0,00%
Annual earnings
N/A
Dividend
$0,00
Dividend Yield
0,00%
Founded
2012
Industry
Country
ISIN Number
Website
Analyst Price Target
The Analyst Price Target shows the analysts’ low, high, and average target at a glance.
There are currently no price targets available for this stock.
In the last five quarters, Sunnova Energy International’s Price Target has risen from $6,85 to $6,85 - a 0,00% increase. Two analysts predict that Sunnova Energy International’s share price will increase in the coming year, reaching $0,00. This would represent an increase of 0,00%.
Top growth stocks in the utilities sector (5Y.)
What does Sunnova Energy International do?
Sunnova Energy International Inc., an energy services company, focuses on making clean energy more accessible, reliable and affordable for homeowners and businesses.
The company serves over 441,000 customers in more than 50 United States (‘U.S.’) states and territories. Through the company’s adaptive energy platform, it provides a better energy service, and generally at a better price, to deliver its mission of powering energy independence. Through the company’s energy service offerings, it is...
Sunnova Energy International Inc., an energy services company, focuses on making clean energy more accessible, reliable and affordable for homeowners and businesses.
The company serves over 441,000 customers in more than 50 United States (‘U.S.’) states and territories. Through the company’s adaptive energy platform, it provides a better energy service, and generally at a better price, to deliver its mission of powering energy independence. Through the company’s energy service offerings, it is disrupting the traditional energy landscape and the way the 21st-century customer generates and consumes electricity.
The company partners with local dealers and contractors who originate, design, and install its customers' solar energy systems, energy storage systems, and related products and services on its behalf, as well as other sustainable home solutions that it provides to further enhance the efficiency of its customers' investment and contribute towards their adaptive home, such as smart home devices, modern heating, ventilation, and air conditioning (‘HVAC’), generators, upgraded roofing, water systems, water heaters, main panel upgrades, and electric vehicle chargers. The company’s focus on its dealer and contractor model enables it to leverage its dealers' and contractors' specialized knowledge, connections, and experience in local markets to drive customer origination while providing its dealers and contractors with access to high-quality products at competitive prices, as well as technical oversight and expertise.
The company offers customers products to power and improve the energy efficiency and sustainability of their homes and businesses with affordable solar energy and related products and services. It can offer energy generation savings compared to utility-based retail rates with little to no up-front expense to the customer in conjunction with solar and solar plus energy storage products that also provide energy resiliency. The company’s customer agreements typically take the form of a legal-form lease (a lease) of a solar energy system and/or energy storage system to the customer, the sale of the solar energy system's output to the customer under a power purchase agreement (‘PPA’), or the customer's purchase of a solar energy system, energy storage system, and/or accessory either with financing provided by it (a loan) or paid in full by the customer (a sale).
The company also offers service plans and repair services for systems it did not originate or outside of its standard warranty coverage. Complementary to its business, in some states, it makes it possible for a customer to obtain a new roof and/or other sustainable home products as part of their solar loan agreement or as an accessory loan to their lease or PPA. Customers who are not interested in a new solar energy system or energy storage system may also finance a new roof and/or other sustainable home products via a stand-alone loan from it. The company also allows customers originated through its homebuilder channel the option of purchasing the products when the customer closes on the purchase of a new home.
Service is an integral part of the company’s agreements and includes monitoring, repairs, and replacements, equipment upgrades (as necessary and at its discretion), on-site power optimization for the customer (for both supply and demand), the ability to efficiently switch power sources between the solar energy system and/or energy storage system and the grid, as appropriate, and diagnostics for the solar energy system and energy storage system.
In the case of leases and PPAs, the company receives tax benefits and other incentives from federal, state, and local governments. It utilizes tax equity, tax credit sales, non-recourse debt structures, and hedging arrangements in order to fund its upfront costs, overhead, and growth investments.
In addition to providing ongoing warranty service as a standard component of its customer agreements, the company also offers ongoing service contracts to customers who purchased their solar energy system through third parties. Under these arrangements, it agrees to provide monitoring, maintenance, and/or repair services to these customers for the life of the service contract they sign with it. In addition, it offers one-time repair services to customers who purchased their solar energy systems or sustainable home products through third parties or services that are not otherwise covered by warranty.
The company’s offerings include non-solar financing for other sustainable home products. Specifically, the company’s offerings include a non-solar loan program enabling customers to finance the purchase of products independent of a solar energy system or energy storage system (such as electric vehicle chargers or generators).
The company also enters into leases with third-party owners of pools of solar energy systems to receive such third party's interest in those systems. In connection therewith, it assumes the related customer PPA and lease obligations, entitling it to future customer cash flows, as well as certain credits, rebates, and incentives (including solar renewable energy certificates (‘SRECs’)) under those agreements.
The company operated one of the largest residential fleets of solar energy systems in the U.S., comprising more than 2,892 megawatts of generation capacity, and its diversified offerings of sustainable home solutions served over 441,000 customers as of December 31, 2024.
Network Model
The company’s dealers and contractors typically reside and work within the markets they serve and provide a localized, customer-focused marketing, installation, and servicing process. These dealers and contractors are often leading local solar installation companies, electrical services companies, roofing companies, or companies that serve customers who are actively searching for solar power, backup power, or complementary home services.
Origination, Installation, Monitoring, and Servicing Processes
Through the company’s network model, it provides a streamlined approach for the origination of customer agreements and the installation of solar energy systems, energy storage systems, and other sustainable home products. The principal elements of its origination, installation, monitoring, and servicing processes are described below:
Customer Origination and Consultation: The company’s dealers and contractors serve as a local, direct-to-home sales force providing in-person and virtual consultations to source potential customers in each geographic market where it operates. The company’s dealers and contractors reach potential customers through various means, including online, telemarketing, in-store sales, cross-marketing with complementary products, and door-to-door canvassing. Using the company’s technology platform and proprietary pricing tool, the dealer/contractor and the customer select one of its standard-form agreements for the relevant market and product.
Design and Engineering: The company and the dealers work together to design the applicable equipment, such as the solar energy system and energy storage system, if applicable, prior to the dealer's purchase and installation. All of the company’s solar energy systems and energy storage systems are designed with equipment from a pre-approved list of manufacturers. It utilizes the company’s extensive tools and services platform, standardized procedures, and existing databases to help its dealers comply with its pricing requirements, solar best practices, contract terms, and state, territorial, and local regulations. For each solar service agreement, an individualized power production estimate is created by analyzing geographic, solar, and weather data with the design's proposed orientation, components, and shading. The company continues to pursue technological innovation to streamline its review of design and engineering, to expedite installation.
Installation, Commissioning, Quality Assurance, and Interconnection: The installation phase requires the dealer to obtain all necessary permits for installation. For systems requiring commissioning, the dealer must complete its commissioning process for the solar energy system and energy storage system (as applicable), which entails submitting supporting documentation and photographs illustrating the installation of the solar energy system and energy storage system (as applicable) to the company’s quality assurance team for review. Following completion of these steps and its approval of these materials, the dealer submits required paperwork to the applicable electric distribution utility to obtain permission to operate the equipment, schedule required regulatory inspections, and arrange for interconnection of the solar energy system to the electrical grid. In some markets where either permission is not required and/or interconnection is not feasible or practical, the company may place the system in service without interconnecting to the electrical grid and thereby place the system in service without seeking permission to operate from the applicable electric distribution utility.
Customer Billing Dates: How soon the company will begin billing the customer after the solar energy system or applicable sustainable home product system has been placed in service will vary by product offering.
Lease agreements will begin billing on the first cycle date after the solar energy system or applicable sustainable home product system has been placed in service, generally within 30 days.
PPAs will begin billing on the first cycle date in the next calendar month after the solar energy system has been placed in service, generally between 15 and 60 days after the solar energy system has been placed in service.
Loan agreements require the solar energy system or applicable sustainable home product system must be in service at least 30 days or, where permitted by law, installed for 60 days prior to the date when billing can begin. As a result, billing on loan agreements generally begins with the aligned cycle date in the next calendar month after the solar energy system or applicable sustainable home product system has been installed or placed in service.
Monitoring and Servicing: The company’s monitoring systems utilize cellular or internet connections that allow it to confirm the continuing operation of the solar energy system and energy storage system (if applicable) and with that information, solve maintenance issues through the company’s dealers, third-party service providers, or its own personnel. It also collects performance data to improve its pricing, generation estimates, and services for its customers.
Relationships With Dealers and Contractors
The company carefully recruits its dealers and contractors, who must meet and maintain its standards to be approved. Qualifications to be a dealer/contractor include: experience in the solar industry or success in an applicable sustainable home product industry, such as roofing, gas generators, heating, ventilation, and air conditioning, electrical services, or water systems, experienced and appropriately certified employees (including multiple installation teams), and possession of applicable licenses. The company also performs a review of the prospects' financial condition as part of its recruitment process, a background check on the principal owners of the organization, and a careful review of the businesses' online and local reputation. Upon engagement, the dealer/contractor enters into an agreement with the company that sets ongoing standards for operations and payment obligations based on different milestones for each project. The company provides training, field support, and continuing education to help its dealers/contractors operate efficiently. This includes training related to its processes, standards, and services platform, sales training, and compliance education regarding applicable rules and regulations. The company actively reviews its dealers'/contractors' performance and compliance with its requirements to determine whether to terminate its relationship with any dealer/contractor that is unable to meet its performance standards.
For the year ended December 31, 2024, Trinity Solar, Inc. (‘Trinity’) accounted for approximately 22% and 10% of the company’s net originations, respectively. In October 2022, the company amended its agreement with Trinity pursuant to which Trinity has agreed to perform services or work exclusively for it for sixty-six months to March 31, 2028 (the ‘Exclusivity Period’). During the year ended December 31, 2024, Lennar Corporation (‘Lennar’) accounted for 22% of its net originations.
Direct Sales
The company has established a direct-to-market team to sell and install its products and services in limited markets. This sales team is primarily focused on selling solutions, such as Sunnova Protect Services, Sunnova +SunSafe, and financing for electric vehicle chargers, generators, and other supplements as requested by consumers. In many cases, these services will be directed to a third-party installer in the company’s network, as required, for the installation of equipment.
Business Markets
The company has established a division to serve commercial, industrial, agricultural, not-for-profit, and public sector customers. This division is primarily focused on offering solutions, such as solar energy systems, energy storage systems, and electric vehicle chargers as requested by customers, through a lease agreement, loan agreement, or cash purchase.
Grid Services
The company has developed relationships with various independent system operators, utilities, transmission and distribution companies, community choice aggregators, and other providers, seeking to coordinate with them to provide specialized grid services. Examples of these services include aggregation capability for demand response programs and participation in capacity auctions. These grid programs can make use of the solar energy systems, energy storage systems, and other technologies installed in customer homes and businesses and managed by the company via a centralized platform and internally developed software. By providing grid services, the company seeks to earn additional revenue, improve grid resiliency, promote efficient grid operations where its customers are located, and lower the cost of power to its customers.
Software Platforms
The company has created sophisticated cloud-based technology platforms, streamlining the origination, installation, administration, orchestration, and servicing of its energy solutions. The company’s proprietary dealer, customer, and energy management software supports customers, dealers, and internal users in the sale, installation, and management of its products and services. The platforms leverage cloud-based infrastructure and software capabilities using multiple third-party providers, including Salesforce, Amazon Web Services, Heroku, FinancialForce, and Infor. The platforms are compatible with multiple end-user device types, including smartphone, tablet, and desktop/laptop interfaces.
Key Software Platforms Include:
Sunnova Catalyst Dealer Platform: Sunnova Catalyst enables dealers to manage leads, design systems, generate quotes and contracts, and create plan sets and commissioning packages through a combination of web, tablet, and mobile device interfaces. As part of the quoting feature set, customer pricing is delivered by a combination of cloud-based technologies, including Arcadia/Genability, PV Watts (a service of the National Renewable Energy Laboratory), and proprietary applications running on Amazon Web Services and Heroku. The company enables dealers to generate customer agreements and proposal documents on demand for presentation to prospective customers. Each completed quote is transferred into Salesforce for agreement generation, customer access, and reporting. Sunnova Catalyst also includes features to streamline the approval process for the design and installation of solar energy systems, track install progress, and establish a standard process for ongoing service and warranty management.
Sunnova App and Portal: Sunnova App and Portal are the company’s mobile and web experiences for customers. The mobile and web apps enable customers to interact with the Sunnova Adaptive Home. Customers can view their energy systems' production history, manage devices, pay bills, manage accounts, view energy recommendations and contact information, generate referrals, and contact its customer service team. The Sunnova App is available for both Android and iOS.
Sunnova Sentient: Sunnova Sentient is the company’s proprietary platform for energy awareness, intelligence, and control. Sunnova Sentient powers Sunnova Adaptive solutions for homes, businesses, and communities. The company is incorporating Sunnova Sentient into its dealer and customer platforms to recommend customer-specific energy solutions and optimize energy products and services. Sunnova Sentient powers the company’s advanced grid services and carbon reduction programs.
Salesforce: Salesforce is the company’s central repository and system of record for all contracts, process documentation, customer account information, maintenance information, and payment tracking for the life of the customer agreement. This single system allows for integrated and comprehensive reporting for the life cycle of the customer, from quote to end of the customer agreement term. Many of its other systems interact with the Salesforce platform.
FinancialForce and Infor: FinancialForce is a cloud-based accounting system built on the Salesforce platform.
Customer Agreements
The company focuses on growing a geographically diverse customer base with a strong credit profile. It perceives its recurring customer payments as high-quality assets given the broad and relatively inelastic demand for electricity and because the company’s customers typically have high credit scores. As of December 31, 2024, the company’s customers had at the time of signing the customer agreement, an average FICO score of 742. The purpose of the company’s stringent credit approval policy is to ensure reliability of collecting payment over the duration of the customer agreements. As of December 31, 2024, approximately 0.6% (or $4.0 million) of its customer receivables were in default (over 120 days past due) under their agreements.
The company’s lease and PPA agreements typically include an opportunity for customers to renew for up to an additional 10 years via two five-year or one 10-year renewal options. The customer is obligated to make monthly payments to the company, and it operates and maintains the solar energy system and energy storage system, if applicable, in good condition throughout the duration of the agreement. Under the company’s lease agreements and PPAs, the customer's monthly payment or price per kilowatt hour (‘kWh’) is set based on a calculation that takes into account the life of the equipment and/or expected solar energy generation. The customer has an option of choosing a flat rate without an escalator or a lower initial rate with an escalator. As of December 31, 2024, approximately 41% of the company’s leased agreements and PPAs contained a price escalator, ranging from 0.9% to 3.9% annually.
The company provides its services related to solar energy systems and energy storage systems through long-term agreements in the following formats:
Lease Agreements: Under the Easy Plan equipment lease, the customer leases a solar energy system and/or energy storage system from the company for an existing home at a fixed monthly rate that is typically subject to annual escalation. Under the LeasePlus New Home Solar Plan, the customer leases a solar energy system from the company at a fixed monthly rate that is not subject to escalation throughout the term of the lease. Under the Prepaid LeasePlus New Home Solar Plan, the lease is prepaid upfront for the term of the lease. In 2024, the company introduced a government-subsidized lease for a solar energy system with an energy storage system in Puerto Rico for customers that participate in the PR Energy Resiliency Fund (ERF). The Solar Benefits Agreement is offered to new home customers in certain states, and like the LeasePlus New Home Solar Plan, the customer leases a solar energy system from the company at a fixed monthly rate that is not subject to escalation throughout the term of the lease. The company owns, operates, and maintains the solar energy system under its lease agreements. In most cases, lease agreements include a performance guarantee under which the company will refund payments or credit the customer if the solar energy system fails to meet a guaranteed minimum level of power production for specified time periods.
PPAs: The company offers PPAs with variable monthly payments or balanced monthly payments. It owns, operates, and maintains the solar energy system under its PPAs.
Easy Plan PPA with variable billing: The customer agrees to pay for all power generated by a solar energy system at a price per kWh that is generally lower than the local utility rate. The monthly payment will vary month to month based on the system's actual production. The monthly rate is generally subject to annual escalation. In the first quarter of 2024, the company launched the RateGuard option in select states under which a customer can bundle a non-backup battery with their solar system.
Easy Plan PPA with Balanced Billing: This is similar to the variable billing option, except the customer's payments are levelized over the course of a year based on an annual production estimate, so the customer's payments are insulated from monthly fluctuations in energy production, subject to a true-up at the end of such period. The fixed monthly rate is typically subject to annual escalation. Should the annual production estimate exceed actual production, the customer will receive a bill credit at the end of the applicable period, and the company may decrease the estimated production (and corresponding monthly payments) for the subsequent year. Should actual production exceed the annual estimate, the company may apply the overproduction to a subsequent year or increase the estimated annual production and corresponding monthly payments for the subsequent year. The estimated annual production will not increase more than 110% from the estimated annual production for the first year.
Solar 20/20 Plan Agreement & Covenants: This is offered to new home customers who agree to pay for all power generated by a solar energy system at a price per kWh that is indexed to the local utility rate but is guaranteed to be at least 20% lower than the applicable utility's weighted-average rate that takes into account the customer's estimated production. The monthly payment will vary month to month based on the system's actual production and that month's indexed rate.
Fixed Rate Power Purchase Agreement: This is offered to new home customers and is similar to the variable billing option, except the monthly rate is fixed throughout the term of the agreement and not subject to annual escalation.
Loan Agreements: Pursuant to an Easy Own Plan equipment purchase agreement, the customer purchases the solar energy system from a dealer using financing provided by the company. The customer repays the amount financed plus a finance charge through monthly payments for a term of 10, 15, or 25 years. The company purchases the Easy Own Plan equipment purchase agreement from the dealer and agrees to operate and maintain the solar energy system. It operates and maintains the solar energy system through the company’s network of dealers. In most cases, Easy Own Plan equipment purchase agreements include a production guarantee under which the company will refund payments or credit the customer if the solar energy system fails to meet a guaranteed minimum level of power production for specified time periods. Customers under the company’s Easy Own Plan equipment purchase agreements have the option to prepay outstanding principal amounts, in part or in full, without penalty.
Energy Storage Systems: The company’s Sunnova SunSafe program offers customers the option of a solar energy system integrated with a solar storage system. The customer can either choose an Easy Plan equipment lease or Easy Own Plan equipment purchase plan. These are similar to the company’s Easy Plan equipment lease and Easy Own Plan equipment purchase for home solar services but include energy storage systems with the solar energy system. The customer may select a term of 10, 15, or 25 years for the Easy Own Plan equipment purchase. These agreements have a production guarantee for the solar energy system, similar to the home solar service Easy Plan equipment lease and Easy Own Plan equipment purchase plans, except in Guam, Saipan, Hawaii, Puerto Rico, Arkansas, and Florida. Additionally, the company offers the Sunnova +SunSafe agreement to new and existing customers in several states and territories, under which the customer purchases an energy storage system from a dealer using financing provided by the company. Under the Sunnova +SunSafe agreement, the customer repays the amount financed plus a finance charge through monthly payments for a term of 10, 15, or 25 years. In the fourth quarter of 2023, the company launched its standalone lease program in several states to new and existing customers, under which the customer can lease an energy storage system with a fixed monthly payment for a term of 10 years.
Sunnova Loan: The company finances energy-related products and services and other sustainable home products sold by its dealers/contractors independent of a solar energy system. It offers customer financing for products, including home automation, energy management, and other smart home devices, upgraded roofing, modern HVAC, generators, water systems, water heaters, main panel upgrades, and electric vehicle charging. The company has established a niche amongst pure financing competitors by providing energy-related products and services and other sustainable home products with competitive rates and tenors. Where applicable, the financed products come with a standard manufacturer's warranty on equipment. The company’s Sunnova Loan offering gives its dealers and contractors the flexibility to offer additional products and services to customers outside of a traditional solar loan. Customers may select a pre-defined term ranging from 1 to 20 years.
Sunnova Protect Services: For solar energy systems not owned or sold by the company, the company’s Sunnova Protect Services agreements provide customers with system monitoring, diagnostics, and repairs. The company provides two levels of service: Basic, which is monitoring only, and Premium, which is monitoring plus repair and/or replacement of all equipment under a manufacturer's warranty. The customer may select the level of service and a term of 1, 5, 10, or 20 years.
Sunnova Repair Services: Through the company’s Sunnova Repair Services, it provides repairs to solar energy systems and energy storage systems for out-of-warranty system repairs or to owners of solar energy systems and energy storage systems not owned or sold by the company who do not have a service provider. Sunnova Repair Services can address repairs not covered by warranties for both solar energy systems and energy storage systems owned or sold by the company and solar energy systems and energy storage systems not owned or sold by it. The variety of repairs that Sunnova Repair Services may provide includes assessment and troubleshooting, warranty administration, warranty fulfillment, preventative maintenance, and repair and replacement of equipment. Additionally, suppliers and financiers procure Sunnova Repair Services for repairs on their behalf.
As of December 31, 2024, approximately 31% of the company’s customers had leased agreements, approximately 28% had PPAs, approximately 24% had loan agreements, and approximately 12% had service plan agreements.
The company has developed protocols and policies to qualify potential customers for different product and service arrangements. For customer agreements, it reviews the customer's credit application for compliance with the company’s credit standards early in the origination process. Customer agreements that are accepted must comply with its underwriting standards, which emphasize the prospective customer's ability to pay, the suitability of the home or site, and the value of the customer's estimated savings under the solar service agreement compared to traditional utility rates. Exceptions to these policies exist for prospective purchasers of homes subject to the Easy Plan equipment lease, LeasePlus New Home Solar Plan, the Prepaid LeasePlus New Home Solar Plan, the Solar 20/20 Plan Agreement & Covenants, and the Fixed Rate Power Purchase Agreement. These customers are not subject to credit checks, and these agreements are freely transferable.
The company maintains reporting and controls in place to monitor the timeliness of customer payments. As of December 31, 2024, approximately 85% of all payments received pursuant to the company’s customer agreements are collected via Automated Clearing House payments (i.e., the funds are deducted automatically on a monthly basis from the customer's bank account), approximately 9% are collected via automatic recurring credit card payments, and approximately 6% are collected through non-recurring means. If a customer becomes delinquent on one or more monthly installment payments, the company typically begins a collection process with respect to the customer.
In the event a customer elects to sell his or her home or business, the customer's agreement may be transferred to the prospective purchaser through prescribed reassignment procedures, subject to certain conditions related to the prospective purchaser's creditworthiness. To initiate the reassignment process, the customer must notify the company of the pending sale, after which it will provide a copy of the agreement, including any amendments, to the prospective purchaser. The prospective purchaser will then be required to complete a customer profile and a credit application. With the exception of customers originated through its homebuilder channel, each prospective purchaser's FICO Score and Experian TEC (Telecommunications, Energy, and Cable) Score will be evaluated on the same basis as a customer in a new origination and will be evaluated by the company's computer auto-decisioning system.
Monitoring and Maintenance Service and Warranties
The company’s customer agreements typically are accompanied by a warranty, including a monitoring and service agreement. The warranty and monitoring services provided with each type of customer agreement vary but can include operations and maintenance, equipment repairs, monitoring, or site power controls and energy management of both supply and demand. Additionally, the company’s Sunnova Protect Services program offers monitoring, service, and facilitation of repairs across two tiers of service for solar energy systems owned by the home or business owner and installed by a third party.
For the company’s customer agreements, it provides ongoing service during the entire term of the customer relationship, including monitoring, maintenance, and warranty services for the solar energy system and energy storage system, if applicable. The company has administrative staff dedicated to monitoring and a production team that evaluates the solar energy systems' and energy storage systems' performance daily. When a performance or operation issue is detected via the company’s monitoring system, it provides or arranges for troubleshooting or field services as necessary. The company relies on its own personnel and its dealer network to complete the field services required to maintain the solar energy systems. After completion of the resolution steps, the company verifies remotely that the issue has been resolved and the system or energy service is performing as expected.
Additionally, customers under the company’s agreements receive a range of warranties on the related solar energy systems and energy storage systems, including warranties for module production and against defects in workmanship, as well as against component or materials breakdown. The company also provides customers with a warranty on roof penetrations of up to 10 years in compliance with applicable state, territorial, or local law. Through the company’s agreements with its dealers, the dealer is generally obligated, at its sole cost and expense, to correct defects in its installation work for a period of up to 10 years and provide a roof warranty on roof penetrations of 5 to 10 years. Furthermore, the company provides a pass-through of the solar photovoltaic panel manufacturers' warranty coverage to its customers, generally of 25 years, and of the inverter and energy storage system manufacturers' warranty coverage, typically of 10 to 25 years. The company typically exercises its rights under the manufacturer's equipment warranties or dealer installation warranties before incurring direct charges or costs.
Seasonality
The amount of electricity the company’s solar energy systems produce is dependent in part on the amount of sunlight, or irradiation, where the assets are located. Because shorter daylight hours in winter months and poor weather conditions due to cloud cover, rain, or snow result in less irradiation, the output of solar energy systems will vary depending on the season or the year. The company’s Easy Plan PPAs with variable billing, Solar 20/20 Plan Agreements, and Fixed Rate Power Purchase Agreements are subject to seasonality because it sells all the solar energy system's energy output to the customer at either a fixed price per kWh or indexed, variable rate per kWh. The company’s Easy Plan PPAs with balanced billing are not subject to seasonality (from a cash flow perspective or the customer's perspective) within a given year because the customer's payments are levelized on an annualized basis, so it insulates the customer from monthly fluctuations in production. In addition, energy production true-ups and production estimate adjustments for Easy Plan PPAs with balanced billing are calculated over an entire year. However, the company’s Easy Plan PPAs with balanced billing are subject to seasonality from a revenue recognition perspective because, similar to the Easy Plan PPAs with variable billing, it sells all the solar energy system's energy output to the customer. The company’s lease agreements are not subject to seasonality within a given year because it leases the solar energy system to the customer at a fixed monthly rate, and the reference period for any production guarantee payments is a full year (year ended December 31, 2024).
Government Regulations
In Puerto Rico, the company is subject to regulation as an electric service company by the Puerto Rico Energy Bureau (‘PREB’) and is required to comply with certain filing, certification, reporting, and annual fee requirements.
Competition
The company competes with solar companies with vertically-integrated business models, such as Sunrun Inc. In addition, it competes with other solar companies that sell or finance products directly to consumers, inclusive of programs like Property-Assessed Clean Energy, such as Goodleap, LLC, and Mosaic, Inc.
Suppliers
For the year ended December 31, 2024, Hanwha Q-Cells and Canadian Solar supplied approximately 61% and 12%, respectively, of the company’s solar photovoltaic panels installed. For the year ended December 31, 2024, Enphase Energy, Inc. and SolarEdge Technologies Inc. accounted for approximately 63% and 26%, respectively, of the inverters used in its solar energy system installations. For the year ended December 31, 2024, Tesla, Inc. accounted for approximately 87% of its energy storage system purchases.
History
Sunnova Energy International Inc. was founded in 2012. The company was incorporated in Delaware in 2012.
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