Sunnova Enters Colorado, New Hampshire; Debuts SunSafe® Solar + Storage Offering in South Carolina
Sunnova Energy International Inc. (NYSE: NOVA) today announced it has entered Colorado and New Hampshire, bringing a broad array of product offerings to both states. Sunnova also announced the expansion of its Sunnova SunSafe® solar + battery storage system offering into the state of South Carolina, making the Palmetto State the 16th market where Sunnova now offers SunSafe®.
“We are proud to bring into these new markets the opportunity for homeowners to take control of their energy needs and to power their energy independence,” said William J. (John) Berger, Chief Executive Officer of Sunnova Energy International. “Uncertainty in the reliability of electric grids continues to grow. Our solar + storage offerings can protect our customers from power outages, especially during this time of increasing patterns of weather events1.”
Weather events affect regions across the country, and in the Northeast, high winds and tropical storms can knock out power. In 2017, New Hampshire experienced 21 power outages affecting ~450,000 people, with the average duration lasting a little over six hours2. South Carolina is the 7th highest U.S. state for direct hits from hurricanes and tropical storms3, and in 2018, Hurricane Florence caused a loss of power to roughly 800,000 homes4. In Colorado, 594 power outages occurred between 2008–2017, affecting nearly two million people5. In addition, the average utility rate has risen 20% in Colorado since 20086.
Sunnova’s products can bring customers greater peace of mind when dealing with power reliability during these weather events. Unlike a solar-only system, Sunnova SunSafe® customers can continue to generate solar energy during the day when a power outage occurs. Any excess energy produced is stored in the battery for use at night or when needed. When charged at 100%, customers can power their most needed lights and appliances for approximately 10-13 hours, depending on battery capacity and usage. Additional batteries increase energy availability during a power outage.
All Sunnova solar + storage systems are backed by best-in-class 25-year Sunnova Protect™ warranty, and Sunnova’s add-on solar battery storage offering comes with a manufacturer’s warranty for up to 15 years7.
"We are witnessing an increasing demand from consumers for reliable and renewable energy,” said Michael Grasso, Chief Marketing Officer of Sunnova Energy International. “We are answering this demand by providing our customers with some of the best solar technology and affordable energy solutions so they can receive a superior energy service at a fair and competitive price."
ABOUT SUNNOVA®
Sunnova is a leading residential solar and energy storage service provider, serving customers in more than 20 U.S. states and territories. Our goal is to be the leading provider of clean, affordable and reliable energy for consumers, and we operate with a simple mission: to power energy independence.
For more information, visit www.sunnova.com, follow us on Twitter @Sunnova_Solar and connect with us on Facebook.
Forward Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements generally relate to future events or Sunnova’s future financial or operating performance. In some cases, you can identify forward looking statements because they contain words such as "may," "will," "should," "expects," "plans," "anticipates,” “going to,” "could," "intends," "target," "projects," "contemplates," "believes," "estimates," "predicts," "potential" or "continue" or the negative of these words or other similar terms or expressions that concern Sunnova’s expectations, strategy, priorities, plans or intentions. Forward-looking statements in this release include, but are not limited to, statements regarding the increasing frequency and impact of weather events; the regularity of power outages; growing uncertainty in the reliability of electric grids ; that Sunnova SunSafe offerings provide customers with peace of mind; and the amount of time a battery can provide power in an outage. Sunnova’s expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected, including risks regarding our ability to forecast our business due to our limited operating history, our competition, fluctuations in the solar and home-building markets, our ability to attract and retain dealers and customers and our dealer and strategic partner relationships. The forward-looking statements contained in this release are also subject to other risks and uncertainties, including those more fully described in Sunnova’s filings with the Securities and Exchange Commission, including Sunnova’s prospectus filed pursuant to Rule 424(b) under the Securities Act of 1933, as amended, on July 26, 2019 and in Sunnova's other filings with the SEC, which are available free of charge on the SEC's website at: www.sec.gov.The forward-looking statements in this release are based on information available to Sunnova as of the date hereof, and Sunnova disclaims any obligation to update any forward-looking statements, except as required by law.
1 The amount of power available from the battery during a power outage is limited, depending on the loads connected, customer usage and battery configuration (i.e. batteries in certain areas may be set up increase energy availability. Solar systems and/or batteries may require repairs after weather events and such repairs may be delayed due to forces outside of our control. No assurances can be given that the solar system or the battery will always work. You should never rely upon either of these to power life support or other medical devices.
2 Source: Eaton Blackout Tracker: United States Annual Report 2017; Source: Eaton Blackout Tracker: United States Annual Report 2018 https://switchon.eaton.com/plug/blackout-tracker
3 Source: https://www.eia.gov/state/analysis.php?sid=SC
5 Source: Eaton Blackout Tracker: United States Annual Report 2018 - https://switchon.eaton.com/plug/blackout-tracker
6 Source: EIA Sales and Revenue (1990- Current) - https://www.eia.gov/electricity/data/eia861m/
7 Conditions and limitations apply. Please refer to the Warranty Agreement and Manufacturer’s Warranty for details.
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