Sunnova doubles customer count in Q1 2023

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Sunnova Energy International in its Q1 2023 earnings report today added 30,100 customers over the recent quarter across 1,376 dealers, a 96.7% year-over-year increase from 15,300 customers added a year ago, bringing its total customer count to 309,300.

The Houston-based distributed energy systems company recorded more than 5,000 of new customers in the commonwealth of Puerto Rico in the recent quarter, representing its second highest market after California, where it added 5,512 new customers.

Revenue increased to $161.7 million in Q1 2023, a 146% increase over the prior year, as a result of an increased number of solar systems put in service and the sale of inventory.

“Our strong growth trajectory can be attributed to our continuous investments in software, service, and multiple channels for growth, which have allowed Sunnova to increase market share and widen its total addressable market,” said William “John” Berger, chief executive officer of Sunnova.

Sunnova has 1.95 GW of solar and 801 MWh of energy storage resources under management, with solar up 41% year-over-year and the storage retention rate at 15.6%, up from 12.5% a year ago.

“Just last week, we announced a conditional commitment with the U.S. Department of Energy Loan Programs Office to expand access to Sunnova’s Energy as a Service offerings, potentially adding to our growth by making our energy services accessible to homeowners who may not have qualified without this commitment,” said Berger.

The company raised its 2023 full year guidance, with customer additions increasing from a range of 115,000 to 125,000 to a range of 125,000 to 135,000.

Sunnova’s common stock traded up more than 12.8% today, to $18.43 per share from $16.34 a day ago, on Q1 2023 earnings strength and increased guidance.

Earlier this week, Sunnova announced a $3 billion conditional loan guarantee from the U.S. Department of Energy Loan Programs Office to support a new consumer loan channel called Project Hestia. If approved, the loan office will backstop the company’s deployment of up to $5.2 billion of collateral projects for the deployment of virtual power plant (VPP) systems. Hestia is designed to increase accessibility to solar and VPP networked solutions for disadvantaged communities who previously may not have been able to finance residential solar projects or energy storage.

Sunnova vice president of capital markets Dan DeSnyder told pv magazine USA that the landmark securitization will take about three years to deploy. The asset-based financing will support new customer solar plus integrated residential solutions installations such as EV charging, smart thermostats and other equipment interconnected to the company’s MySunnova smartphone app, he said.

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