Sunnova® Brings SunSafe® System to Florida and Debuts 15-Year Add-on Battery Financing in All Markets
Sunnova Energy International Inc. (NYSE: NOVA) today announced the expansion of its Sunnova SunSafe®1 solar + battery storage system offering into the state of Florida, making the Sunshine State the 13th market where Sunnova now offers SunSafe. Sunnova also announced the addition of a 15-year financing plan for add-on solar battery storage. This new, first of its kind, 15-year add-on solar battery storage offering is immediately available in all existing Sunnova SunSafe markets.2
From 2008 - 2017, Florida experienced 848 power outages affecting ~25 million people, more than any other state for the same time period.3 Extreme weather—from hurricanes to tropical storms—has caused severe power outages for Floridians. In 2017, Hurricane Irma alone knocked out power to 6.7 million customers—64% of all customer accounts in the state.4
“As weather events continue to increase in frequency and impact, we are proud to be able to offer our customers energy resiliency and reliability with our SunSafe solar + battery storage offerings,” said William J. (John) Berger, Chief Executive Officer of Sunnova Energy International. “With regular power outages becoming an unfortunate reality, back-up power isn’t just a nice-to-have anymore, it’s a necessity.”
The Sunnova SunSafe offerings provide customers with energy reliability and peace of mind when unexpected events cause grid power outages. 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 usage5. Additional batteries increase energy availability. All Sunnova solar + storage systems are backed by an exclusive 25-year Sunnova Protect™ service agreement. Our add-on solar battery storage offering comes with up to 15 years of coverage6.
“In addition to the broad choice of financing offerings we already provide, we are proud to now offer multiple financing options for our Sunnova SunSafe solar energy plans, with the 15-year offering helping to lower the cost to gain access to reliable energy storage,” said Michael Grasso, Chief Marketing Officer of Sunnova Energy International. “We’re here to provide a better energy service at a better price. We’re able to do that because we provide our dealers and customers with a variety of financing and product solutions.”
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; that back-up power is a necessity; 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 Sunnova design logo, “Sunnova” and our other registered or common law trademarks, service marks or trade names appearing in this press release are the property of Sunnova Energy Corporation. Solely for convenience, trademarks and trade names referred to in this press release, including logos, artwork and other visual displays, may appear without the ® or TM symbols, but such references are not intended to indicate in any way that we will not assert, to the fullest extent under applicable law, our rights or the rights of the applicable licensor to these trademarks and trade names.
2 All services provided by Sunnova Energy International Inc.’s subsidiary Sunnova Energy Corporation. Licensing Information.
3 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
4 Source: https://www.eia.gov/todayinenergy/detail.php?id=32992
5 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 to provide you with the best economic benefit, which may affect the amount of back-up power available). 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.
6 Limitations apply. Refer to warranty agreement for details.
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