HOUSTON--(BUSINESS WIRE)--
Sunnova Energy International Inc. ("Sunnova") (NYSE: NOVA), one of the leading U.S. residential energy service providers, announced today it will be launching an energy plan that will offer new customers a fixed percentage discount to prevailing utility prices and a 25-year market-based rate, all to offer price confidence to consumers regardless of volatile energy costs.
“For the first time, homeowners will be able to lock in a fixed discount to their local utilities’ electricity rates and charges for a full 25 years,” said Michael Grasso, EVP, Chief Marketing and Growth Officer. “When customers select this new energy plan, Sunnova will set the rate for solar energy at a fixed discount to the local utility’s price, then each year we will confirm or adjust the customer’s pricing to account for any changes. This is another great option from Sunnova that offers consumers the best and most flexible set of services for their individual energy needs.”
The market-based rate will be a new solar rate option within Sunnova’s Easy Plan™ Power Purchase Agreement (PPA). Unlike traditional solar plans, where a customer’s rate is set at contract and often escalates annually, the market-based solar rate will move with the market. Sunnova will monitor utility prices (which include taxes and other charges), and on an annual basis proactively adjust its customers’ pricing to the targeted discount percentage rate for that year. While the discount percentage will vary by market and utility, Sunnova customers selecting this plan will receive the same discount percentage vs. their local utilities’ prices over the life of the contract. This will enable customers to produce clean, reliable energy right from their rooftop while also paying a lower price than the utility’s, with confidence that their annual price is being adjusted to help them avoid volatility in the market.
This new product launch will further Sunnova’s portfolio of offerings that allow customers to take control of their home energy costs by going solar. Sunnova leads the industry in energy services and Sunnova’s Easy Plan PPA allows customers to buy down their PPA rate to reduce their bill up to one hundred percent, choose between monthly generational or levelized billing and will now allow Sunnova customers to get a specified discount from their local utility prices for the full 25 years of their energy service agreement.
Forward Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act 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,” “expect,” “plan,” “anticipate,” “going to,” “could,” “intend,” “target,” “project,” “contemplates,” “believe,” “estimate,” “predict,” “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 press release include, but are not limited to, statements regarding the implementation and benefits of the new solar rate option of the Easy Plan PPA. 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, the effects of the coronavirus pandemic on our business and operations, results of operations and financial position, our competition, changes in regulations applicable to our business, fluctuations in the solar and home-building markets, availability of capital, supply chain uncertainty, our ability to attract and retain dealers and customers and our dealer and strategic partner relationships. The forward-looking statements contained in this press release are also subject to other risks and uncertainties, including those more fully described in Sunnova’s filings with the SEC, including our Annual Report on Form 10-K for the year ended December 31, 2021 and our subsequent Quarterly Reports on Form 10-Q. The forward-looking statements in this press 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.
About Sunnova
Sunnova Energy International Inc. (NYSE: NOVA) is a leading residential energy service 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.
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Source: Sunnova Energy International Inc.