Sunnova Secures $110 Million to Grow Residential Solar Business

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It appears that financing for residential solar is picking up. Companies like Clean Power Finance have recently secured funds to use toward financing solar projects. Sunnova Energy Corporation is the latest of these companies. Sunnova has announced it secured an additional $110 million in financing specifically allocated to support the growth of its solar service offering to homeowners and to promote strategic market expansion.

The $110 million joins the previously announced $145 million to facilitate an increase in new customers.

“We are seeing huge customer growth as more customers recognize the value of choosing Sunnova’s power service over existing utilities and over other solar service providers,” said William J. (John) Berger, Chief Executive Officer of Sunnova. Sunnova has rapidly become one of the fastest-growing solar power companies and is quickly becoming one of the largest in the industry.

Despite the apparent ubiquity of companies like SolarCity, Sunnova offers solar service covering more states and U.S. territories than any other provider in the nation. Sunnova will use the additional financing to increase solar service adoption in the 23 states and territories the company currently serves. The funding will also help expand the program’s reach into new markets.

This is good news for both Sunnova and the industry as a whole, as there will be more money available for customers looking to go solar.