NOVA
- Sunnova Energy International Inc.
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Overview
Company Summary
Sunnova Energy International Inc. (NOVA) is a company that operates in the renewable energy industry, specifically focusing on residential solar and energy storage solutions.
NOVA offers homeowners the opportunity to switch to solar energy by providing them with customized solar energy systems designed to meet their unique energy needs. These systems consist of solar panels that capture energy from the sun and convert it into electricity, reducing reliance on traditional energy sources like fossil fuels.
In addition to solar panels, Sunnova also offers energy storage solutions, such as batteries, which allow homeowners to store excess energy produced by their solar panels and use it later when the sun is not shining. This helps homeowners to further reduce their dependency on the power grid and have energy available even during outages or peak demand periods.
The company's main business model revolves around providing long-term leasing and power purchase agreements (PPAs) to homeowners. Under a lease agreement, Sunnova installs and maintains the solar energy system on the homeowner's property, and the homeowner agrees to pay a fixed monthly fee for the use of the system. With a PPA, Sunnova owns and operates the solar system, and the homeowner agrees to purchase the generated energy at a predetermined rate.
Sunnova not only offers solar energy system installation and financing but also handles the ongoing maintenance and monitoring of the systems. This allows homeowners to enjoy the benefits of solar energy without the hassle of system management.
Overall, the primary goal of Sunnova is to help homeowners transition to clean, renewable energy sources, effectively reducing their environmental footprint while potentially saving on energy costs.