Sunnova Energy International is expanding its energy service offerings to the commercial solar market, citing the passing of the Inflation Reduction Act as a key reason. The IRA is expected to increase deployment of commercial solar projects by 20% over the next five years, according to the SEIA/Wood Mackenzie Power & Renewables U.S. Solar Market Insight report.
With the expansion of Sunnova’s energy services into the underserved commercial market, businesses will be able to take control of their energy costs by transitioning to solar, gaining resilient backup power, and tapping into available revenue streams such as selling excess solar energy back to the grid or participating in local grid services.
“Electricity usage can be one of the biggest and most unpredictable costs facing businesses, and unexpectedly losing power due to a utility outage can create additional expense and hardship,” said William J. (John) Berger, founder and CEO at Sunnova. “We see a significant growth opportunity in the commercial solar market that is a natural extension of our market-leading services on the residential side.”
With a total addressable market of approximately 145 GW that is only 5% penetrated, according to Wood Mackenzie, Sunnova will be leveraging its network of dealers who have wanted to sell commercial solar, or who already do, to facilitate a rapid market entry.
“We are excited to enter this underserved sector of the market to help businesses manage their energy needs with a differentiated and innovative approach,” said Michael Grasso, EVP, Chief Marketing and Growth Officer at Sunnova. “Sunnova will offer businesses a complete suite of energy technologies, finance options, and services tailored to meet their specific energy needs, business goals, and local utility rate structures.
Along with its technology, Sunnova is promoting its 25-year service guarantee, the Sunnova Protect Business plan, as important part of its entry into C&I.
Sunnova will also provide flexible financing options for systems starting at 50 kW that are catered to the preferences and tax status of each business.
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Read More: Sunnova enters commercial, industry solar market