Thursday, 30 July 2020, 22:40:00
Residential solar company Sunnova came out of a daunting Q2 in better financial shape than it’s ever been. Earlier in the year, the disruption of the coronavirus pandemic and public safety response prompted most leading solar companies to revoke their financial guidance for the year. Vivint Solar, SunPower, Sunrun and Tesla all did. But Sunnova did not, and it backed up its confidence with strong performance in the second quarter. Sunnova installed 6,166 rooftop systems in the quarter through its dealer network. At an average size of 7.8 kilowatts, that translates to about 48 megawatts. That installation count is down 9 percent from Q1, not nearly as bad as the quarterly declines analysts predicted for the residential sector as a whole. And Sunnova’s installations up 54 percent from Q2 2019. That brings Sunnova’s total customer base to 91,574, including leases, loans and power purchase agreements. Sunnova also grew its dealer network from 191 partners in Q1 to 227 partners in Q2, and raised its energy storage attachment rate to 34 percent, from 30 percent the previous quarter. “It’s awesome to see the performance by my folks and the dealers through this quarter,” CEO John Berger told Greentech Media in a Thursday interview. “I strongly suspected that we could perform very well, but even I was surprised by how well we performed in this very difficult period.” Sunnova’s expectation for the year is to add 28,000 to 30,000 customers; the 12,936 already added means the company is on pace, given that installations typically increase in the latter half of the year.
— Green Technology Media
Questioning Tesla’s New Record-Low Residential Solar Pricing
Wednesday, 29 July 2020, 16:10:00
Since its acquisition of SolarCity in 2016, Tesla has systematically eliminated all active customer acquisition channels. In 2017 the company stopped door-to-door sales. In 2018, it pulled out of its retail partnership with Home Depot before finally closing all Tesla stores in 2019 and directing potential customers to their online platform. Tesla has now announced that it will deliver the lowest residential solar installation prices in the industry, enabled by a 64 percent decrease in sales and marketing spend. The company made adjustments to its offering as of late July, but Tesla’s new pricing offer is still about 20 percent lower than the industry average established by Wood Mackenzie in a recent report . Wood Mackenzie has now released a new analysis focused on Tesla that shares three potential price scenarios, each with a different cost stack, in order to better understand the viability of Tesla’s strategy. WoodMac finds that although Tesla’s approach is likely a window into the future, it is not guaranteed to succeed — and that solar customers will take on some of the risk.
— Green Technology Media
Thinking about buying stock in Vivint Solar, Actinium Pharmaceuticals, Delta Air Lines, Sunesis Pharmaceuticals, or Novan Inc?
Monday, 27 July 2020, 16:45:00
NEW YORK, July 27, 2020 /PRNewswire/ — InvestorsObserver issues critical PriceWatch Alerts for VSLR, ATNM, DAL, SNSS, and NOVN. To see how InvestorsObserver’s proprietary scoring system rates these stocks, view the InvestorsObserver’s PriceWatch Alert by selecting the corresponding link….
— PR Newswire
Vivint Solar to Report Second Quarter 2020 Financial Results
Thursday, 23 July 2020, 22:15:00
LEHI, Utah, July 23, 2020 /PRNewswire/ — Vivint Solar, Inc. (NYSE: VSLR) announced today that it plans to report financial results for the second quarter of 2020 after the U.S. financial markets close on Wednesday, August 5, 2020. The company will not be hosting a conference call this…
— PR Newswire
How Tesla failed to maintain a huge lead in residential solar, and why Elon Musk is unlikely to win it back
Thursday, 23 July 2020, 16:25:00
SolarCity dominated the rooftop solar industry in the years before it was acquired by Tesla in 2016. Now the firm, part of Tesla’s energy business, has just about 5% of the market, according to the research firm Wood Mackenzie. What happened? SolarCity was a huge solar installer, but it was struggling financially when Tesla bought it. Tesla diverted resources away from SolarCity following the acquisition to focus on the Model 3, according to analysts interviewed for this story. The coronavirus pandemic has slowed installations, the company said. For more stories like this, sign up here for our weekly energy newsletter, Power Line . Just five years ago, a Silicon Valley company founded by two of Elon Musk’s cousins ruled rooftop solar. In 2015, SolarCity controlled more than a third of the market for residential solar and installed a whopping 870 megawatts , according to the research firm Wood Mackenzie. The second-largest company at the time, Vivint Solar, had just 11% market share. Then, a year later, when SolarCity was struggling financially , Tesla bought it.
— Business Insider