Sunnova is a residential solar energy services company that sells, finances, installs, monitors, and maintains rooftop solar and battery storage systems for homeowners and businesses across more than 50 U.S. states and territories. Rather than employing its own installers, Sunnova operates through a network of roughly 2,100 independent dealers who originate, design, and install systems on Sunnova's behalf. Sunnova owns the solar assets and offers customers three primary contract structures: leases (fixed monthly payments), PPAs (per-kWh payments), and loans. Leases and PPAs now account for nearly all new originations, as Sunnova owns the systems under these structures and therefore captures the federal Investment Tax Credit (ITC), currently 30% of system cost plus potential adders that can push Sunnova's effective ITC rate materially higher. Sunnova monetizes these tax credits through tax equity partnerships and direct ITC sales to corporate taxpayers. Because installation costs are paid upfront while customer cash flows arrive over 20–25 year contract terms, Sunnova recycles capital by securitizing pools of lease and PPA contracts in the ABS market and raising tax equity. Beyond its core customer base, Sunnova also offers "Sunnova Protect" service plans to owners of solar systems installed by third parties. Growth priorities include expanding battery storage attachment rates, maximizing ITC adder capture, and aggregating customer assets into virtual power plants for grid services revenue.
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