by William J. (John) Berger, Chief Executive Officer
Welcome to Nova News! I’m thrilled that we are launching this newsletter as another way for all of us at Sunnova to stay connected and informed on the exciting initiatives and activities we have going on within our four walls and across all of the states and territories where we operate. As we continue to grow as a team, I want to ensure we all know where we’re going as a company and how we can get there, together.
When I started Sunnova, I knew we were going to drive an energy revolution to positively impact the way people source and use energy. With our growing Sunnova team, geographic footprint, product launches and financial strength as proof points, we are leading the charge to create a cleaner and more sustainable new energy future for good.
Over the last few weeks, the company has undergone its annual budgeting process, looking at 2019 and our performance and then adjusting the scope as we look into 2020 and what comes next. While 2019 has been a big year so far—we’ve grown our customer count 46% year-over-year, we’ve launched 138 new products across our various markets, we’ve continued to emphasize a positive customer experience, and we went public on the New York Stock Exchange in July—2020 is gearing up to be just as exciting.
When we look back in a few years, we’ll say this was the energy transition year. And as we head into 2020 with the energy landscape continuing to morph and grow, we are the lead architects for what the new energy system will be for the 21st century consumer. We are here to Power Energy Independence.
NOVA by the Numbers
On October 31st, we held our Q3 earnings call. For those who would like to listen to a recording of our earnings call and/or view our earnings presentation, you can find those materials on our Investor Relations webpage.
2020 Major Metrics Goals
- Customer Count: For 2019 we expect to have a customer growth rate of 30%+. For 2020 we anticipate adding between 23,000 – 27,500 new customers
- Adjusted EBITDA: For 2019 our Adjusted EBITDA is expected to fall between $47 - $49 Million. For 2020 between $55 - $60 Million
- Principal Payments and Interest Received on Solar Loans: For 2019 P&I received on solar loans is expected to fall between $29 - $31 million. For 2020 between $45 - $55 million
- Adjusted Operating Cash Flow (Adjusted OCF): For 2019 Adjusted OCF is expected to fall between ($2) - $1 million. For 2020 between $5 - $15 million
Business DevelopmentYear to Date Launch Count:
- 6 New Markets
- 18 Solar + Storage
- 31 Retrofit Storage
- 15 Sunnova Protect
- 58 Other Products
- 128 Total Products
In the News
Our social media efforts are getting a recharge with the addition of our Social Media Manager, Melissa Sustaita, and we invite you to follow along on LinkedIn, Facebook, and Twitter. Show us your support by liking, sharing or retweeting our posts. There are a lot of exciting things happening at Sunnova and our social channels are a great way to keep a finger on the pulse.
What We Value
Five-Star Review, September 26, 2019
“From the start, everyone I talked with was very knowledgeable, explained all details and advised me of my options. They kept me informed on all stages of installation and followed up with emails and phone calls... I highly recommend them! You won’t be disappointed!”
Sandra Winston, Vail, AZ
Five-Star Review, December 13, 2019
“We had met with 5 other solar companies and always felt pressured or that they were uneducated on the actual system and making things up as they went...we had agreed to meet with 1 past company (Sunnova) since they were highly recommended, and very glad that we did. From the first meeting until the finished install we could not be happier. System has been up and running for 3 months now and we have had zero issues...”
J Silva, West Warwick, RI
Five-Star Review, December 16, 2019
“Sunnova will take you step by step and inform on what to expect when the installers arrive and how long it will take. Upon completion of installation someone will follow up to confirm adequate and professional installation was done. This was a flawless operation from start to ending.”