HOUSTON--(BUSINESS WIRE)--Sunnova Energy International Inc. ("Sunnova") (NYSE: NOVA), a leading U.S. Energy as a Service (EaaS) provider, announced today its entrance into the US Virgin Islands (USVI) market, making the territory the company’s 42nd market for solar and battery storage services. With this expansion, Sunnova aims to extend its innovative energy services to homeowners and businesses in the USVI, catering to the growing demand for clean, resilient, and reliable power services.
The decision to enter the USVI market was driven by Sunnova's commitment to delivering sustainable and cost-effective energy options to island communities. Drawing from its 10 years of experience in Puerto Rico, where Sunnova witnessed firsthand the need for reliable power following the devastation caused by Hurricane Maria, the company recognizes the importance of providing the USVI with cutting-edge technologies and services.
Additionally, electricity prices in the USVI are approximately 43 cents per kilowatt-hour, three times the average power price in the United States. This significant price disparity allows Sunnova to offer a better energy service at a more affordable price, alleviating the financial burden on homeowners and businesses while promoting the adoption of clean and reliable solar energy. By harnessing the potential of distributed renewable energy and leveraging virtual power plants, new technologies, and scalable microgrid capabilities, Sunnova aims to bring long-term economic benefits and environmental sustainability to the USVI, ushering in a new era of accessible and reliable power supply for the local communities.
"Climate change poses unprecedented challenges to island communities, making resilient and reliable power solutions more critical than ever,” said Michael Grasso, Chief Revenue Officer of Sunnova. “As we witness the increasing frequency and intensity of extreme weather events, it is imperative to provide homeowners and businesses in the USVI with dependable energy services. Our successful track record in Puerto Rico, Hawaii, Guam and Saipan has demonstrated the significant impact we can make for our customers in island markets, and we are eager to replicate that success in the USVI."
Sunnova's expansion into the USVI market marks another significant milestone for the company as it continues to revolutionize the energy landscape across the United States and its territories. By leveraging its industry expertise, cutting-edge technologies, and commitment to customer satisfaction, Sunnova is poised to drive positive change and enhance energy reliability and resilience in the US Virgin Islands.
Sunnova Energy International Inc. (NYSE: NOVA) is a leading U.S. Energy as a Service (EaaS) provider with customers across the U.S. and its territories. Sunnova's goal is to be the source of clean, affordable, and reliable energy with a simple mission: to power energy independence so that homeowners and businesses have the freedom to live life uninterrupted®. For more information, please visit sunnova.com.
Forward Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements generally relate to future events or Sunnova’s future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as “may,” “will,” “should,” “expect,” “plan,” “anticipate,” “going to,” “could,” “intend,” “target,” “project,” “contemplates,” “believe,” “estimate,” “predict,” “potential” or “continue” or the negative of these words or other similar terms or expressions that concern Sunnova’s expectations, strategy, priorities, plans or intentions. Forward-looking statements in this press release include, but are not limited to, statements regarding the implementation, benefits, and impact of the collaboration and Sunnova’s current and future product offerings to consumers. Sunnova’s expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected, including risks regarding our ability to forecast our business due to our limited operating history, the effects of the coronavirus pandemic on our business and operations, results of operations and financial position, our competition, changes in regulations applicable to our business, fluctuations in the solar and home-building markets, availability of capital, supply chain uncertainty, our ability to attract and retain dealers and customers and our dealer and strategic partner relationships. The forward-looking statements contained in this press release are also subject to other risks and uncertainties, including those more fully described in Sunnova’s filings with the SEC, including our Annual Report on Form 10-K for the year ended December 31, 2022, and our subsequent Quarterly Reports on Form 10-Q. The forward-looking statements in this press release are based on information available to Sunnova as of the date hereof, and Sunnova disclaims any obligation to update any forward-looking statements, except as required by law.