Sunnova

What Sunnova does

Sunnova Energy International Inc. was a Houston-headquartered, publicly traded (NYSE: NOVA) residential solar and energy storage provider founded in 2012, operating an Energy as a Service model across more than 40 U.S. states with an installed base of approximately 440,000 customer systems. The company's core offerings comprised rooftop solar panel installations, home battery storage, and energy management services bundled with flexible financing arrangements — solar leases, power purchase agreements (PPAs), and direct loans — designed to remove upfront cost barriers for residential homeowners.

Underlying technology included proprietary Virtual Power Plant orchestration that aggregated distributed residential batteries to participate in wholesale grid services under FERC Order 2222, as well as Project Hestia infrastructure supported by a conditional U.S. Department of Energy loan guarantee intended to expand solar and storage access in disadvantaged communities. Distribution was executed through a network of local dealer and installer partners spanning more than 20 states, supplemented by direct-to-consumer sales, with field-based door-to-door customer acquisition as the primary bottom-of-funnel channel.

Revenue was generated through three principal streams: recurring subscription revenue from solar leases and PPAs, one-time hardware sale revenue from solar loan originations, and recurring storage and energy management service fees. The capital-intensive lease/PPA model required ongoing balance-sheet financing through warehouse facilities, securitization SPVs (e.g., Sunnova Hestia, Aurora, EZ-Own issuers), green bonds, and equity raises, which ultimately exposed the company to interest rate, refinancing, and federal policy (ITC, net metering) risks. Following deteriorating financial conditions through 2024-2025, Sunnova filed for Chapter 11 bankruptcy in June 2025 with over $10.5 billion in liabilities; substantially all assets were sold to GoodFinch Management affiliates and acquired by Solaris in September 2025, with SunStrong Management assuming customer servicing. Sunnova has ceased independent operations.

Name

Sunnova

Legal name

Sunnova Energy International Inc.

Website

https://sunnova.com

Company type

Public

Founded year

2012

Operating status

Acquired

Headcount range

1,001–5,000 employees

Short description

Sunnova was a Houston-based, publicly traded residential solar and battery storage provider (Energy as a Service) serving approximately 440,000 homeowners across 40+ U.S. states via leases, PPAs, and loans; it filed Chapter 11 bankruptcy in 2025 and was acquired by Solaris.

Ownership category

akta.pro rank

Product category

Residential Solar Services

NAICS

Solar Electric Power Generation (221114), Electric Power Generation, Transmission and Distribution (2211)

SIC

Electric Services (4911)

akta.pro primary industry

Solar Financing, Leasing & Ownership Platforms (Tax Equity, PPA, Securitization) (EUAMABAJ)

akta.pro secondary industries

Solar Roofing & Roof-Mounted PV Systems (IMADAFAO), Solar EPC & Construction (Utility-Scale, Rooftop, Balance of System) (EUAMABAB)

Keywords

• Residential solar services
• Energy storage systems
• Solar lease financing
• Power purchase agreements
• Virtual power plants

Headquarters

HQ city

Houston

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Supply Chain, Personnel, Marketing or Sales, Operations, Technology or R&D, Infrastructure

Revenue model

1. Solar Leases and PPAs: Recurring revenue from residential solar leases and power purchase agreements with homeowners. Customers pay monthly for solar energy generation without upfront equipment costs.
2. Solar Loan Financing: One-time hardware sales revenue from solar panel loans to homeowners who purchase systems outright or finance through third-party lenders.
3. Energy Storage Services: Battery storage and energy management services bundled with solar offerings, providing additional recurring revenue streams.

Pricing tiers

Go-to-market motion2 records

Distribution channels2 records

Marketing channels1 record

Core offering

Sunnova provides residential rooftop solar panel installations paired with battery storage, financed to homeowners through solar leases, power purchase agreements (PPAs), and solar loans. It bundles these hardware offerings with energy management services including system monitoring, billing, and optimization, and aggregates customer systems into virtual power plants that participate in grid services. Its customer base of approximately 440,000 households spans more than 40 U.S. states.

Product overview

Sunnova operates as an Energy as a Service (EaaS) provider in the U.S. residential solar and energy storage market, offering a comprehensive portfolio of products and financing options to approximately 440,000 customers across over 40 U.S. states. The company's core offerings include rooftop solar panel installations and battery storage systems, supported by flexible financing arrangements (solar leases, power purchase agreements, and loans). These core products are complemented by virtual power plant capabilities that enable grid participation, and specialized programs like Project Hestia targeting disadvantaged communities. Sunnova's end-to-end service model encompasses system installation, ongoing energy management services, billing, and monitoring, providing homeowners with a complete residential clean energy solution.

Differentiator

Problem solved

Functional benefit

Products and services

• Residential Solar Systems Rooftop solar panel installations for residential homeowners, providing on-site clean energy generation to reduce electricity costs and increase energy independence. Delivered through Sunnova's network of local installation partners across more than 20 U.S. states.
• Battery Storage Home battery storage solutions paired with solar installations to store excess energy for use during outages or peak demand periods, enabling greater energy resilience and reliability for residential customers.
• Energy Management Services Ongoing energy management services including system monitoring, billing, and optimization to help homeowners maximize their solar investment, performance, and energy savings over the life of the system.
• Solar Lease A leasing arrangement where Sunnova owns the solar equipment and the homeowner pays a monthly fee to use the system, avoiding upfront installation costs while still benefiting from clean energy generation on their property.
• Power Purchase Agreement (PPA) A financing model where homeowners purchase the electricity generated by their solar system at a predetermined rate rather than paying for the equipment itself, typically resulting in lower monthly utility bills than the local utility tariff.
• Solar Loan A financing option allowing homeowners to purchase their solar system outright through a loan, enabling them to own the equipment, claim available tax credits and incentives, and build home equity.

Quantifiable outcome

• Approximately 440,000 customers served across over 40 U.S. states
• +2 more outcomes

Named customers1 record

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Five partnerships are on record, tiered core and minor.

• SunStrong ManagementcoreStrategic or Co-development Partner · 5 September 2025Full-service asset manager for renewables industry that assumed responsibility for servicing Sunnova's customer accounts, including operations & maintenance, billing & collections, and investor engagement. Ensures continuity for approximately 440,000 customer systems following acquisition.
• SolariscoreStrategic or Co-development Partner · 5 September 2025Parent company that completed acquisition of Sunnova to secure long-term continuity of operations and solar asset management. Solaris acquired substantially all assets and operations through competitive, court-supervised sale process.
• GoodFinch Management (Sunnova Acquisition)coreStrategic or Co-development Partner · 3 August 2025Ad hoc group of debtor-in-possession lenders and affiliates that acquired substantially all of Sunnova's assets and business operations through court-supervised Chapter 11 sale process. Transaction involved $25 million cash consideration and credit bid of DIP financing.
• GoodLeapminorChannel Partner/ Reseller/ Distributor · 27 July 2025Leading solar-market participant working with SunStrong to facilitate completion of certain in-progress solar installations for former Sunnova customers.
• OmnidianminorStrategic or Co-development Partner · 10 July 2025Seattle-based solar servicing company that purchased a portion of Sunnova's solar panel business for $7 million as part of bankruptcy proceedings. Sunnova entered into stalking horse asset purchase agreement with Omnidian.

Scale indicators8 records

Recent moves6 records

Expansion highlights4 records

Market position

Competitive moat4 records

Key risks7 records

Key highlights6 records

Customer concentration

• Xx.com/SunnovaEnergy
• Facebookfacebook.com/sunnovasolar
• LinkedInlinkedin.com/company/sunnova

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Subsidiaries6 records

Funding overview

Funding rounds14 records

Investors10 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Sunnova