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Sunnova (NOVA) & Home Depot Partner to Grow Customer Base
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Sunnova Energy International Inc. (NOVA - Free Report) recently announced a new partnership with The Home Depot to exclusively offer solar and battery storage services in Home Depot stores in the United States and its territories. This should boost NOVA’s customer base and revenues in the coming quarters.
With this collaboration, Sunnova's Adaptive Home energy solutions will be available to consumers in more than 2,000 Home Depot locations.
Sunnova and Home Depot
This follows a previous collaboration between Sunnova and Home Depot. In 2021, Sunnova entered 100 Home Depot stores in hurricane-prone areas like Florida, Virginia and Maryland to provide customers with solar and battery storage service through its SunSafe.
Further, in 2022, Sunnova’s SunSafe brand of solar and battery storage was sold in all Home Depot stores in Puerto Rico. By 2023, the partnership had expanded into 15 markets, covering about 400 stores nationwide.
Sunnova’s Prospects in the U.S. Solar Market
With the United States rapidly adopting renewable energy as its preferred source of energy, solar power has emerged as the largest constituent of this transition. The declining installation costs and favorable government policies are expected to drive the nation’s solar industry in the coming days. To this end, a report from the Mordor Intelligence firm estimates that the U.S. solar energy market will register a CAGR of more than 16.48% during the 2024-2029 period.
To reap the benefits of such solid growth opportunities offered by the U.S. solar market, Sunnova has been expanding its footprint through capacity maximization and strategic partnerships.
Impressively, Sunnova serves more than 419,000 customers in more than 45 U.S. states and territories. As of Dec 31, 2023, Sunnova had 2.5 gigawatts of solar power generation and 1,090 megawatt-hours (MWh) of energy storage under management.
Peer Moves
Other solar players in the industry that are indulging in the expansion strategy to meet the growing demand of the U.S. solar market are as follows:
Enphase Energy (ENPH - Free Report) : Enphase is focused on ramping up production of its South Carolina and Texas facilities. Once fully ramped up, these facilities will have a global capacity of approximately 7.25 million microinverter units per quarter. The company’s revenue generation from the United States comprised 64% of the total revenues in 2023. On Mar 7, 2024, Enphase expanded its partnership with Semper Solaris to deploy Enphase Energy Systems in California.
ENPH’s long-term (three-to five-years) earnings growth rate is 17.3%. The firm delivered an average earnings surprise of 7.24% in the last four quarters.
SolarEdge (SEDG - Free Report) : The company has a good presence in the United States, with 25.5% of its total revenues in 2023 coming from this region. On Feb 14, 2024, the United States became the first customer to receive SEDG’s new high-power DC-optimized SolarEdge 330kW Inverter system for community and ground mount solar.
SEDG’s long-term earnings growth rate is 14.8%. Its share price has surged 68.3% in the past five years.
Canadian Solar (CSIQ - Free Report) : Canadian Solar has been ramping up its manufacturing facility in the United States. As of Jan 31, 2024, Canadian Solar had 6,446 megawatt-peak of solar and 19,064 MWh of battery energy storage development pipeline in the North America region. On Mar 4, 2024, CSIQ partnered with Sol Systems to supply its latest high-efficiency N-Type TOPCon solar modules in the United States.
CSIQ’s long-term earnings growth rate is 25%. The Zacks Consensus Estimate for 2024 sales implies a rise of 15.8% over 2023’s reported figure.
Price Performance
Over the past year, shares of NOVA have lost 56.2% compared with the industry’s 46.9% decline.
Image: Shutterstock
Sunnova (NOVA) & Home Depot Partner to Grow Customer Base
Sunnova Energy International Inc. (NOVA - Free Report) recently announced a new partnership with The Home Depot to exclusively offer solar and battery storage services in Home Depot stores in the United States and its territories. This should boost NOVA’s customer base and revenues in the coming quarters.
With this collaboration, Sunnova's Adaptive Home energy solutions will be available to consumers in more than 2,000 Home Depot locations.
Sunnova and Home Depot
This follows a previous collaboration between Sunnova and Home Depot. In 2021, Sunnova entered 100 Home Depot stores in hurricane-prone areas like Florida, Virginia and Maryland to provide customers with solar and battery storage service through its SunSafe.
Further, in 2022, Sunnova’s SunSafe brand of solar and battery storage was sold in all Home Depot stores in Puerto Rico. By 2023, the partnership had expanded into 15 markets, covering about 400 stores nationwide.
Sunnova’s Prospects in the U.S. Solar Market
With the United States rapidly adopting renewable energy as its preferred source of energy, solar power has emerged as the largest constituent of this transition. The declining installation costs and favorable government policies are expected to drive the nation’s solar industry in the coming days. To this end, a report from the Mordor Intelligence firm estimates that the U.S. solar energy market will register a CAGR of more than 16.48% during the 2024-2029 period.
To reap the benefits of such solid growth opportunities offered by the U.S. solar market, Sunnova has been expanding its footprint through capacity maximization and strategic partnerships.
Impressively, Sunnova serves more than 419,000 customers in more than 45 U.S. states and territories. As of Dec 31, 2023, Sunnova had 2.5 gigawatts of solar power generation and 1,090 megawatt-hours (MWh) of energy storage under management.
Peer Moves
Other solar players in the industry that are indulging in the expansion strategy to meet the growing demand of the U.S. solar market are as follows:
Enphase Energy (ENPH - Free Report) : Enphase is focused on ramping up production of its South Carolina and Texas facilities. Once fully ramped up, these facilities will have a global capacity of approximately 7.25 million microinverter units per quarter. The company’s revenue generation from the United States comprised 64% of the total revenues in 2023. On Mar 7, 2024, Enphase expanded its partnership with Semper Solaris to deploy Enphase Energy Systems in California.
ENPH’s long-term (three-to five-years) earnings growth rate is 17.3%. The firm delivered an average earnings surprise of 7.24% in the last four quarters.
SolarEdge (SEDG - Free Report) : The company has a good presence in the United States, with 25.5% of its total revenues in 2023 coming from this region. On Feb 14, 2024, the United States became the first customer to receive SEDG’s new high-power DC-optimized SolarEdge 330kW Inverter system for community and ground mount solar.
SEDG’s long-term earnings growth rate is 14.8%. Its share price has surged 68.3% in the past five years.
Canadian Solar (CSIQ - Free Report) : Canadian Solar has been ramping up its manufacturing facility in the United States. As of Jan 31, 2024, Canadian Solar had 6,446 megawatt-peak of solar and 19,064 MWh of battery energy storage development pipeline in the North America region. On Mar 4, 2024, CSIQ partnered with Sol Systems to supply its latest high-efficiency N-Type TOPCon solar modules in the United States.
CSIQ’s long-term earnings growth rate is 25%. The Zacks Consensus Estimate for 2024 sales implies a rise of 15.8% over 2023’s reported figure.
Price Performance
Over the past year, shares of NOVA have lost 56.2% compared with the industry’s 46.9% decline.
Image Source: Zacks Investment Research
Zacks Rank
Sunnova currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.