Vivint Solar Relaunches Residential Solar Services In Nevada

Vivint Solar, one of the United States’ leading residential solar companies, announced on Thursday that it would be relaunching its residential services in Nevada after a two-year absence.

It’s been a big week for Vivint Solar, managing to hit both of its regular newsworthy items within only a few days of one another. First, the company announced that it had secured $100 million in new tax equity commitments from two repeat investors that would finance up to 70 megawatts (MW) of new residential solar energy systems. Secondly, Vivint Solar announced on Wednesday that it was expanding its residential services into Colorado.

The news just keeps rolling in, however, and it seems that investors are relatively pleased with the pace of movement they are seeing from the company, with shares steadily rising for over a month now.

On Thursday, Vivint Solar announced that it will return to Nevada after a two-year absence, bringing its residential solar systems back to the state following in the wake of Nevada Legislature’s passing of Assembly Bill 405 — which allows Nevadan residents to be reimbursed for excess rooftop solar generation, and providing additional rights to project consumers and their solar energy system investments — and a commitment from Nevada Governor Brian Sandoval that he will sign the bill into law.

“We are very pleased Nevada officials have recognized the broad public support of rooftop solar and reestablished the state’s commitment to the future of renewable energy,” said David Bywater, CEO of Vivint Solar. “This bill demonstrates the power of building consensus across stakeholders to find a win-win-win solution for the residential solar industry, utilities and Nevada consumers. We look forward to bringing jobs, consumer choice and affordable solar power back to the state of Nevada.”

This latest move brings Vivint Solar’s market reach up to 18 states across the country, and the company is expecting to create up to 60 new jobs in Nevada over the next couple of months, and approximately 100 in total once it resumes full operations.