One of the top residential solar energy system providers in the US, Vivint Solar, is aiming to continue its expansion throughout the nation, according to recent reports.
The current plan will see more than 20 new sales and operations offices opened up in 2015, with said plans first beginning in California, before then moving on to other states later in the year.
Vivint Solar will be hiring locally, reportedly, for the new operations staff and direct sellers. Vivint Solar is offering residential solar PPAs and solar leases.
“We believe Vivint Solar is well positioned for expansion as more homeowners are choosing solar to reduce energy costs,” stated Greg Butterfield, the CEO of Vivint Solar. “The industry is growing rapidly and we will continue to open new offices strategically to meet demand.”
The expansion is clearly intended to ride the growing wave of the residential solar energy market. As recent news from the company noted, the Solar Energy Industries Association’s recent Q3 2014 US Solar Market Insight report noted that the US residential solar market recently exceeded the 300-MW-in-a-quarter high-water mark for the first time in history. The residential sector of the solar market is pretty clearly now the most reliable one, growing 18 out of the last 19 quarters. This is something that seems unlikely to change anytime soon, so Vivint’s plans certainly seem to make good sense.
GTM Research recently predicted that residential solar will soon “exceed the non-residential segment in annual installations for the first time in more than a decade.”
Here’s a bit of information about Vivint Solar’s business practices via the company itself:
“Vivint Solar’s customers purchase energy or lease solar energy systems from us based on one of two types of long-term contracts — a power purchase agreement (PPA) or a lease. In the PPA structure, customers pay a fee per kilowatt hour based on the amount of electricity the solar energy system actually produces. In the lease structure, the customer’s monthly payment is fixed based on a calculation that takes into account expected solar energy generation. The lease includes a production guarantee under which we agree to make a payment to the customer if the leased system does not meet the guaranteed production level.”
Sounds like a pretty good approach. Do any of our readers have anything to chime in with? Personal experiences with the company? I’m curious.
Image Credit: Vivint Solar
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