Sunnova Energy International, Inc. (“Sunnova” or “the Company”)
(NYSE: NOVA), Puerto Rico’s largest residential solar and battery
storage Energy as a Service (“EaaS”) provider, today announced that
it is ready to participate in the Battery Emergency Demand Response
program in Puerto Rico. This program revolutionizes the way
distributed solar and storage customers contribute to grid
stability during periods of high demand and are financially
compensated for their contribution. By voluntarily participating in
the program through the Sunnova Flex Power Program, Sunnova
customers will play an active role in bolstering the grid and
supporting a reliable power supply for Puerto Ricans.
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During periods of grid instability, typically when existing
power plants are unable to meet high demand, Sunnova’s fleet of
batteries will be called upon to provide energy, dramatically
reducing strain on the grid and minimizing blackouts. In return for
their battery response and contribution, customers will be
compensated for the power supplied by their batteries. This
approach not only incentivizes customers to embrace renewable
energy solutions but also creates a win-win-win situation whereby
the grid is strengthened, customers receive an additional financial
benefit from their systems, and heavily polluting peaker plants are
relied upon less. Through this groundbreaking initiative, Puerto
Ricans can benefit from a steadier power supply while Sunnova
customers benefit from the advantages of their energy-conscious
decisions.
"The unfortunate reality of an unreliable local electrical grid
and frequent power outages has plagued Puerto Rico for far too
long. Luckily, a new era of energy stability and empowerment is
here. By harnessing the energy stored in batteries during times of
high demand or emergencies, homeowners can actively contribute to
grid stabilization and be rewarded for their valuable contribution,
all while benefitting electricity consumers across the Island,"
said William J. (John) Berger, Chief Executive Officer of Sunnova,
emphasizing that Sunnova customers will maintain resiliency and
energy independence and that their batteries will never be
dispatched immediately ahead of predicted hurricanes or severe
weather, ensuring stored power supply will be protected and
available for their homes.
For more than ten years, Sunnova has been the leading provider
of residential solar services in Puerto Rico, spearheading the
island's transformation towards distributed solar and storage
energy service solutions. Since the devastating impact of Hurricane
Maria in 2017, Sunnova has helped to drive energy resiliency and
reliability in Puerto Rico. With the largest customer base of
distributed solar and battery storage installations in Puerto Rico,
Sunnova is uniquely positioned to make a significant impact with
its Flex Power Program. With over 55,000 customers in Puerto Rico,
Sunnova takes the lead with its approximately 48,000 solar and
storage customers, boasting an impressive total installed storage
capacity of 727 MWh. This massive aggregation and coordination of
solar plus battery storage systems on the island facilitates
unparalleled contributions to grid stability and resilience.
Sunnova's pivotal role not only solidifies its position as a key
player in shaping Puerto Rico's energy landscape but also ensures a
more resilient and sustainable future for the island.
When the grid is under stress, and as requested by LUMA,
participating systems will be instructed to discharge battery
storage to the site or to the grid, reducing overall demand on the
grid, minimizing blackouts, and keeping the power on. Under the
program, Sunnova expects to dispatch a participating customer’s
battery up to a maximum number of 125 dispatch events each year. In
each demand response, the customers’ battery will never be
discharged below a capacity level of their choosing. At the end of
the year, participating customers would be credited by Sunnova for
the energy produced by their batteries during these events.
Compensation under the program will be based on how much energy
each customer’s battery provides when called upon. The average
residential customer may receive up to $1,000 annually for their
participation, depending on their battery size and configuration,
and final program details. Depending on whether a system has been
financed with a loan or a lease, Sunnova will automatically apply
the incentive as a credit towards the account each year or send an
ACH payment to the customer, respectively.
Sunnova’s program is being launched under the aegis of the
Puerto Rico Energy Bureau’s (“PREB”) Energy Efficiency and
Emergency Demand Response Programs, expected to commence later this
year pursuant to the Government of Puerto Rico’s public policy on
energy efficiency. Specifically, the Puerto Rico Energy
Transformation and Relief Act of 2014 (Act 57-2014) requires the
PREB to establish energy efficiency programs in order for Puerto
Rico to reduce energy consumption from current levels—thereby
lowering individual customers’ energy bills—and rebuild a stronger
and more cost-effective energy system that is responsive to
customer’s needs and contributes to energy quality by diminishing
the need for more expensive fossil fuel generation.
Sunnova already has over 20,000 customers participating in grid
services programs in six markets stateside, including
Massachusetts, Connecticut, Rhode Island, California, Texas, and
New York.
During a visit to the Island last April to hold the publicly
traded Sunnova’s quarterly Board of Directors meeting, Berger
celebrated the company’s contribution to the expansion of the
residential solar energy industry in Puerto Rico during the last 10
years and outlined plans for the future.
“We are enormously proud of, and thankful for, the opportunity
we’ve had in helping provide energy independence to thousands of
Puerto Rican homeowners. When we first arrived on the Island in
2013, there were very few Puerto Rican homes with solar. Today,
thanks to the hard work of our team and our trusted network of
exclusive dealers Sunnova has more than 55,000 customers in Puerto
Rico. That’s significant growth by any standard and it has helped
solidify Puerto Rico as our third largest market in the entire
U.S.,” said Berger. “Frankly, the credit goes to the savvy Puerto
Rican consumers who have embraced solar and battery storage
technology solutions to satisfy their residential energy needs in a
more efficient, resilient and cost-effective manner. Now, with our
Flex Power Program they will have the opportunity to put their
solar plus storage systems not only to work for them, but for their
communities and the entire Puerto Rico energy system,” he
added.
As it celebrates its 10th anniversary in Puerto Rico, Sunnova
has been hard at work investing in its customer service
infrastructure on the Island, including the doubling of its Puerto
Rican service technicians over the last year, bolstering its supply
chain for equipment for its service fleet, and introducing of a new
customer service call center in Puerto Rico for Puerto Rican
customers. “Puerto Rico is our flagship for a whole new level of
customer service among all the markets we serve,” said Berger.
***
Forward Looking Statements
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, 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," "expects,"
"plans," "anticipates," "going to," "could," "intends," "target,"
"projects," "contemplates," "believes," "estimates," "predicts,"
"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 release include, but are not limited to,
statements regarding Sunnova’s market growth, and future plans and performance in Puerto Rico.
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, supply chain uncertainties, 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, and our ability to
attract and retain dealers and customers and manage our dealer and
strategic partner relationships. The forward-looking statements
contained in this release are also subject to other risks and
uncertainties, including those more fully described in Sunnova’s
filings with the Securities and Exchange Commission, including
Sunnova’s annual report on Form 10-K for the year ended December
31, 2022 and subsequent quarterly reports on Form 10-Q. The
forward-looking statements in this 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.
About Sunnova
Sunnova Energy International Inc. (NYSE: NOVA) is a leading
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 home and business owners have the
freedom to live life uninterrupted®. For more information, please
visit sunnova.com.
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