Sunnova

Founded in 2012 by William (John) Berger, it quickly expanded its operations across the U.S., focusing on providing affordable, reliable, and sustainable energy solutions to residential customers. Over the years, Sunnova has grown to become one of the leading residential solar service providers in the country.

In March 2025, when its stock plunged below $1 per share due to concerns about its financial condition, Berger resigned and Paul Mathews was named the company's new President and CEO. On June 5, it announced that it would lay off 55% of its workforce, or 718 employees, and its subsidiary, Sunnova TEP Developer, had filed for Chapter 11 bankruptcy protection.

On June 9, Sunnova filed for Chapter 11 bankruptcy protection, listing assets and liabilities between $10 billion and $50 billion. The company blamed its decision on high debt amounts and declining demand. In July 2025, the company sold its solar installation business to Omnidian for $7 million as part of a stalking horse deal.

In September 2025, it was announced that Solaris Assets LLC had completed the firm's acquisition. The company's Chapter 11 bankruptcy plan was approved by a U.S. bankruptcy judge in November 2025, which allowed to company to appoint a creditor to distribute the sale proceeds to creditors and manage the winding down of the company's remaining operations.

Business model

Sunnova’s business model revolves around providing energy as a service (EaaS). The company offers solar panel installations, energy storage solutions, and various financing options, including solar leases and power purchase agreements (PPAs). This model allows homeowners to adopt solar energy with little to no upfront costs, paying instead for the energy produced by the solar systems over time.

Products and services

Solar panel installation: Sunnova provides customized solar energy systems for residential properties, including design, installation, and maintenance.

Energy storage solutions: The company offers battery storage systems that allow homeowners to store excess solar energy for use during power outages or at night.

Sunnova Repair Services (SRS): Sunnova provides comprehensive repair services for solar systems, ensuring long-term performance and reliability.

Controversies and criticism

Sunnova faced criticism and legal challenges, primarily related to customer service and contract disputes. However, the company has addressed these issues by improving its service offerings and customer support systems.