Vivint Solar: Expansion In 2015
LEHI, Utah - Vivint Solar (NYSE: VSLR), a leading provider of residential solar energy systems in the United States, today announced that it plans to open more than 20 new sales and operations offices in 2015. The company's expansion will continue in states in which it is currently operating, beginning in California, and moving into new states during the year. The company will hire local operations staff and direct sellers of residential solar PPAs and solar leases.
According to the Solar Energy Industries Association's (SEIA) Q3 2014 U.S. Solar Market Insight Report, the U.S. residential solar market exceeded the 300 MW in a quarter for the first time in history. Residential continues to be the most reliable market segment, now growing 18 out of the 19 quarters. GTM Research forecasts it to exceed the non-residential segment in annual installations for the first time in more than a decade.
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.
Vivint Solar currently operates in Arizona, California, Hawaii, Maryland, Massachusetts, New Jersey and New York.
For Vivint Solar photos and video of its installation process, please visit http://www.vivintsolar.com.
About Vivint Solar
Vivint Solar is a leading provider of distributed solar energy – electricity generated by a solar energy system installed at a customer's location – to residential customers in the United States. Vivint Solar's customers pay little to no money upfront, receive significant savings relative to utility generated electricity and continue to benefit from guaranteed energy prices over the 20-year term of their contracts. Vivint Solar finances, designs, installs, monitors and services the solar energy systems to make things easy for its customers. For more information, visit www.vivintsolar.com