Sunnova will cut down its workforce, removing nearly 300 jobs to reduce its overhead costs
This represents more than 15% of its total workforce, helping it save $35 million
It plans to focus on prioritizing the highest-value customer segments for higher cash generation
US-based residential solar and energy storage services company, Sunnova Energy International has announced that it plans to cut down nearly 300 positions representing more than 15% of its workforce to reduce its overhead costs.
This will ‘optimize’ its workforce, contributing about $35 million to its annual cash savings target of nearly $70 million. Most of the job cuts will be within its commercial segment, stated the management.
Its focus henceforth, the company said, will be on prioritizing the highest-value customer segments to drive efficiency and higher cash generation.
“As we continue to focus on capital efficiency and our high-margin core customers through TPO (third party ownership) origination, we must always optimize within the current economic and policy landscape,” said Sunnova CEO William J. (John) Berger. “To better position Sunnova for long-term success, we are taking proactive steps to streamline our operations while maintaining a strong foundation to support our valued dealer network and end-use customers.”
Earlier this month, Sunnova announced achieving installations of more than 1 million solar panels on over 100,000 new-build residential single-family rooftops across the US through its New Homes Division.
Sunnova believes the above measures will position it for long-term success in an evolving market environment characterized by persistently high interest rates and policy uncertainty.
Impacted by declining demand in the residential solar segment, one of the US’ leading residential and commercial solar companies SunPower Corporation filed for bankruptcy in August 2024 (see SunPower Corporation & Subsidiaries File For Bankruptcy Protection Under Chapter 11).
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