Sunnova to cut 300 jobs amid ‘high interest rates’ and ‘policy uncertainty’

US residential solar installer Sunnova will slash around 300 jobs, reducing its workforce by roughly 15%, as the residential solar market continues to face uncertainty. Sunnova said the job cuts are part of “an optimisation of its business aimed at streamlining its operations and prioritising its highest-value customer segments to drive efficiency and higher cash generation”. The cuts are forecast to contribute around US$35 million to annual cash savings.
The company will double down its focus on “high-margin lease” and third-party ownership products. Back in its Q1 financial report, Sunnova said it would focus more heavily on “lease and power purchase agreement (PPA) customers” as it saw its customer additions slide. This was followed in Q3 by losses of US$52.5 million, an improvement on previous quarters.
CEO William J Berger said that to better position Sunnova for long-term success, the company is taking proactive steps to streamline its operations while maintaining a strong foundation to support its valued dealer network and end-use customers.