Sunnova’s IPO: Going public in a slower residential solar market

On 27 June 2019, Sunnova submitted a pre-IPO (initial public offering) prospectus to the U.S. Securities and Exchange Commission (SEC). It would be the first residential solar company to go public since 2015. Other major residential solar companies – Sunrun, Vivint, and Tesla – all went public between 2012-2015, when the residential solar market was growing roughly 60% every year. But today’s market context is much different. Sunnova will be going public as residential solar growth moderates, market penetration intensifies customer acquisition challenges, and customers turn increasingly towards customer ownership. Our Power & Renewables reports and data provide deep insight into the current and future state of electricity generation.