Sunnova Energy International will be launching an energy plan that will offer new customers a fixed percentage discount to prevailing utility prices and a 25-year market-based rate, all to offer price confidence to consumers regardless of volatile energy costs.
“For the first time, homeowners will be able to lock in a fixed discount to their local utilities’ electricity rates and charges for a full 25 years,” said Michael Grasso, EVP chief marketing and growth officer at Sunnova. “When customers select this new energy plan, Sunnova will set the rate for solar energy at a fixed discount to the local utility’s price, then each year we will confirm or adjust the customer’s pricing to account for any changes. This is another great option from Sunnova that offers consumers the best and most flexible set of services for their individual energy needs.”
The market-based rate will be a new solar rate option within Sunnova’s Easy Plan power purchase agreement (PPA). Traditionally, a customer’s rate is set at in contract and often escalates annually, but Sunnova’s market-based solar rate will move with the market. Sunnova will monitor utility prices (which include taxes and other charges) and on an annual basis proactively adjust its customers’ pricing to the targeted discount percentage rate for that year.
While the discount percentage will vary by market and utility, Sunnova customers selecting this plan will receive the same discount percentage vs. their local utilities’ prices over the life of the contract. The goal is to let customers produce solar power from their roof while paying a guaranteed lower price than utility charges while avoiding volatility in the market, the company stated in a press release.
News item from Sunnova