Image: Sunnova Energy

Sunnova Energy, a solar service company, announced that it will lay off nearly 300 positions to reduce costs and streamline operations. 

The 300 layoffs this time mainly come from its commercial organization, accounting for 15% of the total number of employees in the company.

Sunnova will save approximately $35 million towards total estimated annual cash savings of approximately &70 million due to layoffs, contributing to a leaner and more agile organization.

These refinements reflect Sunnova’s commitment to capital efficiency, cash generation, and emphasis on its high-margin lease (i.e., Third-Party Ownership or “TPO”) product. 

Sunnova stated that the company is positioning itself to achieve long-term success in the constantly evolving market currently facing high interest rates and policy uncertainty.

William J. (John) Berger, Chief Executive Officer of Sunnova said, “As we continue to focus on capital efficiency and our high-margin core customers through TPO origination, we must always optimize within the current economic and policy landscape 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. ”

“These decisions are never easy, and we recognize the impact they have on every member of the team. To those who will not be moving forward with us, we are committed to providing support during this transition and deeply appreciate all they have given to our organization. We are deeply grateful for their contributions and are committed to supporting those affected during this transition.”