LEHI, Utah, Nov. 7, 2018 — Vivint Solar, Inc. (NYSE: VSLR), a leading full-service residential solar provider, announced it has installed 1 gigawatt (GW) of solar energy systems since its launch.
The company installed 1 GW in just seven years, making it one of the fastest residential solar providers to reach this significant milestone. Vivint Solar first announced the achievement yesterday when it reported third-quarter 2018 financial results.
Founded in 2011, Vivint Solar has become a national leader in residential solar, helping more than 146,000 customers in 22 states enjoy the benefits of affordable, renewable energy. Over the expected 30-year lifespan of these systems, the 1-gigawatt milestone is equivalent* to:
1. Carbon dioxide emissions of approximately 12 million metric tons of coal burned
2. Greenhouse gas emissions saved by recycling over 8 million tons of waste
3. Greenhouse gas emissions of over 5 million passenger vehicles driven for a year
“We’re extremely proud of the entire Vivint Solar team for their contributions to this remarkable achievement,” said Vivint Solar CEO David Bywater. “The impact we have made on the environment and in the lives of hundreds of thousands of Americans by enabling them to power their homes with clean energy is immensely rewarding. We are confident that the quality of our installations and incredible customer experience will continue to differentiate us in the residential solar market.”
Deploying 1 GW of solar power underscores Vivint Solar’s success in evolving from offering a single product in a single sales channel to a flexible, customizable home renewable energy platform available to consumers across multiple channels. Under Bywater’s leadership, the company has pursued a sustainable growth strategy and focused on more profitable markets, solidified its capital position and diversified its solar plans to include loans and enhanced lease options, which have become rapidly adopted by customers. Vivint Solar has also strived to lead the industry in workmanship and quality control standards for installations.
“There has never been a more exciting time to be at Vivint Solar. Achieving 1 gigawatt of solar installations further validates our roadmap as we work to innovate and become the most trusted, best-run residential solar company in the world,” said Bywater. “Above all, I am proud to lead a company of over 3,500 outstanding employees who are committed to delivering a best-in-class customer experience and passionate about providing choice and control in energy generation and consumption.”
Just in 2018, Vivint Solar’s financial and strategic achievements include a solar-plus-storage solution with LG Chem batteries, the largest residential solar asset-backed securitization to date and an innovative multi-party forward flow funding arrangement, and three new tax equity funds to expand the runway for future transactions. In addition, the company announced a collaboration for new home construction in California with one of the nation’s largest homebuilders.
“With no money upfront, we loved how easy it was to go solar with Vivint Solar,” said Anne Follett, a Vivint Solar customer in Long Beach, California with a 4.85-kilowatt system. “Solar has been a great investment for us and helped us save money on our electric bill. We’re proud to be a part of the clean energy revolution as a Vivint Solar customer.”