John Berger, chairman and chief executive officer of Sunnova Energy Corp., speaks during the 2019 CERAWeek by IHS Markit conference in Houston, Texas, U.S., on Thursday, March 14, 2019.
Aaron M. Sprecher | Bloomberg | Getty Images
The residential solar company Sunnova Energy took a beating this week as investors dumped their shares after the announcement of a stock offering plan rattled confidence in the company.
Sunnova shares plummeted 26.7% Thursday after the residential solar company announced a $100 million at-the-market stock offering program. Sunnova’s market cap declined by $382 million in the worst day for the company since March 2020 and the second worst day since its initial public offering in 2019.
CEO John Berger tried to reassure investors that Sunnova’s finances are sound and the company does not intend to sell its stock to raise capital anytime soon.
“This is just an arrow in the quiver just in case and the ratings agencies like to see it,” Berger told CNBC in an interview Thursday. “We don’t need to deal with the ratings agencies anytime soon, but it’s a smart thing to have — but we don’t need it.”
“I’m going to focus on generating our own cash rather than tapping into an equity, particularly something that’s now 25% discounted,” Berger said. Sunnova had a total of $494 million in cash as of Dec. 31, 2023, according to its quarterly report.
The announcement came after Sunnova posted a net loss that deepened to $234 million in the fourth quarter, compared to $62 million in the year ago period. Residential solar companies have struggled in the face of high interest rates that have made installations more costly to households.
Berger and Sunnova CFO Robert Lane described the stock offering as “good housekeeping.” Sunnova does not see a need to raise capital through 2026, Lane told analysts during the company’s earnings call Thursday.
Berger said in retrospect he would have waited on the stock offering plan: “Good housekeeping sure was expensive,” the CEO told CNBC after Thursday’s selloff.
Sunnova is also exploring asset sales and slashing costs using automation and artificial intelligence to keep the company’s headcount from growing, Berger said on the company’s conference call.
Solar under pressure
Sunnova is just the latest residential solar company to take a beating after its quarterly report. Its competitor Sunrun is down 22% this week after company posted another quarterly loss. SolarEdge has tumbled nearly 18% this week after issuing weak guidance for the first quarter.
Sunnova shares over the past year
The solar market faces an uncertain outlook this year. Investors had hoped aggressive interest rate cuts would act as a catalyst for the sector but that now seem less likely. Federal Reserve officials have made clear they are in no hurry to cut rates, with the market expecting the first reduction in June at the earliest rather than previous forecasts of March or May.
Berger does not see interest rates affecting Sunnova this year. He said the major utilities, which are also rate sensitive, are charging their customers more, which has allowed Sunnova to increase its prices without impacting demand.
“We have pricing power I’ve never seen this strong,” Berger said.
The CEO also addressed a December report that consumers have filed complaints in Texas alleging predatory sales tactics against the elderly. Two Republican members of Congress sent a letter on Dec. 7 to the Department of Energy calling for more scrutiny of Sunnova’s business practices. Sunnova’s stock dropped 16% after the lawmakers sent the letter.
“Whether our dealers did something or not, we typically have gone through and made sure that we’ve made good with the customer. In some of these cases, it’s difficult to find injury,” Berger said. The CEO said it is illegal to decline to sell to someone because of their age.
“There’s a lot of alternative facts that have been put forth in those cases, but it doesn’t excuse us from continuing to try to do better and we’re going to continue to do that,” Berger said.
— CNBC’s Pippa Stevens and Chris Hayes contributed to this report.
Are you wondering what kind of results you’d get if you added a home solar system to your roof? Homeowners are sharing their results online — and the real-world data might surprise you!
In a recent post to r/Solar, a Reddit user going by DontBuyBitcoin shared a screenshot indicating that their newly-installed ~11.5 kW system produced over 1,700 kWh of electricity in October. “Pretty surprised by the production of the system I got,” writes DontBuyBitcoin. “11.48KW. I cant wait to see what JUNE-AUGUST [2026] going to look like 😍 I wish SolarEdge will make their app better looking with more functionality”
Home solar energy chart
1.7 MWh month; via DontBuyBitcoin.
Other Redditors were quick to share in the enthusiasm. “Congratulations!!! Great numbers,” wrote LegalNet4337. “We got 1.6 MWh with a 14.45 kW system. East and West facing panels in SoCal.”
That 1,700 kWh is nothing to sneeze at. Based on the current national average electricity price of about $0.17/kWh (in AUG2025), DontBuyBitcoin’s admittedly large-ish system translates to ~$290 of potential savings. In a higher rate state like Illinois, with a projected 2026 kWh rate that’s closer to $0.18/kWh, that’s ~$306/mo.
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We expect retail electricity prices to residential customers will average 17 cents per kilowatthour (kWh) nationwide in 2025, a 4% increase over 2024, and then rise to approximately 18 cents/kWh in 2026. This rise continues a trend in which residential electricity prices have increased at an average annual rate of 5% each year since the COVID-19 pandemic. The increase in retail electricity prices this year comes as the cost of natural gas to the electric power sector was up more than 40% in 1H25 compared with a year earlier, with similar year-over-year increases forecast for the remainder of 2025. The average cost of natural gas for power generation in our forecast increases another 17% in 2026.
Those are big numbers, but 11-15 kW rooftop solar systems are big. Significantly bigger, in fact, than the US average, ~6.6 kW in 2024 – but you don’t have to have a big system in order to post big numbers. Superior weather conditions and perfect PV panel placement can also get the job done, as another Redditor found.
“The last 2 days we have had perfect weather here in South Florida and I have been able to get over 30 kWh from a 5 kW system with a 3.8 kW inverter. This is the highest I have seen since getting PTO in September,” wrote Redditor dlewis23, who shared another SolarEdge graph. “I am super happy with seeing over 30 kWh in a single day.”
30 kW/day from home solar
Taken altogether, these real-world snapshots prove that whether it’s a modest 5 kW array or a beefy 10+ kW setup, homeowners out in the real world are seeing meaningful, measurable differences from their home solar installations. And, with retail electricity prices projected to keep on rising through the decade, every kilowatt counts.
Electrek’s Take
From Electrek SEP2025 survey.
When we ran our “Why did you choose to go solar?” survey back in September, only 32.6% of respondents chose, “Lowering my monthly utility bills” as their primary motivation to go solar. That result proved, in my mind, that Electrek readers are just better people than most, and seem to be willing to spend a little more to do something positive for their environment and their community.
That said, wasn’t it no less a thinker than Albert Einstein who said, “Compound interest is the most powerful force in the universe” (Google it.)? And, with a 5% rate hike compounding every year from now until the AI and data center bubbles burst, the impact energy rates may have on all our pocketbooks may be enough to put “Lowering my monthly utility bills” back on top.
If you’re considering going solar, it’s always a good idea to get quotes from a few installers. To make sure you find a trusted, reliable solar installer near you that offers competitive pricing, check out EnergySage, a free service that makes it easy for you to go solar. It has hundreds of pre-vetted solar installers competing for your business, ensuring you get high-quality solutions and save 20-30% compared to going it alone. Plus, it’s free to use, and you won’t get sales calls until you select an installer and share your phone number with them.
Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisors to help you every step of the way. Get started here.
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It seems like the writing was already on the wall last week when Volvo moved to make its Luminar-supplied LiDAR system an option – there are now reports that the Swedish car brand is set to ditch LiDAR tech entirely in 2026.
In a recent SEC filing following a missed interest payment on its 2L notes, Luminar confirmed that Volvo’s new ES90 and EX90 flagship models (along with the new Polestar 3) would no longer be offered with LiDAR from Luminar. The move signals a full reversal on the safety tech that had started as standard equipment, then became an option, and is now (according to reports from CarScoops) gone altogether.
In a statement, a Volvo Cars USA spokesperson added the decision was reportedly made, “to limit the company’s supply chain risk exposure, and it is a direct result of Luminar’s failure to meet its contractual obligations to Volvo Cars.”
This is what Luminar had to say about the current, icy state of the two companies’ relationship as of the 31OCT filing:
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The Company’s largest customer, Volvo Cars (“Volvo”), has informed us that, beginning in April 2026, Volvo will no longer make our Iris LiDAR standard on its EX90 and ES90 vehicles (although Iris will remain an option). Volvo also informed the Company that it has deferred the decision as to whether to include LiDAR, including Halo (Luminar’s next generation LiDAR under development), in its next generation of vehicles from 2027 to 2029 at the earliest. As a result of these actions, the Company has made a claim against Volvo for significant damages and has suspended further commitments of Iris LiDAR products for Volvo pending resolution of the dispute. The Company is in discussions with Volvo concerning the dispute; however, there can be no assurance that the dispute will be resolved favorably or at all. Furthermore, there can be no guarantee that any claim or litigation against Volvo will be successful or that the Company will be able to recover damages from Volvo.
As a result of the foregoing, the Company is suspending its guidance for the fiscal year ending December 31, 2025.
On November 14, Luminar confirmed that Volvo had terminated its contract altogether, in a blow that could leave Luminar rethinking its long-term future and planning litigation against its biggest ex-customer.
The news follows a host of significant upgrades to the EX90 that include a new, more dependable electronic control module (ECM) and 800V system architecture for faster charging and upgraded ADAS that improves the automatic emergency steering functions and Park Pilot assistant.
That said, it’ll be interesting to see if ditching the LiDAR has a negative impact there. Or, frankly, whether ditching the LiDAR and its heavy compute loads will actually help mitigate some of the EX90’s niggling software issues. It could go either way, really – and I’m not quite sure which it will be. Let us know which way you think it’ll go in the comments.
SOURCE: Luminar, via SEC filing; featured image by Volvo.
If you’re considering going solar, it’s always a good idea to get quotes from a few installers. To make sure you find a trusted, reliable solar installer near you that offers competitive pricing, check out EnergySage, a free service that makes it easy for you to go solar. It has hundreds of pre-vetted solar installers competing for your business, ensuring you get high-quality solutions and save 20-30% compared to going it alone. Plus, it’s free to use, and you won’t get sales calls until you select an installer and share your phone number with them.
Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisors to help you every step of the way. Get started here.
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The new John Deere Z370RS Electric ZTrak zero turn electric riding mower promises all the power and performance Deere’s customers have come to expect from its quiet, maintenance-free electric offerings – but with an all new twist: removable batteries.
The latest residential ZT electric mower from John Deere features a 42″ AccelDeep mower deck for broad, capable cuts through up to 1.25 acres of lawn per charge, which is about what you’d expect from the current generation of battery-powered Deeres – but this is where the new Z370RS Electric ZTrak comes into its own.
Flip the lid behind the comfortably padded yellow seat and you’ll be greeted by six (6!) 56V ARC Lithium batteries from electric outdoor brand EGO. Those removable batteries can be swapped out of the Z370RS for fresh ones in seconds, getting you back to work in less time than it takes to gravity pour a tank of gas.
When John Deere launched the first Z370R, Peter Johnson wrote that electrifying lawn equipment needs to be a priority, citing EPA data that showed gas-powered lawnmowers making up five percent of the total air pollution in the US (despite covering far less than 5% of the total miles driven on that gas). “Moreover,” he writes, “it takes about 800 million gallons of gasoline each year (with an additional 17 million gallons spilled) to fuel this equipment.”
If you’re considering going solar, it’s always a good idea to get quotes from a few installers. To make sure you find a trusted, reliable solar installer near you that offers competitive pricing, check out EnergySage, a free service that makes it easy for you to go solar. It has hundreds of pre-vetted solar installers competing for your business, ensuring you get high-quality solutions and save 20-30% compared to going it alone. Plus, it’s free to use, and you won’t get sales calls until you select an installer and share your phone number with them.
Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisors to help you every step of the way. Get started here.
FTC: We use income earning auto affiliate links.More.