Worst of the US Rooftop Solar Slump Is Over, Sunnova CEO Says - Yahoo Finance
Worst of the US Rooftop Solar Slump Is Over, Sunnova CEO Says
(Bloomberg) -- Rooftop solar installation businesses in the US are starting to recover from a slump triggered by higher interest rates and cuts in incentives for panels in California, according to Sunnova Energy International Inc. Chief Executive Officer John Berger.
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“We are through the worst side of things, if you will,” Berger said Thursday during an interview on Bloomberg TV. “We see industry volumes picking back up either this quarter or probably in quarter one and moving up and going back into growth.”
Solar home installation companies have suffered from a slowdown in sales this year as rising rates made it more expensive for potential customers to borrow to pay for panels. California, the biggest US solar market, has slashed installation incentives for homeowners, apartments and schools. Sunnova has seen a 30% drop in its share price this year.
--With assistance from Guy Johnson and Kailey Leinz.
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Related Knowledge Center: ENERGY BASICS: solar
Declining costs and government encouragement have resulted in a rapid increase in solar energy production in the United States over the past 10 years, although solar’s share remains small: 1.6 percent of all electricity generation in 2018. That rapid growth is projected to continue.