Residential solar provider, Vivint Solar announced that it now has more than 100,000 residential rooftop solar customers across 15 states. In less than six years, the company has installed 634 megawatts of residential solar. Its customers are also saving an average of 10 to 30 percent on their electricity bills relative to current utility rates, according to the company.
"To reach this landmark achievement in less than six years is a testament to the outstanding work of our entire team," said David Bywater, CEO of Vivint Solar. "We are proud to offer Americans the potential to save money on their electricity bills and power their homes with clean, renewable energy, and we look forward to bringing these benefits to more customers throughout the country."
Even though Vivint’s recent expansion is significant, it has a long way to go if it wants to catch up with the largest rooftop solar company in the US, Tesla’s SolarCity, which had more than 300,000 rooftop solar customers by the end of 2016 and 2,184 megawatts of installed solar as of June 2016, according to the company and other sources. Tesla acquired SolarCity, for $2.6 billion at the end 2016.
Still, Vivint’s rise has been meteoric. That’s despite some large setbacks, including the chaotic bankruptcy of SunEdison, which was in the process of acquiring Vivint for $2.2 billion when it filed for bankruptcy in 2015. Vivint pulled out of the acquisition just before SunEdison declared bankruptcy. The rest will play out in court as Vivint seeks to recover compensation for the company and its investors for breach of contract promises.
Shortly after Vivint dissolved the merger it began raising large amounts of funding to support its national expansion efforts. The company acquired a $200 million facility from London Interbank in March 2016 in order to support staff, purchase installation equipment, provide financing to residential rooftop customers and fund the company’s growth beyond 2016. It also announced $303 million in financing with Bank of America and Merrill Lynch to close long-term debt, freeing up capital to finance an additional 280 megawatts of rooftop solar nationwide.Tweet