“Houston-based Sunnova Energy lays off more than 15% of workforce”, By Janet Miranda
“The solar and battery storage company axed approximately 100 employees in the city.”
Houston-based Sunnova Energy lays off more than 15% of workforce
The solar and battery storage company axed approximately 100 employees in the city.
By Janet Miranda, Trending News ReporterFeb 19, 2025
An energy company specializing in rooftop solar and battery storage in Houston has cut more than 15 percent of its workforce.
0:23
/
0:30
Skip Ad
Sunnova Energy axed 300 employees across its workforce effective Monday with one third of those affected by the job cuts based in Houston, as first reported by Claire Hao of the Houston Chronicle.
ADVERTISEMENT
Article continues below this ad
The employees impacted were based out of Sunnova's commercial divisions, which focused on selling solar panels and battery charging stations for electric vehicles to businesses. Sunnova stated in a news release that the main reason for the cuts is cost reduction. The energy company estimates that the layoff will save it approximately $35 million. Sunnova expects to pivot even more into its burgeoning residential solar and storage division.
"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," CEO William Berger said in a news release.
A mix of different economic factors caused the cuts, including still sky high interest rates that have affected sales, and the uncertainty over the Trump administration's energy policy changes on clean energy. Sunnova has a $3 billion partial loan guarantee with the Department of Energy, now at risk, in addition to tax credits that incentivize homeowners to install this technology.
Sunnova has found success in selling to residential owners due to the incentive to pay less for electricity. However, businesses usually pay lower electric bills and therefore have less motivation to buy solar technology. The industry is also working to recover from California, one of the top states for solar tech, capping the amount of power homeowners can sell back to the grid.
ADVERTISEMENT
Article continues below this ad
The job cuts will bring Sunnova's cash savings nest to $75 million, according to the financial data it released with the layoffs announcement. The company has $1.9 billion in debt that must be paid in full by the end of 2028, including $976 million due next year.
More News
Storm | How much snow did Houston get?
Data | Breach compromises information of 61,000 Texans
Service | Mayor orders full return to office for all city employees
Radio | People are not happy with this Texas show's replacement
For the latest and best from Chron, sign up for our daily newsletter here.
Feb 19, 2025
TRENDING NEWS REPORTER