Vivint Solar secures $200m in residential solar funding
PROVO, Utah—Vivint Solar, a division of home automation/home security giant Vivint, based here, announced this week that it has secured two new tax equity funds worth $200 million. The funding will be used to continue delivering simple, affordable solar solutions to homeowners inside and outside of Vivint's 775,000 home automation customers, the company said in a news release.
"This new funding reinforces market confidence in our ability to expand our leadership in the residential solar space," Brendon Merkley, COO of Vivint Solar, said in a statement. "Since 2011, we have leveraged Vivint's sales and internal infrastructure to build a solar business that has exceeded our installation goals consistently each quarter."
The release said Vivint Solar was the second largest U.S. residential solar installer in Q1 this year, according to the U.S. PV Leaderboard published by GTM Research. The residential solar market continues to show consistent growth with solar being more affordable than ever.
Through a power purchase agreement (PPA), a homeowner can buy the power generated by a solar photovoltaic system at a lower rate than they could get from a local utility provider, according to the release. Vivint Solar designs, installs, monitors, and services the system with no additional out-of-pocket costs to the homeowner.
Vivint Solar currently operates in California, Hawaii, Maryland, Massachusetts, New Jersey, New York, and Washington D.C.