Vivint Solar teams up with LG Chem for solar plus storage
Rooftop solar system. Author: Martin Abegglen. License: Creative Commons, Attribution-ShareAlike 2.0 Generic
US residential solar provider Vivint Solar Inc (NYSE:VSLR) said Wednesday it is now offering LG Chem Ltd's (KRX:051910) RESU batteries to household customers in California and plans to expand the solar-plus-storage offering coast to coast during 2018.
A year ago, Vivint Solar announced a partnership with Mercedes-Benz Energy, a unit of German carmaker Daimler AG (ETR:DAI), to launch a joint solar-plus-storage offering to the US residential market. Last month, however, Daimler was reported to have decided to stop producing residential battery products globally and dissolve the subsidiary in charge of the business in the US.
Vivint Solar chief executive David Bywater commented that home batteries provide customers with greater control over the renewable energy they produce and help them maximise value. In areas with time-of-use electricity rates, solar plus storage can further reduce utility bills.
The solar company said that the RESU battery can be mounted on walls both indoors and outdoors, and is compatible with Vivint Solar's power inverters. California customers can purchase the offering directly or finance it with a loan from a Vivint Solar partner institution or their preferred lender.