Vivint Solar unveils expansion plans for 2015

Dec 15, 2014 - US solar system installer Vivint Solar (NYSE:VSLR) said Friday it intends to expand its operations by setting up over 20 sales and operations offices in 2015.

The company finances, designs, installs, monitors and services solar systems at no upfront cost to the homeowner and sells the plants’ output for less than existing retail power rates under 20-year power purchase agreements (PPAs). At present, it operates in the states of Arizona, California, Hawaii, Maryland, Massachusetts, New Jersey and New York.

As part of the expansion, Vivint Solar will open more offices in the states it is already present, starting with California. It plans to hire local operations workers and direct sellers of residential solar PPAs and solar leases. "The industry is growing rapidly and we will continue to open new offices strategically to meet demand," said Vivint Solar’s CEO Greg Butterfield.

The Solar Energy Industries Association (SEIA) and GTM Research’s latest report indicates that the US added 1,354 MW of fresh solar photovoltaic (PV) capacity in the third quarter of 2014, up 41% in annual terms. The residential solar market surpassed 300 MW in the three months and is seen to exceed the non-residential segment in annual installations for the first time in more than 10 years.

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