Vivint Solar
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About Vivint Solar
Vivint Solar is a provider of residential solar energy systems in the United States. Vivint Solar designs, installs, and maintains cost-effective solar energy systems. Through a power purchase agreement or solar energy system lease, a homeowner can use the power generated by a solar photovoltaic system and generally realize savings relative to the prevailing electric utility provider rates. On OCtober 8th, 2020, Vivint Solar was acquired by SunRun.2B.
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Expert Collections containing Vivint Solar
Expert Collections are analyst-curated lists that highlight the companies you need to know in the most important technology spaces.
Vivint Solar is included in 1 Expert Collection, including Renewable Energy.
Renewable Energy
Includes companies working on technology to support renewable energy generation.
Vivint Solar Patents
Vivint Solar has filed 17 patents.
The 3 most popular patent topics include:
Photovoltaics, Photovoltaics manufacturers, Solar cells, Solar energy, Energy conversion
Photovoltaics, Photovoltaics manufacturers, Solar cells, Solar energy, Energy conversion
Latest Vivint Solar News
Misrepresentations have spurred the ire of state AGs when solar companies exaggerate their systems’ potential to save consumers money, despite financing that may end up costing the consumer more. Published June 22, 2023 By Clayton S. Friedman, Ryan Strasser, Mackenzie W.J. Jessup and Carson Cox Solar panel installer installing solar panels on roof of modern house. Eloi Omella via Getty Images Clayton S. Friedman is a partner, Ryan Strasser is a partner, Mackenzie W.J. Jessup is an associate and Carson Cox is an associate at Troutman Pepper. Rapidly increasing demand for sustainable energy sources has sparked an explosion of alternative energy companies, especially in the residential solar market. This development has caught both the attention of states’ attorneys general and generated several consumer class actions. In both the regulatory and class contexts, the complaints have typically centered on misrepresentations about the costs and savings benefits afforded by the residential solar power systems for sale and the companies’ aggressive sales and marketing tactics in persuading consumers to lease or purchase them. Costs and savings misrepresentations, in particular, have typically spurred the ire of state AGs when solar companies exaggerate their systems’ potential to save consumers money, despite financing that may end up costing the consumer more. Claims around costs and savings have also triggered regulatory scrutiny where solar companies overstated consumers’ access to certain solar tax credits or overpromised the impact of those tax credits on consumers’ tax bills. These types of complaints can give way to violations of states’ unfair and deceptive or abusive practices acts and related common law claims. Of course, the mode of these sales communications has also drawn heat from state AGs. For instance, practices of going door-to-door and misrepresenting that consumers have signed contracts, following consumers around hardware stores, and robocalling consumers have all found their way into consumer complaints and state AG investigations. These issues and the rising popularity of investment companies using environmentally-focused metrics in financial decision-making will likely increase regulators’ scrutiny of the sustainable energy industry. In November 2022, a coalition of nine AGs, led by Kentucky AG Daniel Cameron, submitted a letter to several solar lending companies, urging them to provide relief to consumers by suspending loan payment obligations and the accrual of interest for customers who financed the purchase of a solar power system from Pink Energy. The letter details complaints that the systems were either underperforming or non-functioning and that “Pink misrepresented the availability of and/or consumers’ eligibility for state or federal tax credits.” Thus, it is not just solar companies who may be on the hook when consumers complain of ineffective or costly solar power. However, most state AGs have focused on solar companies’ misrepresentations regarding the availability of financing or government support for residential solar power. In April 2022, the Minnesota AG filed a lawsuit against Utah-based solar companies, lenders and company executives, for telling “consumers they were automatically eligible for tax credits when they weren’t. [and] [w]hen consumers tried to get out of these contracts, the companies threatened them with lawsuits and exorbitant termination fees.” In February 2022, the Idaho AG issued a consumer alert concerning continued consumer complaints about “solar companies’ misleading sales tactics through door-to-door sales and social media advertisements.” These included representations that “consumers will receive government rebates or payments for installing solar systems” and “customers with solar equipment will never pay a power bill again.” According to Business Insider. online lead generators for solar companies posted ads on social media, like. “suggest[ing] that certain states are giving away solar panels for free or that utilities will pay customers to put solar panels on their roofs. And nearly all of them stated that there are no out-of- expenses.” At the time, however, those representations were untrue. Touting the availability of tax credits where none exist has led several AGs to file complaints against solar companies. Misrepresenting savings has also resulted in state AG action and steep renumeration. In January 2020, Vivint Solar entered into a 1.95 million settlement with the state of New York after allegations surfaced that it had misrepresented the amount of interest consumers would pay over the life a twenty-year lease on their systems. Similarly, in March 2018, the New Mexico AG sued Vivint Solar for its claimed unfair and unconscionable business practices around the same 20-year leases. There, the AG accused Vivint of clouding titles to consumers’ homes, fraud and racketeering in connection with its residential solar power purchase agreements and solar equipment. And in March 2023, the Connecticut AG filed a lawsuit against New Jersey based Vision Solar following consumer complaints alleging similar savings misrepresentations in addition to “high-pressure” sales tactics and “predatory practices.” However, it is not only the content of sales pitches that can land solar companies in hot water — making inappropriate calls may also lead to trouble. In 2019 Vivint Solar entered into a 975,000 settlement to resolve Telephone Consumer Protection Act, or TCPA, claims for placing unsolicited robocalls advertising its products and services. SolarCity paid 15 million in 2018 to resolve similar TCPA claims. recently, in February 2020, consumers filed a class action against Sunlight Solar based on allegations of similar TCPA violations. Such allegations may not only subject companies to consumer class actions, but also fall within the purview of the Federal Trade Commission. Given the content and mode of communication, solar companies should beware of more than just state AG oversight. Regulators are already implementing measures to address public concerns and prevent future consumer protection violations in the solar industry. Minnesota, New York, Vermont, New Mexico, Massachusetts, Mississippi and Louisiana have released state-specific guides to help homeowners understand residential solar contract terms and system financing options. Other states, like Utah and Maryland, have enacted new regulations requiring solar companies to disclose certain details about their systems and transactions during the initial customer interaction. Solar companies themselves should consider taking steps to avoid potential liability from customer interactions. The Solar Energy Industries Association suggests several ways to do so in its “Solar Business Code.” These include avoiding referring to solar services as “free,” fully disclosing eligibility requirements or qualifications for applicable incentive programs, accounting for all material factors in system production calculations, basing utility price projections on data from an official publicly available source, maintaining and respecting an up-to-date do-not-contact list, and providing consumers with a three-day period to cancel their contracts (as is required by law in certain situations). Other important internal compliance measures might include developing a system to monitor consumer complaints and adopting a standardized grievance procedure. Proactively implementing similar policies would be a good way for solar companies to improve customer interactions and avoid potential regulatory scrutiny. This is important as regulators’ interest in these companies’ practices will only continue to rise as more consumers purchase or lease residential solar panels.
Vivint Solar Frequently Asked Questions (FAQ)
- When was Vivint Solar founded? Vivint Solar was founded in 2011.
- Where is Vivint Solar’s headquarters? Vivint Solar’s headquarters is located at 1800 Ashton Blvd, Lehi.
- What is Vivint Solar’s latest funding round? Vivint Solar’s latest funding round is Acq. P2P.
- How much did Vivint Solar raise? Vivint Solar raised a total of 280M.
- Who are the investors of Vivint Solar? Investors of Vivint Solar include SunRun.
- Who are Vivint Solar’s competitors? Competitors of Vivint Solar include SolarCity and 3 more.
Compare Vivint Solar to Competitors
Sungevity is a technology-driven solutions provider, offering service and choice to residential and commercial solar energy customers. Sungevity’s asset-light business model focuses on value-added in-house services for software platform development, project management and customer experience; this FOCUS is enabled by a strong, scalable network of third-party providers for asset-intensive and/or lower margin provision of hardware, installation services and financing.
Akeena Solar is one of the largest installers of residential and commercial solar power systems in California.
Potentia Renewables is an independent rooftop solar business in Canada that owns and operates installations at a number of commercial, institutional, and industrial sites. Along with rooftop Solar, Potentia is also developing a number of wind energy projects.
SPG Holdings is comprised of SPG Solar, Inc., and Thompson Technologies Industries, Inc. SPG Solar, Inc. is a proven leader in the financing, design and installation of photovoltaic power systems. With over 1,300 grid-connected PV systems in service throughout the Western United States and a senior staff with decades of experience in electrical engineering, construction and project development, SPG Solar aims to provide its customers with the very best in solar technology and professional design-build services. TTI is a worldwide leader in the design and manufacturing of solar photovoltaic (PV) products. Founded by experienced building contractors and solar installers, TTI develops and builds its products for ease of use, elegance in design, and quality and longevity in performance.
Pioneer Valley PhotoVoltaics (PV Squared) designs, installs, and maintains solar energy systems for residential, commercial and institutional customers. The firm aims to increase the use of clean, renewable energy resources in the northeast states. Solar power can help meet the company’s energy needs without adverse environmental impacts. The company’s solar energy system installations are carefully designed to meet or exceed local and state building requirements. PV Squared constantly seeks ways to ensure that solar electricity and hot water systems are affordable. Most of the company’s customers qualify for price subsidies and tax benefits. Customers directly benefit from the company’s expertise in finding and securing cost-saving rebate incentives and the company’s knowledge of state and federal tax benefits.
Citizenre is developing renewable energy infrastructure. Through project development and strategic alliances, Citizenre is aiming to be a photovoltaic manufacturer, a photovoltaic system installer, and an owner/operator of PV generating assets.
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High Sales Costs Hurt Residential Solar Companies
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Sunrun and Vivint Solar may need make some stark changes to their customer-acquisition strategies.
The first quarter is never a banner period for the solar industry, but for Sunrun (RUN 2.33% ) and Vivint Solar (VSLR). it was a chance to show how well they’re doing during a slow season. Unfortunately, the Q1 results they released last week didn’t show the kind of improvements investors should be looking for long term.- they showed two companies continuing to struggle with costs.
Not only are sales and marketing costs not coming down, they seem to be consistently on the rise. In order to grow revenue, residential solar installers are spending more and more money, and it’s not clear they’ll make up for the added costs with increased long-term value.
Image source: Getty Images.
The numbers
For Q1 2019, Sunrun said that its cost per watt jumped to 3.46 from an average of 3.26 per watt in 2018. Compared to the year-ago quarter, costs were down 0.05 per watt, but that decline was a result of third-party installers lowering their costs. Sunrun’s sales, marketing, general, and administrative costs were up 0.02 per watt from a year ago. Even worse, in the systems Sunrun installed itself, installation costs rose from 1.92 a year ago to 1.95 per watt.
Vivint Solar‘s cost trajectory is even more concerning. Total cost per watt rose from 3.22 a year ago to 3.46 per watt, although installation costs fell 0.08 to 1.85 per watt.
The most concerning figure in Vivint’s results was its year-over-year jump in sales and marketing costs from 0.84 per watt to 1.16. Two years ago, sales costs per watt were just 0.68.
Clearly, Sunrun and Vivint Solar are spending more on sales generation because they are finding it harder to attract customers. But when they do make sales, the cost of installation should be coming down over the long term.- and that doesn’t appear to be happening consistently.
Where the competition is headed
In an attempt to counter the rising cost of sales, competitors like SunPower (SPWR 2.37% ) and Tesla are investing in digital sales processes. SunPower is hoping that a web-based tool that can give potential customers a quote in less than a minute will benefit both the company and the third-party installers who are the boots on the ground selling its products.
Tesla (TSLA 0.74% ) has said it’s going to an entirely digital sales model in an effort to lower costs. This may be more out of necessity than an indication that online sales will be successful in this niche, but the company’s leadership thinks that if it leads to lower for customers, the shift will pay off.
If sales costs are going up, installers have a few options. They can try to lower costs by focusing more on online sales, although that strategy may not deliver the levels of success in terms of unit sales that the high-touch, live salesperson methods have. They could also adapt to slower growth rates and concentrate on picking the lower hanging fruit.- a strategy that might not please investors who demand greater top-line growth. But at least two competitors are trying the digital strategy, and if their costs keep rising under the status quo, Sunrun and Vivint may need to as well.
A tailwind for Sunrun and Vivint Solar
One thing investors should like about where Sunrun and Vivint Solar sit today is the impact that shifting interest rates will have on their business models. Both companies finance most of their solar power systems on their balance sheets, then sell some of the future cash flows those solar systems generate to investors. Falling interest rates over the last six months are going to make cash flows more valuable when sold to investors.
Interest rate changes alone won’t be enough to counteract the challenges residential solar installers face, though they’ll help. It’s up to the installers themselves to create more sustainable businesses with lower sales and installation costs. And it’s not clear they’ll to be able to do, that given the trends so far this year.
Travis Hoium has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
Vivint Solar keeps growing
The company showed increased costs for its sales force, held the cost of building solar consistent and is projecting to grow annual installation volume 15% in 2019.
Account of a Vivint Installation on 11/14/18
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Vivint Solar has now installed just over 1.1 GWdc of residential solar, across more than 161,000 individual arrays. The 1.1 GW has increased relatively consistently from 513 MW in Q1’16, showing a compound annual growth rate of 29% in that period.
The company installed 45.6 MW in the quarter, almost 13% growth over the 40.4 MW installed in Q1’18. Vivint expects its second quarter install volume to be between 52 and 55 MW, and they’re reiterating full-year guidance of 15% growth, from 196 MW to 225 MW.
The company has 288 million in cash and restricted cash available, 305 million in unused aggregation facility capacity, and 30 million in a forward flow loan agreement.
The company’s non-GAAP Estimated Net Retained Value, retained asset value that would remain after repaying all debt, increased to just over 1.1 billion, to a value of 9.48/share. The growth here was just under 30% for absolute dollars created, and just under 24% on a per share level. The Gross Retained Value broke just over 2 billion in the quarter, meaning 908 million in debts exist on the company’s books.
The company says this increasing value created is partially a result of its FOCUS in higher quality installations, and paying sales people better for choosing better sites.
Vivint showed a growing cost per watt, broken down quite nicely in its Estimated Cost per Watt Methodology (pdf), at 3.46 – which was at the low end of Vivint’s guidance. This value increased 7.4% year over year, and a bit more from Q4’18’s value of 3.18/W.
These cost increases are driven by Vivint adjusting programs and compensation to compete with others who are vying for the same customers. This has driven the inflation in customer acquisition costs, where more of the economics are passed on to salespeople and the returns of some markets have decreased. The company expects the trend to continue. There was an uptick in general and administrative costs per watt also, but prior quarters showed such a jump that then returned to lower values.
Nationwide, the average for installing residential solar is closer to 3/Wdc (with Tesla pushing lower recently). The costs of actually installing the solar (not counting sales, overhead and profit) have stayed flat over the last two years, this quarter at 1.85/W. It is possible that this higher cost could be sustained for longer periods as portfolio buyers look for the return on investment when buying secularized projects from groups like Vivint, and since a standard solar install can pay back far more than the 7-9% unlevered IRRs investors want, the machine will roll on quite nicely with that 99¢/W of retained value.
The year over year revenue growth (image below) was about equal to inflation at 1.6%, with a quarterly bump of just over 9%. If Q2-Q3 follows the pattern of the same quarters in 2017 and 2018, there should be healthy jumps in cash, before spending for the Q4 rush starts.
One noted change from Q1’18, and starting with Q2’18, is the significantly lesser volume of revenue coming from system and product sales. This past quarter saw 42% of revenue from such sales, versus 54% in 2018.
The company began to sell solar out of Home Depot stores in Q1, and recently signed agreements to operate in select locations with Costco and BJ’s Wholesale, but significant revenue isn’t expected from those venues until the second half of the year. Vivint says its inside sales closes the leads developed in these retail locations, with this sales channel representing a lower cost route to market, and becoming a larger percentage of its customer acquisitions.
Home builder relationships began to materialize with installs in the first quarter, and though there is a slowing in the California housing market as efficiency mandates kick in, a steady ramp up in this channel is expected. Interestingly, analysts noted that all three of the state’s large investor-owned utilities are working with regulators to increase their return on equity, and rates could go up by 12%. This was suggested by said analyst as a potential growth driver for the company in the state.
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John Fitzgerald Weaver
Commercial Solar Guy is a commercial utility solar developer, general contractor for commercial and residential solar, as well a consultant. We construct projects in MA, RI, NY, and soon PA.
Vivint Solar Panels
Vivint Solar is an American solar energy company, founded fairly recently, in 2011, and headquartered in the state of Utah. It focuses primarily on solar energy for houses and residential buildings, and its main activity is designing, installing, and maintaining photovoltaic systems and panels. The company was born as an incorporation to the home automation company Vivint, and after roughly a year, it became a separate, albeit related, company. In recent times, more specifically in the summer of 2020, Vivint Solar was acquired by the bigger solar panels provider Sunrun. Together, the two companies now serve 495,000 homeowners nationwide.
Vivint Solar bases its profits on a system of loans, which we will explain more thoughtfully in our review. Simply put, customers don’t buy solar panels; they rent them through a long-term contract, a PPA (Power Purchase Agreement). This business model fueled some controversy, to the time of writing not substantiated.
Pros and Cons
Manufacturing Locations
Vivint Solar is based in Lehi, Utah, and serves and operates in 23 US states, including California, Florida, New Mexico, Texas, and Hawaii. With most of the company’s growth in the early years coming from door-to-door sales, as of March 2020, Vivint installed more than 190,000 solar panels for a total of about 1290 MW.
Since fusing with Sunrun, Vivint expanded its range and began serving a few more areas in the country while at the same time working to improve the service offered and customers’ satisfaction by selling higher quality products and a wider range of them.
What Makes Vivint Panels Unique?
As you have briefly explained above, Vivint Solar’s business model is quite unique and definitely peculiar for a solar panels manufacturer. To be more complete, customers are able to obtain solar power for their houses through three or four means. They can have a loan, purchase or lease a system or panel, or alternatively purchase energy using a PPA (Power Purchase Agreement).
In the first two cases, Vivint’s customer will become the legitimate owner of the solar panel after having paid for the installation or secured financing. Regarding specifically the lease, the customer will pay a Vivint monthly cost, which is based on fixed calculations and expected solar power usage. In the third case, the person doesn’t actually own the solar energy system but simply pays a fee per watt produced by it (kW/h).
Different Types Of Solar Panels Vivint Solar Offers
Vivint does not work only on solar panels. They also offer a vast array of different products, from solar energy systems to solar batteries, electric vehicle charging, roofing, and more. Because the company focuses on selling or renting these products, and not on manufacturing them, the only information we can give you is about the general types of solar panels you will be able to get from Vivint Solar, as much about the details will depend on you.
First of all, we have to distinguish between two very broad and general types of solar panels: thermal and photovoltaic (PV). The first panels work by acting like a mirror and redirecting the sunlight to generate heat. They are very uncommon, and it would be unusual to see them on the roof of some houses in a city. The vast majority of people go instead for the photovoltaic panel, which on the contrary, uses the sunlight to convert it into electricity and power your home.
The Materials Used in PV
If we are speaking of PV, then we have to make a further distinction, which rotates around the materials and the way these panels are designed and built. We are referring to monocrystalline and polycrystalline, both made from silicone, a great element greatly used in the field of solar power because it can easily help in the panel’s function of conversion. Let’s see both these panel subtypes in greater detail.
- Monocrystalline is widely considered as the more efficient, and thus the ones used the most in production. We don’t want to get too technical about these things, but it’s actually pretty simple: the crystalline seed is added to melted silicone to form bars, which are subsequently cut to form wafers. These wafers are precisely what form the basic unit of a solar panel.
Monocrystalline panels vary, even if slightly, not only in color but also in form. A simple way to understand the difference is to remember that the darker something is, the better it absorbs heat. Therefore, dark blue panels will not be as efficient as black ones at absorbing sunlight and thus at producing energy.
- If crystals in the previous case were of the same quality and consistency, this is not the case when it comes to polycrystalline (hence its name). We will spare you the details, but generally, the process to produce polycrystalline solar panels is shorter, albeit very similar to the previous one.
The reason why these panels are not as common comes from the way they have minor structural issues, like the overlapping of crystals and the formation of gaps. For things like these, panels made with polycrystalline are cheaper. Nonetheless, quality can still be quite high regardless of the material used.
Solar Panels and Contract Cost
Now we come to the section in which we analyze current Vivint prices. We have seen how there are in total four ways you can get a solar panel through the company. Let’s see how much is Vivint price in each of these cases.
- Solar purchase. The more traditional option, you buy the solar panel of your choice from Vivint and immediately become its owner. You obtain the product’s warranty and benefits from tax credits and incentives.
- Solar PPA. In such a case, you choose to leave the ownership of the solar panel to Vivint while you pay a monthly rent to the company. There is no upfront cost, and maintenance is included, as well as a warranty.
- Solar Loan. The option allows you to finance your panel purchase with a monthly payment to the financing partner. This way, you are the owner of the system but will have to pay a loan monthly.
- Solar Lease. Finally, the last possibility Vivint offers its customers is to lease for no money down and get a solar panel or system at a reliable monthly rate. The panel’s ownership stays with the company, but maintenance is included in the price you pay.
If you already have one of the plans we detailed above but are wondering how to get out of Vivint Solar contract, no need to panic. The company has good customer support that will take care of your needs and requirements and will assist you in ending the contract with them. You can visit their website at vivintsolar.com to get more information on how to reach out to them, or directly call them using the number you find on the front page.
Standard Vivint Price
Generally speaking, Vivint cost when it comes to panels has been reported at around 3.56 per watt. The price is quite high, especially when we compare it to the average one which sits at about 2.50. The reason for such a price might also come from the higher Vivint equipment cost, as well as the installation one, which went up over the previous years. According to other independent studies, however, panels’ for large companies like Vivint Solar as well as smaller ones is around 3 and 4, thus placing Vivint in a standard position.
All Types of Warranties
Vivint Solar offers a standard, average 10-year workmanship warranty aimed at protecting you from any damage that might have been caused by panel installers, like damage to the roof or structural issues. Vivint definitely does better than some competitors who set workmanship warranty as low as a couple of years, but there are other solar panel companies that offer up to 25 years, so there is certainly room for improvement.
Moving on to the solar panel itself, a basic warranty will cover the damage it may go through due to the pass of time or product inefficiencies for 25 years. On top of that, another 10 years of warranty are guaranteed to cover the inverter and the potential issues related to it. As other Vivint Solar reviews have pointed out, the company does quite decently with regard to panel warranties, which all in all provide security and much more tranquility to the buyer.
Are Vivint Solar Panels Right for You?
The business model Vivint pushes through is definitely not something recommended to everyone. It has its great advantages, but the mixed customer reviews show that a lot depends on the salesperson. As we have seen, much of Vivient’s profit comes from door-to-door sales, and having an educated and knowledgeable person in charge of panel sales will greatly make the consumers’ experience better.
You, consumers, have to be well informed as well. We suggest you study and research this system a bit: apart from our article, there are tons of Vivint Solar reviews for you to get an idea of what you can expect. Make sure you draw comparisons between similar companies that offer similar services, as often fares and customers’ satisfaction differ, even great at times. Speaking of fares, the cost is another aspect you have to FOCUS on. We advise you to look at several different options to have a better understanding of as you don’t want to be fooled.
You can understand better how the company works by visiting their website or contacting them directly through customer support via email or phone call with an expert. On the webpage, you also find a quick form you can fill out to receive a free quote and find out if your house is a good fit for solar.
Final Advice
In conclusion, it is fair to say Vivint Solar offers an interesting alternative to those who want to get their hands on good solar panels. The way they sell or rent out their products might seem unconventional at first, but it is actually a pretty well-known practice in the United States. Our final advice is to understand what you are getting yourself into: there have been dissatisfied customers and even legal lawsuits against the company, and we don’t want you to be one of those people.
If you acquire enough information and believe Vivint Solar is the perfect opportunity for you, then go ahead with no doubts: certainly, you will enjoy a quality product which will perfectly power your entire house and reduce your energy bill, with the tranquility of a good warranty.