LEHI, Utah, May 3, 2017 /PRNewswire/ -- Vivint Solar (NYSE: VSLR), a leading full-service residential solar provider, today announced that it has expanded availability of its solar energy systems into Rhode Island.
According to the U.S. Energy Information Administration (EIA), Rhode Island's residential sector consumes more energy than its commercial, industrial and transportation sectors. Rhode Island residents who wish to install solar energy systems may be eligible to interconnect to the grid under traditional net metering or by participating in the Renewable Energy Growth Program, which offers attractive benefits to residential solar energy customers.
By opting into Rhode Island's Renewable Energy Growth Program, the local utility, National Grid, assigns a per kilowatt-hour (kWh) credit for all electricity produced by the solar energy system at a premium rate for 15 or 20 years. These credits will first be used to offset the customer's utility bill. After the customer's utility bill is fully offset, the value for any remaining credits for the month will then be paid out to the customer. For customer-owned systems, a customer can currently expect to receive $0.3475 or $0.3085 credit per kWh respectively, which is well above the current utility rate. Through participation in this program, solar customers can pay off their system faster and save on years of clean, renewable energy.
"We're thrilled to bring an affordable, environmentally friendly energy solution to Rhode Island residents and contribute to this economy," said David Bywater, CEO of Vivint Solar. "Rooftop solar is fast becoming a mainstream energy source for Americans who want to embrace clean power, positively impact the environment and enjoy greater energy independence. Rhode Island residents are in one of the best places to do that."
Through Vivint Solar, residents can purchase a system outright or finance the system with monthly payments, either through one of the institutions Vivint Solar has relationships with or their preferred lender. Customers in Rhode Island will also be eligible to apply for any applicable utility-sponsored rebates or federal tax credits.
"We commend Rhode Island's local leaders for developing the incredible Renewable Energy Growth Program that brings attractive economic benefits to solar customers," said Bywater. "This program is an ideal model for renewable energy and one that we hope many other states will imitate."
As part of each sale, Vivint Solar designs, installs and maintains the system, allowing customers to enjoy the benefits of affordable, renewable solar energy. Vivint Solar has deep installation expertise, having completed over 100,000 installations throughout the United States.
Vivint Solar expects to employ 10-20 employees in Rhode Island in the coming months. Vivint Solar now operates in 16 states (Arizona, California, Connecticut, Florida, Hawaii, Maryland, Massachusetts, New Hampshire, New Jersey, New Mexico, New York, Pennsylvania, Rhode Island, South Carolina, Texas and Utah) and Washington D.C.
For more information, visit www.vivintsolar.com/state/rhode-island.
About Vivint Solar
Vivint Solar is a leading full-service residential solar provider in the United States. With Vivint Solar, customers can power their homes with clean, renewable energy and typically achieve significant financial savings. Offering integrated residential solar solutions for the entire customer lifecycle, Vivint Solar designs, installs, monitors and services the solar energy systems for its customers. In addition to being able to purchase a solar energy system outright, customers may benefit from Vivint Solar's affordable, flexible financing options or power purchase agreements. For more information, visit www.vivintsolar.com or follow @VivintSolar on Twitter.
Note on Forward-looking Statements
This press release contains forward-looking statements as defined within the meaning of the federal securities laws, including statements regarding the market for residential solar energy systems in Rhode Island and other markets; the ability of residential solar customers to increase their energy independence, make a positive impact on the environment and achieve savings; and Vivint Solar's hiring expectations in its Rhode Island offices. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Forward-looking statements should not be read as a guarantee of future performance or results, and they will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved, if at all. These statements are based on current expectations and assumptions regarding future events and business performance as of the date of this press release, and they are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements, including but not limited to the risks set forth in the registration statements and reports that Vivint Solar files with the U.S. Securities and Exchange Commission, which are available on the Investor Relations section of our website at www.vivintsolar.com. Vivint Solar does not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.
Helen Langan, Director of Public Relations
Ashlyn Hewlett, Method Communications
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SOURCE Vivint Solar