LEHI, Utah, Dec. 12, 2014 /PRNewswire/ -- Vivint Solar (NYSE: VSLR), a leading provider of residential solar energy systems in the United States, today announced that it plans to open more than 20 new sales and operations offices in 2015. The company's expansion will continue in states in which it is currently operating, beginning in California, and moving into new states during the year. The company will hire local operations staff and direct sellers of residential solar PPAs and solar leases.
"We believe Vivint Solar is well positioned for expansion as more homeowners are choosing solar to reduce energy costs," said Greg Butterfield, CEO of Vivint Solar. "The industry is growing rapidly and we will continue to open new offices strategically to meet demand."
According to the Solar Energy Industries Association's (SEIA) Q32014 U.S. Solar Market Insight Report, the U.S. residential solar market exceeded the 300 MW in a quarter for the first time in history. Residential continues to be the most reliable market segment, now growing 18 out of the 19 quarters. GTM Research forecasts it to exceed the non-residential segment in annual installations for the first time in more than a decade.
Vivint Solar's customers purchase energy or lease solar energy systems from us based on one of two types of long-term contracts - a power purchase agreement (PPA) or a lease. In the PPA structure, customers pay a fee per kilowatt hour based on the amount of electricity the solar energy system actually produces. In the lease structure, the customer's monthly payment is fixed based on a calculation that takes into account expected solar energy generation. The lease includes a production guarantee under which we agree to make a payment to the customer if the leased system does not meet the guaranteed production level.
Vivint Solar is a leading provider of distributed solar energy – electricity generated by a solar energy system installed at a customer's location – to residential customers in the United States. Vivint Solar's customers pay little to no money upfront, receive significant savings relative to utility generated electricity and continue to benefit from guaranteed energy prices over the 20-year term of their contracts. Vivint Solar finances, designs, installs, monitors and services the solar energy systems to make things easy for its customers. For more information, visit www.vivintsolar.com or follow @VivintSolar.
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 Vivint Solar's growth plans and growth prospects and the expected benefits associated with growth of the company's business. 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 availability of additional financing on acceptable terms; changes in retail price of traditional utility generated electricity; changes in electric utility policies and regulations; the availability of rebates, tax credits and other incentives that affect the pricing of our offering, including regulations related to net metering; changes in regulations, tariffs and other trade barriers and tax policy affecting the company and its industry; our ability to manage our recent and future growth effectively, including attracting, training and retaining sales personnel and solar energy system installers; the availability and price of solar panels and other system components; and the other risks identified 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.