LEHI, Utah, Aug. 2, 2018 /PRNewswire/ -- Vivint Solar, Inc. (NYSE: VSLR), a leading full-service residential solar provider, today announced that it plans to expand availability of its affordable residential solar energy systems into Illinois, with services beginning in the greater Chicago area. Marking the company's first expansion into the Midwest region, Vivint Solar plans to create over 100 jobs in the state within the year.
According to the U.S. Energy Information Administration, Illinois generates just 0.07 percent of its electricity from solar energy, highlighting the sizable opportunity for rooftop solar in the state.* Clean energy development within the state is expected to accelerate thanks to the Future Energy Jobs Act (FEJA), which will provide incentives that make rooftop solar more affordable for Illinois residents.
"With a supportive regulatory environment and broad enthusiasm toward clean energy, Illinois is a very promising market for rooftop solar," said Vivint Solar CEO David Bywater. "In particular, we are thrilled to begin operations in Chicago, the largest metropolitan area in the U.S. where we did not yet have a presence. We believe this state has tremendous potential to become a strong clean energy hub, and we look forward to helping residents embrace solar energy and enjoy greater control over their electricity costs."
Through Vivint Solar, residents will be able to purchase a system from Vivint Solar outright, lease a system or finance the purchase with monthly payments through one of the institutions Vivint Solar has relationships with, or through their preferred lender. Customers will also be eligible to apply for any applicable utility-sponsored rebates and federal tax credits. Illinois residents who install solar energy systems can interconnect to the grid under traditional net metering.
As part of each sale, Vivint Solar designs and installs the system, allowing customers to enjoy the benefits of affordable, renewable solar energy. Vivint Solar has deep installation expertise, having completed over 132,000 installations throughout the United States.
Vivint Solar operates in 22 states (Arizona, California, Colorado, Connecticut, Delaware, Florida, Hawaii, Illinois, Maryland, Massachusetts, Nevada, New Hampshire, New Jersey, New Mexico, New York, Pennsylvania, Rhode Island, South Carolina, Texas, Utah, Vermont and Virginia).
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 financial savings over time. Offering integrated residential solar solutions, Vivint Solar designs and installs the solar energy systems for its customers and offers monitoring and maintenance services. In addition to being able to purchase a solar energy system outright, customers may benefit from Vivint Solar's affordable, flexible financing options, power purchase agreements, or lease agreements, where available. For more information, visit www.vivintsolar.com or follow @VivintSolar on Twitter.
Note on Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. 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. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that the future results, levels of activity, performance or events and circumstances reflected in those statements will be achieved or will occur, and actual results could differ materially from those anticipated or implied in the forward-looking statements. Except as required by law, Vivint Solar does not undertake and expressly disclaims any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise. You should read the documents Vivint Solar has filed with the Securities and Exchange Commission ("SEC") for more complete information about the company. These documents are available on both the EDGAR section of the SEC's website at www.sec.gov and the Investor Relations section of the company's website at investors.vivintsolar.com/.