Vivint Solar (VSLR) Announces Expansion into Florida

August 25, 2016 8:36 AM EDT

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Vivint Solar (NYSE: VSLR) announced its expansion into Florida, with availability beginning in the Tampa Bay area.

According to the U.S. Energy Information Administration, Florida has among the highest electricity consumption in the nation, with annual household electricity consumption approximately 30 percent higher than the U.S. average. Vivint Solar's integrated solar energy system offerings make the increasingly popular alternative energy solution available to Florida residents at an affordable cost.

"We now have more than 80,000 customers nationwide who are enjoying the financial and environmental benefits of our systems, and we are thrilled to be making that available to the residents of Florida," said David Bywater, interim CEO of Vivint Solar. "Floridians will now be able to enjoy the clean solar power their homes are able to generate, which can save them money and reduce impact on the environment."

Through Vivint Solar's financing relationships, residents in Florida will now be able to receive a loan for solar energy systems and finance ownership of the system with no money down. Because the customer owns the system, customers can apply the federal investment tax credit to lower the cost of their monthly payment. As part of each sale, Vivint Solar designs, installs and maintains the system, allowing customers to enjoy the benefits of renewable solar energy with no up-front investment.

The company's recent growth is indicative of the growing adoption of residential solar as a mainstream energy source for homeowners. The company has hired approximately 40 employees in Florida and plans to continue to hire as it expands to new areas.

Vivint Solar now operates in 13 states including: Arizona, California, Connecticut, Florida, Hawaii, Maryland, Nevada, New Jersey, New Mexico, New York, Pennsylvania, South Carolina, and Utah.



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