Sunnova (NOVA) is a residential energy provider specializing in solar panel and battery storage installation. The batteries that they provide are meant to complement the solar panels allowing homes to be completely independent of the energy grid by storing the energy that is generated by the panels. The company is based out of Texas but operates along the Southwest and Northeast United States. They depend on a large network of dealers and sub-dealers to service their customers.
Why I like it
I happen to like this company for a few reasons although I can’t say for sure that this stock is going higher in the short term however, I do believe it’s unlikely to go lower. First off, the suburbs are booming thanks to COVID-19. Many city dwellers fled in order to avoid contracting the deadly disease that rampaged through large cities like New York in the early months of the pandemic. With many companies adapting to work from home, the new reality is that many of the jobs that once required employees to live in apartment buildings in crowded cities can now be done from anywhere as long as there is a decent internet connection. I myself was working in Manhattan at the time and am now living in my hometown of 15,000 people. This means that many of those high paid workers have moved or are planning to move to smaller towns where they are buying homes instead of apartments. Residential real estate is booming in the types of places where homeowners are most likely to get solar power. I believe this will lift the residential solar industry much higher in the coming years.
Another reason why I believe that the industry as a whole has a bright future is due to the recent events in Texas. The home
