Sunnova CEO talks outlook for solar energy ahead of election

Published: Sep 11, 2024 Duration: 00:03:20 Category: News & Politics

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INVESTMENTS IN CLEAN ENERGY. OUTPERFORMERS TODAY INCLUDE FIRST SOLAR, SUNRUN, AND SOLAR EDGE SUNOVA'S FOUNDER, CHAIR, AND CEO IS WITH US NOT ONLY DID WE SEE SOLAR STOCKS MOVE HIGHER TODAY, BUT IN THE CASE OF YOUR COMPANY SPECIFICALLY, DRAMATIC MOVES IN THE PAST MONTH, THE PAST THREE MONTHS HOW MUCH OF THIS IS TIED TO THE ELECTION AND PRESIDENTIAL OUTCOMES AS WE LOOK TO 2025? HOW MUCH OF IT IS A REBOUND IN THE BROADER MARKET >> WELL, THANKS FOR HAVING ME. YEAH, IT WAS A GREAT DEBATE. WE -- WE HAD A BIPARTISAN MOMENT THERE, I WAS REALLY PLEASED TO SEE THAT, YOU KNOW, MAYBE PRESIDENT TRUMP WASN'T FOR SOLAR IN THE FIELD, BUT CERTAINLY FOR SOLAR AT ROOFTOP, AND THE VICE PRESIDENT AGREED I'M GOING TO TAKE THAT A WIN MOMENT FOR OUR INDUSTRY, GIVEN THAT WE DO ROOFTOP SOLAR AND STORAGE. OVERALL, WE FEEL VERY STRONGLY AND HAVE BEEN THAT THE ELECTION IS GOING TO, REGARDLESS OF THE OUTCOME, BE VERY FINE FOR OUR INDUSTRY, AND WE'RE GOING TO CONTINUE TO GROW WE'RE SEEING UTILITY RATES CONTINUE TO MOVE UP. WE'RE SEEING EQUIPMENT PRICES, SOLAR PANELS, BATTERIES, INVERTERS CONTINUE TO MOVE DOWN. WE EXPECT THAT TO STAY THE CASE. WE'RE SEEING LABOR RATES MODERATE, IF NOT MOVE DOWN A LITTLE BIT AND NOW WE'RE STARTING TO SEE THE COST TO CAPITAL REALLY MOVE DOWN, AS WELL, WITH INTEREST RATES COMING OFF AND MORE LIQUIDITY IN THE MARKET. YOU SEE THE STOCK PRICES MOVING UP SO, WE'VE HAD A NICE PERIOD OF TIME WHERE I THINK PEOPLE ARE COMING BACK AND REALIZING THAT REGARDLESS OF THE MOCK CROW ENVIRONMENT, THERE'S BEEN A LOT OF CONCERNS ABOUT, ARE WE IN RECESSION ORE NOT, HEADED TO ONE, THAT REGARDLESS OF THE MACRO ECONOMIC OUTCOME HERE IN THE NEXT FEW MONTHS AND QUARTERS, THAT OUR INDUSTRY IS GOING TO CONTINUE TO GROW, SO WE SEE A VERY POSITIVE ENVIRONMENT FOR US REGARDLESS OF THE ELECTION OUTCOME. AND INDEED I JUST CAME BACK FROM ANAHEIM WITH THE BIG ANNUAL SOLAR AND STORAGE CONFERENCE, AND THERE'S A GREAT DEAL OF OPTIMISM ABOUT WHERE WE'RE GOING, REGARDLESS OF THE OUTCOME IN THE NEXT 54 DAYS OR SO. >> IT SOUNDS LIKE THAT AFTER WHAT WAS SEEN AS A HARD YEAR, OR EVEN COUPLE OF YEARS, WITH THE FED ON THE CUSP OF CUTTING RATES AND THE ECONOMY STILL DOING BETTER THAN EVERYONE EXPECTED, IT SOUNDS LIKE THE SOLAR INDUSTRY IS AT AN INFLECTION POINT WHERE DO YOU EXPECT TO SEE THAT DEMAND GROW MORE SIGNIFICANTLY, ON THE BUSINESS SIDE, OR ON THE CONSUMER SIDE? >> ABSOLUTELY THE CONSUMER SIDE. WHEN YOU LOOK AT WHERE RETAIL RATES ARE GOING FOR UTILITIES AND HAVE BEEN, THEY'VE BEEN DOUBLE DIGITS FOR A COUPLE OF YEARS THERE, AND MID TO HIGH SINGLE DIGITS IN THE PAST YEAR, IN TERMS OF RATE INCREASES AND INFLATION HAS BEEN FALLING TREMENDOUSLY, AS WE JUST SAW THIS MORNING MAYBE NOT, YOU KNOW, A LITTLE BIT MORE IN TERMS OF DESIRE TO FALL, GET TO THAT 2% TARGET FOR THE -- FROM THE FED, BUT STILL, IT'S COME DOWN QUITE A BIT AND YET, UTILITY RATES CONTINUE TO MOVE MATERIALLY HIGHER, AND THEY'RE EXPECTED TO CONTINUE TO MOVE HIGHER, AS WE MOVE FORWARD, REGARDLESS OF WHAT THE ECONOMY DOES SO, CONSUMERS ARE STARTING TO SEE, AGAIN, THE EQUIPMENT ON SOLAR PANELS AND BATTERIES ARE MOVING DOWN, SO, THAT MAKES ESSENTIALLY UTILITY RATES MOVING UP, EQUIPMEN

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