Vivint Solar has recently announced its expansion plans in US by opening around 20 new sales and operations offices in 2015.
The expansion program will begin from California, moving slowly into new states during the year, according to Vivint Solar.
The company plans to appoint local operations staff and direct sellers of residential solar PPAs and solar leases.
With the continued and rapid growth of solar industry, the company has planned to open new offices strategically to meet increased demand, according to the sources.
Vivint Solar offers either long-term power purchase agreement (PPA) or lease to customers for purchasing solar energy systems.
In the PPA structure, customers pay a fixed amount depending on the capacity per kilowatt hour for the produced amount of solar energy.
In the lease structure, the anticipated solar energy generation of the customer decides the monthly payment.
In addition, the lease includes a production guarantee, according to which the company has to pay to the customer if the leased system does not meet the guaranteed production level.
Vivint Solar has reported revenue of $8.3 million in the third quarter, up 266% from $2.3 million in the third quarter of the prior year.
However, Vivint posted an adjusted loss per share of 66 cents wider than the loss of 20-cent average of analyst estimates, which caused the stocks to fall after the results.
With 62 MWs booked and 49 MWs installed during the quarter, total cumulative MWs installed stands at approximately 178 MWs as of September 30, 2014.
Two days ago, a second class action lawsuit was filed alleging that the company misled investors in the run-up to its 1 October initial public offering.
Recently, the U.S. residential solar market has exceeded 300 MW in a quarter for the first time in history.
In more than a decade, the residential solar market is expected to surpass the non-residential segment in annual installations for the first time in history.
Vivint Solar currently operates in Arizona , California , Hawaii , Maryland , Massachusetts , New Jersey and New York .
Sabeena Wahid
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