Sunnova Energy to cut 55% of workforce amid financial restructure
US-based solar energy company Sunnova Energy has announced a workforce reduction, laying off 55% of its employees - 718 individuals - as reported by Reuters.
The move is part of a broader effort to curb spending as the residential solar panel installer contends with a debt burden and waning demand.
The company is currently undergoing debt restructuring and indicated in March 2025 the possibility of not being able to sustain its operations.
The layoffs come without detailed disclosure of the associated costs.
In a recent setback, the US administration under President Donald Trump revoked a partial loan guarantee of $2.92bn granted to Sunnova by the preceding Biden administration.
Adding to the company's challenges, Sunnova TEP Developer, a subsidiary, filed for Chapter 11 bankruptcy protection at the beginning of June 2025.
These developments occur amidst a period of significant strain for the US residential solar energy sector, which is facing multiple headwinds: rising interest rates, scaled-back incentives in the key Californian market and the looming threat of green energy subsidy cuts.
In May 2025, industry stakeholders expressed concern over a Republican budget bill in Congress that could severely impact the sector by eliminating a key homeowner subsidy that has supported industry expansion.
Sunnova reported a revenue increase to $840m for the full year 2024, marking a 17% rise from the previous year. The company also recorded principal proceeds of $191m.
As part of its cost-saving measures, Sunnova has streamlined operations by reducing its headcount by more than 15%. This contributes approximately $35m towards estimated total annual cash savings of $70m.
"Sunnova Energy to cut 55% of workforce amid financial restructure" was originally created and published by Power Technology, a GlobalData owned brand.
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