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Vivint Solar announced its plans to open more than 20 new sales and operations offices in 2015. The company's expansion will continue in states in which it is currently operating, beginning in California, and moving into new states during the year. The company will hire local operations staff and direct sellers of residential solar PPAs and solar leases.
"We believe Vivint Solar is well positioned for expansion as more homeowners are choosing solar to reduce energy costs," said Greg Butterfield, CEO of Vivint Solar. "The industry is growing rapidly and we will continue to open new offices strategically to meet demand."
According to the Solar Energy Industries Association's (SEIA) Q3 2014 U.S. Solar Market Insight Report, the U.S. residential solar market exceeded the 300 MW in a quarter for the first time in history. Residential continues to be the most reliable market segment, now growing 18 out of the 19 quarters.
Vivint Solar's customers purchase energy or lease solar energy systems from US based on one of two types of long-term contracts - a power purchase agreement (PPA) or a lease. In the PPA structure, customers pay a fee per kWh based on the amount of electricity the solar energy system actually produces. In the lease structure, the customer's monthly payment is fixed based on a calculation that takes into account expected solar energy generation. The lease includes a production guarantee under which we agree to make a payment to the customer if the leased system does not meet the guaranteed production level.