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Residential solar company Sunnova Energy (NYSE:NOVA) said Monday it is expanding into the commercial market, establishing a new Business Markets division to serve commercial, industrial, agricultural, commercial real estate, non-profit and public sector customers.
Sunnova (NOVA) said its entry into the commercial sector is supported by the passing of the Inflation Reduction Act, which is expected to increase deployment of commercial solar projects by 20% over the next five years.
"We see a significant growth opportunity in the commercial solar market that is a natural extension of our market-leading services on the residential side," Sunnova (NOVA) CEO John Berger said.
Earlier this month, Sunnova Energy (NOVA) said it applied with the California Public Utilities Commission to develop a first-of-its-kind solar and storage focused "micro-utility" in California.