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The U.S. Department of Energy (DOE) Loan Programs Office (LPO) today announced a conditional commitment to Sunnova Energy Corporation’s Project Hestia for an up to $3 billion partial loan guarantee to make distributed energy resources (DERs), including rooftop solar, battery storage, and virtual power plant (VPP)-ready software available to more American homeowners.
Project Hestia is expected to prioritize a focus on households in disadvantaged communities across the United States, including Puerto Rico, as well as homeowners with lower credit ratings. If finalized, the partial loan guarantee would enable Sunnova, a leading Energy as a Service provider, to provide loans for clean energy systems for approximately 75,000 to 115,000 homeowners throughout the United States, including its territories.
Over the next 25 years, the approximately 568 MW project, comprised of solar installations, battery systems, and smart software to reduce energy waste, is expected to avoid an estimated 7.1 million tonnes of carbon dioxide over the 25-year life of the project. That’s equivalent to eliminating carbon emissions from 1.5 million vehicles on the nation’s roads. If finalized, the project is estimated to create over 3,400 American jobs.
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