From Yahoo Finance: 2025-06-05 16:59:00

Sunnova Energy announces a significant layoff of 718 employees, representing 55% of its workforce, to address financial challenges. The company is restructuring its debt and faces sluggish demand in the residential solar panel industry. The cancellation of a $2.92 billion loan guarantee by the Trump administration adds to Sunnova’s difficulties.

Sunnova did not disclose the financial impact of the layoffs. Sunnova TEP Developer, a unit of the company, recently filed for Chapter 11 bankruptcy protection in the U.S. The U.S. residential solar energy sector is facing challenges from higher interest rates, reduced incentives in California, and potential subsidy cuts for green energy.

Potential legislative changes, including the elimination of a subsidy for homeowners, could further impact the solar industry. Companies installing solar panels on homes are concerned about the impact of a Republican budget bill that could eliminate key subsidies. The industry is closely watching developments that could affect its growth and profitability.

Read more: Sunnova Energy to lay off 718 employees