Utah-headquartered solar lease and residential company Vivint Solar has announced bold expansion plans for next year, which include the creation of 20 new sales and operations offices across the U.S.
The company which has cornered 50% of the U.S. residential PV market alongside fellow lease-leaders SolarCity will open its first new office in California and then roll out into other states as the year progresses.
According to Vivint Solar CEO Greg Butterfield, the company will hire locally and is seeking a raft of new operations staff and direct sellers to oversee its leasing and PPA model.
"We believe Vivint Solar is well positioned for expansion as more homeowners are choosing solar to reduce energy costs," said Butterfield. "The industry is growing rapidly and we will continue to open new offices strategically to meet demand."
Thus far, Vivint has been successful in meeting that demand. According to figures from GTM Research released earlier this year, the company now boasts more than 15% share of the residential installer market. In Q2, Vivint more than doubled its share of the market, but remained some way behind SolarCity overall. The Elon Musk-founded company controls more than 36% of the residential PV market in the U.S.
The sector itself is set to boom in 2015, predicts GTM Research, having grown in 18 of the past 19 quarters. According to the research group, residential solar will soon "exceed the non-residential segment in annual installations for the first time in more than a decade," although the analysts were reluctant to put a definitive timescale on when this may occur.