10 Best Renewable Energy Penny Stocks to Invest In

3. Sunnova Energy International Inc. (NYSE:NOVA) 

Number of Hedge Fund Holders: 22

Stock Price as of November 22: $4.37

Sunnova Energy International Inc. (NYSE:NOVA) is a leading provider of residential solar and energy storage services, playing a crucial role in the adoption of renewable energy solutions across the United States. The company offers flexible financing options for solar PV systems, with terms ranging from 20 to 25 years, catering to a broad customer base.

On October 30, Sunnova Energy International Inc. (NYSE:NOVA) released its financial results for the third quarter and the nine months ending September 30. The company’s core business of customer agreements and incentives demonstrated strong performance, with revenue growing by 43% to $121.5 million in the nine-month period compared to the previous year. This growth was fueled by a 38% increase in the number of solar energy systems in service, reaching 222,300 systems.

Sunnova Energy International Inc. (NYSE:NOVA) also reported an increase in average revenue per system, with Power Purchase Agreement (PPA) and lease revenue rising 12% to $1,405 per system. This improvement is attributed to slightly larger average system sizes and higher battery attachment rates, which climbed to 32% for the nine months ending September 30.