and has quickly grown to become the second largest provider of solar services in the United States. In November 2012, Blackstone Group L.P. acquired Vivint, Inc. for $2 billion and in October 2014 Vivint Solar released its IPO, selling 20.6 million shares and raising $330 million. The company is headquartered in Lehi, Utah and in February 2015 broke ground for a new corporate office to be complete
d in 2016. Unlike traditional solar system developers that require a substantial “initial” investment, Vivint Solar offers consumers a residential solar Power Purchase Agreement (PPA) or a residential solar system lease agreement that enables them to enjoy the benefits of solar with little to no up-front cost for qualified customers. The PPA/lease model makes solar panels financially realistic for everyday families as well as businesses and organizations. In the lease structure, the customer’s monthly payment is fixed based on a calculation that takes into account expected solar energy generation. Vivint Solar is a recruiting partner in the Department of Energy’s “Solar Ready Vets” program that provides jobs to transitioning military service personnel in support of the President’s initiative to add 75,000 new solar workers by 2020. Vivint Solar extended job offers to all 20 graduates of the United States Department of Energy’s “Reach for the Sun” pilot program in February 2015. Vivint Solar has 4,554 employees nationwide and has financed and installed 51,458 residential solar energy systems as of August 11, 2015. These solar installations have a cumulative total of approximately 340 megawatts. In June of 2015, Vivint Solar entered the Commercial and Industrial market, the company’s first time expanding beyond residential solar. The company is rapidly expanding, currently providing solar to 13 states including Arizona, California, Connecticut, Hawaii, Maryland, Massachusetts, New Jersey, New Mexico, New York, Pennsylvania, South Carolina, Utah and Washington DC. Vivint Solar is expecting to open more offices in the near future.
