Internal Newsletter Q3
Message from the President
What a busy and exciting Q3!
The July company offsite gave us time to step away from our daily responsibilities and come together to collaborate, share ideas, and strengthen our connections. I hope you left feeling as inspired as I did.
We were fortunate to meet with Rebecca Kujawa and John Ketchum this quarter. Rebecca’s fireside chat during the August town hall and John’s “Coffee with Ketchum” on September 17th provided valuable insights into NextEra’s commitment to our business and appreciation for our rapid growth.
I was also proud to share the stage with Melissa, Shela, and A-L last month for a “Day in the Life of EverBright” hosted by Women in Energy (WIE). With our substantial and rapid growth, it’s clear we’re more than just the new kid on the block, and it is exciting to see our expanding impact.
As we head into Q4, I encourage you to participate in the annual iPledge campaign November 11-15. There are many ways to get involved and my goal this year is 100% participation.
Let’s continue to harness our ingenuity and creativity to finish the year strong!
Jill Dvareckas President, EverBright
Success Dashboard
Portfolio Growth Overview
The graph below illustrates the success of PPAs and their impact on the steady growth of all contracts, since RICs were paused in July.
Key Takeaways
Driven primarily by PPAs, the portfolio has grown 28% QoQ.
Success Dashboard
Q3 Financial Overview
Despite fluctuating market conditions, our Q3 financials highlight our operational resilience and strategic direction.
Why It Matters
Q3 presented challenges, including controlling our capital spend, and finding ways to drive higher project returns while enhancing our underwriting criteria. Despite the controls put in place for the long-term health of the company — which may have slowed our short-term growth — we are well above our original forecast.
The Bottom Line
Q3 EBIT of $215 MM, $101 MM above plan, primarily due to higher than anticipated ITC from more assets placed in service than forecasted.
In Practice
Continued diligence in risk management, strategic business development oversight, and capital recycling is essential as we navigate these challenges.
$363 MM
First PPA capital recycling on ~18K assets Closed Sept. 7
By the Numbers
Origination Capex: 3Q24 of $788 MM, $10 MM above plan, due to stronger than expected sales during the busy summer selling season.
PPA Placed in Service Capex: 3Q24 of $400 MM, above plan by $130 MM, due to increased efficiency in utility response rates in certain states and active account management.
Loan Placed in Service Capex: 3Q24 of $49 MM, $101 MM below plan, due to RIC volumes below plan and then pausing RIC originations in July.
MWac Portfolio Backlog: Net originations of 163 MWac in 3Q24 and 475 MWac YTD through September.
35-Year PPA Portfolio IRR: 8.4% for portfolioweighted originations in September, up ~100 bps from January, driven by several price adjustments throughout the year.
Capital Recycling: On September 27, we closed our first residential solar PPA financing, raising $363 MM on ~18k PPA assets.
Hackathon 2024: A Week of Innovation and Collaboration
From September 23 - 27, more than 20 cross-functional teams participated in the annual EverBright Hackathon, a week-long event that brought innovative projects to life to improve EverBright products and business functions. 72 dynamic ideas were submitted, with project sponsors pitching their concepts to recruit team members. Teams worked diligently throughout the week culminating in project demos and voting.
And the winners are . . .
Best in Show (Overall Most Impressive):
EverCapture Installer System Photos App
Description: A mobile application for installers to easily submit system photos
Team: Gico Carlo Evangelista, Ailita Eddy, Aris Stepe, Christian Wong, Eric Fortis, Livia Abuls, Sam Lieberman
• 2nd Place: Mass User Add Tool
• 3rd Place: Home Transfers in MyEverBright
Wow Our Customers (Biggest Customer Impact): EverBright Everywhere All at Once
Description: Bringing homeowner system monitoring to all your devices (HOP iOS, watchOS, MacOS, tvOS App)
Team: Eric Schulte, Bulut Quinlan Calis, Jeanine Zheng
• 2nd Place: Notification Center
• 3rd Place: EverBright Wrapped Year in Review
Velocity Prize (Greatest Internal Impact - Focus on Efficiency): Automate Creation of Test Workflows
Hackathon is an amazing opportunity to step away from our day-to-day work, team up with people across the company, and experiment with new technologies to tackle important and exciting new challenges. It gives me great pride knowing we have the best team in the industry, and that our technology is a key EverBright competitive advantage.
Description: Allows developers to quickly create test workflows at various stages of the workflow lifecycle
Team: Tony Rodriguez, Brent Putman, Evan Johnson, Avery Hunt, Bill Thomas, Vincent Pace, Bulut Quinlan Calis, Benny Wick, Livia Abuls, Colin Reed
• 2nd Place: Onboarding Portal
• 3rd Place: Predicting Homeowner Delinquency
The Gnar (Most Technically Impressive): CAD 3D Building Reconstruction
Description: Automatically detect roof-line types and generate 3D representations of buildings.
Team: Sebastian Arboleda, Nick Masters, Alex Maruniak, Maxwell Heron
• 2nd Place: Automated Quality Checker for Annotated Roof Segment Images
• 3rd Place: VPP Dispatch Simulator
People’s Choice (Most votes across all categories): Home Transfer Process Flow Improvements
Description: Automate home sale process to avoid delays and manual mistakes Team: Marti Ranea, Jill Cizewski, Mirian Mendoza, Kristen Rawlings, Sam Lieberman, Luanda Lee, Nehemiah Franco, Samantha Martinez, Sam Johnson, Brian Embry
• 2nd Place: Einstein AI Chatbot
• 3rd Place: Uploaded Utility Bill Parsing
(Clockwise from bottom left) Damjan Postolovski, Hope Pratt, Seb Arboleda, Nick Masters, and Sam Gelernter working on projects while savoring some classic NY-style pizza during Hackathon.
Congratulations to the winners and participants who made this another successful EverBright Hackathon! For more on the 2024 Hackathon projects, view the PowerPoint slides and demos here.
Company Offsite
July 22-24, 2024
The Ritz-Carlton Key Biscayne-Miami
Following a welcoming glass of chilled champagne at check-in at The Ritz-Carlton, the company offsite continued with dinner at the Rusty Pelican, where Jill Dvareckas energized the crowd with impressive rhymes to the tune of Will Smith’s “Miami.” The twoand-a-half-day program included:
• Informative presentations
• Collaborative brainstorming sessions
• Friendly competition
A group outing to the Marlins game added to the excitement and camaraderie, where Carey Mendes threw the first pitch, setting the Marlins on course for a 6-3 victory against the Orioles.
Carey Mendes proudly shows off his Marlins jersey just before throwing the first pitch. To watch clips from the scavenger hunt, click here
Despite the CrowdStrike and Microsoft global IT outage impacting some travel plans, the marketing team quickly pivoted by incorporating virtual presentations, ensuring everyone could participate. The company offsite was an opportunity to network with colleagues from different teams and locations. Plans for 2025 are in the works as we look forward to gathering again next year!
Enhancements and Updates to Engine
Our bi-weekly comms has a new name: Watt’s Up! Designed to help sales orgs and installers create better proposals, avoid milestone rejections, and close more deals, here’s what’s changed in Q3:
1) Help sales teams create better proposals and close more deals:
• Updated PPA 2.0 Contract
• Google HD Expansion
• Simplified and updated product names from branded to generic
2) Process milestones more quickly:
• EverBright Shade Study Automation
• System Photo Requirements Updated
• Job List Added to Reporting Tool
3) Reduce Risk:
• Code of Conduct Acknowledgement Implemented
Key Industry News
SunPower Bankruptcy Not a Reflection of Industry Stability
After grappling with high interest rates and allegations of misconduct in its reporting practices, SunPower, one of the largest national solar installers in the U.S., filed for Chapter 11 bankruptcy on August 5, 2024. Complete Solar has acquired SunPower’s assets, including Blue Raven Solar, the New Homes subsidiary, and other parts of the SunPower dealer network.
While this development has affected supply chains, and may have impacted customer confidence, and competitive positioning, “SunPower’s financials are unique to the company and don’t reflect the overall demand for US residential solar and financing solutions,” said Sales Manager Chad Dahlgren. “Installers have confidence in EverBright because of our robust corporate and financial backing.”
Read more in Business Insider
Illinois
to End 1:1 Net Metering
“Installers have confidence in EverBright because of our robust corporate and financial backing.”
Illinois is changing their net metering plan, effective January 1, 2025. New net metering customers who get PTO after December 31, 2024, will only receive credits for the costs associated with electricity supply, no longer including credits for delivery charges, taxes, and other fees. Though full 1:1 credit for excess energy sent back to the grid will end, Illinois utility companies do provide rebates for smart inverters and batteries.
In response to these changes, EverBright will be launching the Shift PPA in Illinois, mirroring our successful battery strategy in California. This financing option includes a battery for self-consumption, allowing homeowners to shift their stored energy to use at night when the sun goes down and their panels are no longer producing energy. An additional advantage of increasing our battery adoption rate is the potential for these homes to participate in grid services such as Virtual Power Plants (VPP).
“While grid services have been active in the C&I space in IL for years, EverBright’s battery customers could be some of the first residential customers participating in a true VPP in Illinois,” said Senior Project Manager Rachel Marcus.
Celebrating Our Employees
New Additions to Our EverBright Family
Warm congratulations to our new Q3 parents, Linda Li and Victoria “Vicky” Post. Senior Data Platform Engineer Linda Li and her husband Charlie Yao, joyfully welcomed their baby girl, Camille Lily Yao, on August 7. Vicky Post, Director of Finance, along with Tyler Hardin, Executive Director of Strategy and Product Solutions for NextEra Energy Resources, are the proud new parents of Isabel Alice Hardin, born August 23 at 3:00pm.
Introducing New Employees
Please remember to use this template to introduce your new employees to the broader EverBright team. Once you’ve filled in all the information, share the document with Executive Administrative Assistant Ashley Kaufman for distribution.
Attention Hiring Managers
Camille Lily Yao
Isabel Alice Hardin
EverBright Events
RE+ 2024
For the third consecutive year, EverBright exhibited at RE+, North America’s largest clean energy event with over 40,000 attendees and more than 1,300 exhibitors.
Representatives from our leadership, sales, marketing, business development, operations, and product teams met with industry leaders — including many of our existing installers — to showcase our latest technology innovations and financing solutions.
“As a first-time RE+ attendee, it was eye-opening to see how many people knew about EverBright and were eager to become installer partners or get on our approved vendor list,” remarked Chelsea Kronengold, Marketing & Events Specialist.
Women in Energy Present: “A Day in the Life of EverBright”
On Friday, September 13th, Women in Energy presented “A Day in the Life of EverBright” with Jill Dvareckas (President), Melissa Brooks (Director Operations), Shela Charles (Director Risk Management), and Anne-Louise Seabury (Director Customer Experience). The interviewstyle discussion highlighted each panel member’s personal interests, background, and values which help guide their leadership styles and successful careers.
Though each has a long-standing NEE career history, Jill was quick to point out that EverBright has filled roughly half its positions with people outside the organization. Melissa added that she looks for people who have a diverse skill set–including those who jump in with a willingness to wear many hats. A member of the HR team rattled off a list of open positions and encouraged those in the audience to reach out to anyone they might know, highlighting the bonus program for referrals.
WIE is a NEE Employee Resource Group (ERG) dedicated to advancing the careers of its members by providing:
• Industry education
• Professional networking
• Corporate benchmarking
For more information or to become a member, go to Women in Energy.
(Left to right) Moderator Mubina Dunn interviewed Jill Dvareckas, Melissa Brooks, Anne-Louise (A-L) Seabury, and Shela Charles at “A Day in the Life of EverBright.”
What’s Happening
IPLEDGE is rescheduled to November 11-15
Visit MyPortal/Giving for details
2025 OPEN ENROLLMENT
Oct. 30 – Nov. 13
Visit EnrollNow to make your benefits selection by 11:59 PM ET 11/13/24
Save the Date JB HOLIDAY PARTY Dec. 4, 2024
Mark your calendars! Juno Beach holiday party returns to the Pelican Club. Details coming soon. Other offices TBD.
Brainteaser
What disappears as soon as you say its name?
Add two matchsticks to the below equation to make it true. What expressions are pictured below?
ISSUES ISSUES ISSUES ISSUES ISSUES ISSUES ISSUES ISSUES ISSUES