Pink Energy (formerly Powerhome Solar) - Sales Distinction of the Year

Company: POWERHOME SOLAR, Mooresville, NC
Company Description: POWERHOME SOLAR is an energy efficiency company that provides high-quality American-made solar panels as part of a complete energy-savings package for residential customers. The company launched in 2014 in Mooresville, N.C., and today has more than 2,200 employees, including a commercial division. Operating in 15 states, it is ranked No. 520 on the 2021 Inc. 5000.
Nomination Category: Sales Awards Distinction Categories
Nomination Sub Category: Sales Distinction of the Year - All Other Industries

Nomination Title: POWERHOME SOLAR

Founded in 2014, POWERHOME SOLAR opened its doors with only 15 employees. Now, the company employs over 2,200 people and has a 15-state footprint in which our sales team operates, including Georgia, Illinois, Indiana, Kansas, Kentucky, Michigan, Missouri, Ohio, North Carolina, Pennsylvania, South Carolina, Tennessee, Texas, Virginia and West Virginia. Because of our sales team, the company experienced a 64% year-over-year growth in revenue from $365 million in 2020 to $600 million in 2021 despite the COVID-19 pandemic.

POWERHOME SOLAR was ranked No. 520 on the 2021 Inc. 5000 list of the fastest-growing private companies in America, marking the fourth time in five years that the company has made this prestigious list. Such success would not have been possible without the performance from our sales team.

COVID-19 presented a unique challenge for POWERHOME SOLAR, as all businesses were forced to make hard decisions in March 2020 when the virus reached pandemic status. For POWERHOME SOLAR, its decision as an essential business providing energy infrastructure involved whether to remain open amid the uncertainty. The company's executive team developed innovative solutions and started implementing them. The first involved the executive team removing themselves from payroll and opting to forge ahead to give employees the opportunity to continue earning paychecks, while also giving concerned workers the chance to take leave without penalty until conditions improved. The second involved partnering with Generac to offer our customers battery storage with their solar panels.

While the company encountered soft sales over those first 30 days, the company did not expect what lie ahead. POWERHOME SOLAR’s sales team broke records in 2020 as the success of the company’s sales division led to a 93% year-over-year revenue increase to $365 million, driving jobs growth for the company. As COVID lingered throughout 2021, the sales team never let up and they led the company to another 64% year-over-year increase to nearly $600 million. Such success led to POWERHOME SOLAR experiencing extraordinary growth. At the beginning of COVID-19, POWERHOME SOLAR had 750 employees in 10-states. As 2022 begins, our employee count is now more than 2,200 and the footprint the company serves has increased to 15 states.

While many solar companies have experienced hardship because of COVID-19, POWERHOME SOLAR has thrived. Our year-over-year revenue growth of 93% in 2020 and then 64% in 2021 amid the pandemic came after seeing 81% year-over-year growth in revenue in 2019 (from $100 million to $189 million). That we achieved a 217% increase in revenue over a two-year period amid the height of COVID-19 is a testament to the strength and dedication of our sales team.

Our pivot to using Generac PWRCell batteries was widely embraced by our customers, and our sales representatives’ ability to showcase the value of Generac’s best-in-class battery storage technology has made our company a clear industry leader. More than 60 percent of our customers added battery storage in 2020, and our attachment rate in 2021 was nearly 95 percent – well above the approximate 30 percent rate seen by our competitors.

The work of our sales team resulted in POWERHOME SOLAR serving approximately 8,000 customers in 2020 and approximately 10,000 customers in 2021. The growth came in large part by adding five new states to the company’s footprint in 2021 (Georgia, Kansas, Kentucky, Texas and West Virginia). Continued expansion is forecasted, as our sales team understands that customers want to further protect their energy source. POWERHOME SOLAR has continued to receive national accolades for its work, making the 2021 Inc. 5000 list of the fastest-growing private companies for the fourth time in five years.

https://www.powerhome.com/inc-5000-2020-powerhome-solar-ranking-results/

https://www.powerhome.com/powerhome-solar-ranked-no-520-on-2021-inc-5000/

https://www.powerhome.com/powerhome-generac-partnership-battery/

https://www.powerhome.com/fast-company-most-innovative-companies-list-2020-energy/

https://www.powerhome.com/powerhome-solar-named-winner-2021-edison-awards/

https://www.powerhome.com/inc-best-business-2020-powerhome-solar/