ADT Solar to close remaining branches, exit residential solar business
After closing a majority of its branches three months ago, ADT announced this week that it will exit the residential solar business completely.
“The decision to exit solar operations was made after careful deliberation, and we expect this strategic action to drive substantial operational and financial benefits to ADT,” said ADT Chairman, President and CEO Jim DeVries. “We want to acknowledge and thank our employees, partners, and customers as we work through this transition.”
ADT will continue with its security and smart home business.
ADT entered the solar market in 2021 after acquiring successful dealer Sunpro Solar for $160 million in cash and more in stock, implying a total value of $825 million. Sunpro was rebranded to ADT Solar.
ADT said that through the first nine months of 2023, ADT’s core security business exhibited strong performance while the solar business faced challenges. The company’s Board of Directors has approved the exit from solar, and the solar business may be up for sale.
ADT Solar operated throughout the country, in markets like Atlanta, Chicago, Houston, St. Louis, Miami and Phoenix. The company was ranked at No. 34 nationally on the 2023 Top Solar Contractors List, based on kilowatts installed.
