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Sunrun Inc. (Nasdaq: RUN) is a pioneering force in the residential solar energy market in the United States. Founded in 2007, the company revolutionized the industry by making home solar accessible and affordable through its innovative solar service model. By allowing homeowners to pay for the electricity generated rather than the solar panels themselves, Sunrun removes the substantial upfront costs that have traditionally been a barrier to solar adoption.
Sunrun's core business involves the design, development, installation, sale, ownership, and maintenance of residential solar energy systems. Homeowners can enter into long-term agreements, typically ranging from 20 to 25 years, ensuring low, locked-in rates for the electricity produced. This model not only saves customers money over time but also provides them with energy security and predictability.
In recent years, Sunrun has been at the forefront of integrating solar energy with battery storage solutions. The company now offers solar-plus-storage systems, enabling homeowners to store excess energy for use during power outages or peak demand times. This not only enhances energy resilience but also contributes to grid stability, as seen in Sunrun's prominent virtual power plant initiatives in places like Puerto Rico and California.
Sunrun's financial performance underscores its market dominance, with significant milestones achieved in the fourth quarter of 2023 and the first quarter of 2024. The company reported a net subscriber value of $13,445 and $11,891 respectively in these quarters, demonstrating strong customer value creation. Despite facing challenges, such as a net loss attributable to common stockholders of $350.1 million in Q4 2023 and $87.8 million in Q1 2024, Sunrun remains committed to driving positive cash generation and margin-focused strategies.
Partnerships play a crucial role in Sunrun's growth strategy. The company collaborates with various solar and strategic partners to expand its customer base and enhance service offerings. Recent achievements include raising over $3 billion in capital in early 2024 and participating in significant projects like PowerOn Puerto Rico and the CalReady program in California.
Sunrun's commitment to environmental sustainability is evident in its efforts to reduce carbon emissions through its solar deployments. The company's systems have offset millions of metric tons of CO2, underlining its role in combating climate change while providing clean, affordable, and reliable energy to families across America.
Sunrun (Nasdaq: RUN), the leading clean energy subscription service provider, has partnered with Tesla Electric to create a customer-driven power plant in Texas using residential solar-plus-battery systems. The program has enrolled over 150 Sunrun customers and aims to dispatch stored solar energy from home batteries to increase electricity reserves during high consumption periods.
This partnership marks Sunrun's first operational aggregated power plant program in Texas, addressing recent grid vulnerabilities and power outages. Participating customers will receive compensation, estimated at $400 per Powerwall for 2024, while retaining energy for backup during outages. Sunrun will earn incremental recurring revenue from the program.
The initiative aligns with ERCOT's efforts to diversify and strengthen the power grid through the Aggregated Distributed Energy Resources Task Force. With nearly one million customers and over 116,000 installed storage systems, Sunrun aims to enhance grid resilience and provide homeowners with energy security and independence.
Sunrun (Nasdaq: RUN), the leading U.S. clean energy subscription service provider, reported strong Q2 2024 results. Highlights include:
- Cash Generation of $217 million in Q2
- Storage Capacity Installed of 265 Megawatt hours, up 152% YoY
- Solar Energy Capacity Installed of 192 Megawatts
- Net Earning Assets increased to $5.7 billion
- Storage attachment rates reached 54%
Sunrun introduced 2025 Cash Generation guidance of $350-$600 million and reiterated Q4 2024 guidance of $50-$125 million. The company expects positive Cash Generation in Q3 2024 and is on track for its annualized run-rate target of $200-$500 million in Q4.
Sunrun (Nasdaq: RUN), the leading U.S. clean energy subscription service provider, has received approval from the Science Based Targets initiative (SBTi) for its greenhouse gas emissions reduction targets and net-zero goal by 2050. The company commits to:
- Reduce absolute scope 1 and 2 emissions by 54.6% by 2033
- Cut scope 3 emissions from purchased goods and services by 61.1% per megawatt of solar energy capacity installed
- Achieve net-zero greenhouse gas emissions across its value chain by 2050
- Reduce absolute scope 1, 2, and 3 emissions by 90% by 2050 from a 2022 base year
Sunrun CEO Mary Powell emphasized the company's commitment to prioritizing these aggressive emission-reduction targets while helping households adopt clean energy solutions through home solar and storage.
Sunrun (Nasdaq: RUN) customers in Houston demonstrated the resilience of solar-plus-storage systems during Hurricane Beryl's aftermath. Over 1,600 customers maintained power for 70,000+ hours as grid outages affected millions. Michael Shepard from Porter, TX, powered his home for 200+ consecutive hours without relying on generators.
CEO Mary Powell emphasized the safety benefits of solar and battery systems over portable generators, which caused carbon monoxide poisoning incidents. On average, each Sunrun customer received 44 hours of backup power. Customers like Xavier Harris and Allante McGowan highlighted the system's ability to power essential appliances and preserve medications.
Notably, Sunrun customers shared their clean energy with neighbors. Brent McNiel in Richmond, TX, provided power to nearby homes and sheltered a family. With 102,000+ battery systems nationwide, Sunrun aims to expand access in Texas, supporting grid stability during peak demand.
Sunrun (Nasdaq: RUN) has launched the nation's first vehicle-to-home power plant using customer-owned bidirectional electric vehicles in Maryland. In partnership with Baltimore Gas and Electric Company (BGE), the program utilizes Ford F-150 Lightning trucks to deliver power to owners' homes during peak demand times, supporting the power grid.
The initiative involves three Sunrun customers in BGE's service territory, showcasing how electric vehicles can function like stationary batteries to reduce grid demand. Participants can earn an estimated $800 over four months by sharing stored energy during specific dispatch windows. This program demonstrates the potential for electric vehicles to contribute to grid resiliency and utility price stability, laying the foundation for future expansion nationwide.
Sunrun (Nasdaq: RUN), the leading provider of clean energy subscriptions, has announced a strategic investment in its new homes division by hiring two top industry leaders, Matt Brost and Ellen Struck. Both executives bring extensive experience from SunPower, where they led the largest new homes solar business in the U.S. This move aims to accelerate the growth of solar and storage installations in new construction and capitalize on Sunrun's market-leading platform across multiple segments.
Brost and Struck collectively bring over four decades of experience in the energy and solar industries. Sunrun's CEO, Mary Powell, expressed excitement about the potential impact of these additions on the company's growth and customer service. The company's focus on partnering with home builders to offer solar-plus-storage systems to new home buyers is part of its broader strategy to maintain strong market leadership across various segments, including its dealer business.
Sunrun (Nasdaq: RUN), a leading clean energy subscription service provider, announced the successful activation of its CalReady power plant during California's recent heat wave. Over 16,000 Sunrun customers with solar-plus-storage systems contributed to strengthening the state's electrical grid and preventing blackouts. The batteries supplied an average of 48 megawatts each night for four consecutive evenings, peaking at 51 megawatts.
CalReady, the largest single-owner virtual power plant in California's Demand Side Grid Support program, operates daily from 4 to 9 p.m. through October. Sunrun customers enrolled in the program receive compensation for sharing their stored solar energy, while Sunrun is paid for dispatching the batteries. With nearly one million customers and over 102,000 installed storage systems, Sunrun demonstrates its capability to support local power grid needs across the country.
Sunrun (NASDAQ: RUN) announced that it will release its second quarter 2024 earnings report on August 6, 2024, after the market closes.
A conference call to discuss the earnings results is scheduled for 1:30 p.m. Pacific Time on the same day.
The call can be accessed live via the Sunrun Investor Relations website or by phone. An audio replay and transcript of the call will be available on the Investor Relations website after the event.
Sunrun (Nasdaq: RUN), the top provider of clean energy as a subscription service in the U.S., announced its largest securitization ever, worth $886.3 million. This marks the biggest residential solar securitization industry wide. The transaction includes two pari passu tranches of A+ rated notes and a single class of BB rated notes. The $443.15 million Class A-1 notes were marketed publicly and bear a 6.25% coupon with a 6.385% yield. The Class A notes advance rate stands at 72.6%. The diversified portfolio backing the notes includes 48,628 systems across 19 states, Washington D.C., and Puerto Rico. The transaction is set to close by June 11, 2024, with several prominent financial institutions involved as structuring agents and bookrunners.
Sunrun, a leader in clean energy services, has released its 2023 Impact Report, outlining significant strides in environmental and social impact.
The report highlights over 1 gigawatt of solar capacity installed, 570 megawatt hours of storage, and a reduction in operational emissions by 24%. Sunrun has generated 6.8 billion kilowatt-hours of solar energy, saving customers $1.3 billion and providing 2.8 million hours of backup power.
Sunrun also achieved a 52% ethnically diverse workforce, a 18% improvement in employee safety, and completed 307,000 training courses. Additionally, they provided solar power to 1,085 low- and moderate-income households and contributed 10,000 hours of volunteer time.
The company received numerous recognitions, including from Fast Company and Comparably, highlighting its commitment to sustainability, diversity, and community support.
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