Sunrun and Lowe’s Partner to Bring Solar and Storage to Millions of Homeowners
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Insights
The partnership between Sunrun and Lowe's represents a strategic retail expansion that leverages the high foot traffic and customer base of a major home improvement retailer to increase the accessibility and visibility of solar and storage solutions. This move could potentially enhance Sunrun's market penetration and customer acquisition rates, given Lowe's established brand and widespread presence. It is essential to analyze consumer trends towards renewable energy adoption and how in-store experiences might influence purchasing decisions. The visible presence in a consumer-oriented space could act as a significant touchpoint for education and lead generation in the burgeoning home solar market.
From a financial perspective, the partnership could be indicative of Sunrun's growth strategy and its implications for revenue streams. The collaboration with Lowe's might lead to an increase in sales volume and operational efficiencies. It is crucial to assess the terms of the partnership, potential cost synergies and how the deal might affect Sunrun's margins and profitability. Investors should consider the capital expenditures associated with setting up in-store displays and the expected return on investment from this retail channel expansion. Furthermore, the market will be looking for any changes in guidance or performance metrics from Sunrun as a result of this new partnership.
The partnership between Sunrun and Lowe's also has broader implications for the energy sector, particularly in the context of renewable energy's growing share of the consumer market. It reflects a trend where traditional retail environments are becoming platforms for clean energy companies to reach new customers. This could signal a shift in consumer energy purchasing behavior, with potential impacts on utility companies and the wider energy market. Analyzing the competitive landscape, it is important to consider how utility providers and other solar companies may respond to this initiative and whether it might lead to similar collaborations or innovations within the industry.
Sunrun will be Lowe's largest national home solar and storage partner
SAN FRANCISCO, Feb. 21, 2024 (GLOBE NEWSWIRE) -- Sunrun (Nasdaq: RUN), the nation’s leading provider of clean energy as a subscription service, today announced a new partnership with Lowe's Companies, Inc. (NYSE: LOW), one of the largest home improvement retailers in the world, to provide households with solar and storage services inside of hundreds of Lowe’s stores across the country.
Customers will soon be able to experience and learn more about Sunrun's solar, storage, and clean energy technology products while visiting 430 Lowe’s store locations. The partnership makes renewable energy more accessible and affordable to homes across the nation by leveraging Sunrun’s industry-leading solar-as-a-service subscription model, which eliminates financial barriers and upfront costs for millions of customers.
“We are excited to offer Lowe’s shoppers a clean, affordable way to power their homes, one that provides energy independence and resilience against climate events and rising utility costs. As the nation's leading provider of solar energy with storage, this exciting partnership with Lowe’s makes connecting with new customers even easier,” said Sunrun CEO Mary Powell. “Having a strong presence in Lowe’s stores provides an enjoyable and comfortable environment where homeowners can have discussions about transitioning to a more modern way of powering a clean energy lifestyle.”
“Our customers rely on Lowe’s to introduce innovative products and services that truly improve homes and lives while providing the best value and service,” said Ram Krishnamurthy, senior vice president of Home Services at Lowe's. “Sunrun matches our mission perfectly as homeowners look to lower their power bills, consume cleaner energy, and use at-home batteries to safeguard against power outages.”
The partnership combines Lowe’s 100-year history of serving homeowners with the home energy expertise of Sunrun, America’s leading clean energy company with nearly one million solar customers and rapidly approaching 100,000 solar-plus-storage customers. Under Sunrun’s subscription service, systems are backed by the company’s production guarantee, comprehensive warranty, and proactive monitoring, ensuring decades of reliable service and exceptional customer experiences.
“Joining forces with Lowe’s is key to Sunrun’s diversified go-to-market strategy,” Powell added. “Lowe’s customer base is overwhelmingly homeowners, which means Sunrun will have more opportunities to showcase the cost benefits, peace of mind, and premium experience families enjoy from adding solar paired with storage to their homes.”
Sunrun representatives have started staffing more than 260 Lowe’s stores in 10 states, including California, Illinois, and Texas, and are now available to answer questions and guide customers through the process of going solar at their homes. Sunrun anticipates expanding into another 160 Lowe’s stores throughout the year.
To learn more about Sunrun’s products, services, and request a consultation, Lowe’s customers can also visit lowes.com/l/install/solar.
About Sunrun
Sunrun Inc. (Nasdaq: RUN) revolutionized the solar industry in 2007 by removing financial barriers and democratizing access to locally-generated, renewable energy. Today, Sunrun is the nation’s leading provider of clean energy as a subscription service, offering residential solar and storage with no upfront costs. Sunrun’s innovative products and solutions can connect homes to the cleanest energy on earth, providing them with energy security, predictability, and peace of mind. Sunrun also manages energy services that benefit communities, utilities, and the electric grid while enhancing customer value. Discover more at www.sunrun.com.
About Lowe’s
Lowe's Companies, Inc. (NYSE: LOW) is a FORTUNE® 50 home improvement company serving approximately 17 million customer transactions a week in the United States. With total fiscal year 2022 sales of over
Media Contact
Wyatt Semanek
Director, Corporate Communications
press@sunrun.com
Investor & Analyst Contact
Patrick Jobin
Senior Vice President, Finance & IR
investors@sunrun.com
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