Sunrun Announces Solar Installation for Renters in San Jose

Rhea-AI Summary

Sunrun (Nasdaq: RUN) has completed a solar installation project at EAH Housing's Don de Dios Apartments in San Jose, benefiting 70 families. The system generates 136 kW of clean energy, providing residents with an estimated $45/month in solar credits and over $900,000 in savings over 20 years. This initiative will reduce property energy costs by 54%, freeing up $1,800 annually. Sunrun's goal includes developing 100 MW of solar for affordable housing by 2030, with ongoing projects impacting over 100,000 low-income renters.

Positive

• Solar installation at Don de Dios Apartments provides 136 kW of energy.
• Residents expected to save over $900,000 combined over 20 years.
• 54% reduction in energy costs immediately realized.
• Sunrun aims to achieve 100 MW of solar for affordable housing by 2030.

Negative

• None.

Rooftop solar system at EAH Housing’s Don de Dios Apartments rental community provides clean energy savings for 70 families

SAN FRANCISCO, May 12, 2022 (GLOBE NEWSWIRE) -- Sunrun (Nasdaq: RUN), the nation’s leading home solar, battery storage, and energy services provider, held a ribbon cutting ceremony to celebrate the completion of a new solar installation serving 70 affordable rental homes in San Jose, California. The Don de Dios Apartments solar project will provide 136 kilowatts (kW) of clean energy. Residents will receive solar credits on their electricity bills estimated to be worth over $45 per month, more than $900,000 in total resident savings over the next 20 years. The multifamily housing solar installation required no upfront payment from renters and will generate an immediate 54% in energy savings at the facility, freeing up $1,800 annually in the property budget.

“We’re dedicated to democratizing energy and increasing access to affordable, reliable, clean power for everyone—whether you rent or own your home,” said Mary Powell, Sunrun’s CEO. “Our efforts are supporting over 500 solar projects on affordable housing units, which we anticipate will deliver $13.5 million in annual solar savings directly to tenants, as well as thousands of hours of solar job training to residents in disadvantaged communities.”

"Our team has aspired to install solar on the Don de Dios Apartments rental community for over a decade. We are thrilled to partner with Sunrun to make this a reality for our residents," said Laura Hall, President, and CEO of EAH Housing. "Making the switch to clean energy on our properties will bring needed utility bill savings to residents and significantly reduce the community's carbon emissions for the planet."

In 2018, Sunrun committed to develop 100 megawatts of solar on affordable multifamily housing in California by 2030 via the state Solar on Multifamily Affordable Housing (SOMAH) program. Additionally, in 2021, Sunrun pledged to bring at least 500 megawatts of low-income solar to people across the country by 2030. These efforts will bring the benefits of solar to hundreds of thousands of families.

SOMAH currently has 470 active projects comprising over 38,000 households, which equates to over 100,000 low-income renters. These active projects, once fully realized, will provide 90 megawatts of power, produce almost 115 million kilowatt-hours of electricity annually, worth over $25 million, or approximately $55 per household per month, and 34% are in designated frontline Disadvantaged Communities.

About Sunrun
Sunrun Inc. (Nasdaq: RUN) is the nation’s leading home solar, battery storage, and energy services company. Founded in 2007, Sunrun pioneered home solar service plans to make local clean energy more accessible to everyone for little to no upfront cost. Sunrun’s innovative home battery solution brings families affordable, resilient, and reliable energy. The company can also manage and share stored solar energy from the batteries to provide benefits to households, utilities, and the electric grid while reducing our reliance on polluting energy sources. For more information, please visit www.sunrun.com.

About EAH Housing
Established in 1968, EAH Housing is one of the largest and most respected nonprofit housing development and management organizations in the western United States. EAH develops low-income multifamily housing, manages 230 properties in 92 municipalities in California and Hawai’i, and plays a leadership role in local, regional, and national housing advocacy efforts.

Media Contact
Wyatt Semanek
Senior Manager, Public Relations
press@sunrun.com

Investor & Analyst Contact
Patrick Jobin
Senior Vice President, Finance & IR
investors@sunrun.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/14835a47-6fb6-4c97-95d8-ac2667494997

FAQ

What benefits does Sunrun's solar project at Don de Dios Apartments provide?

The project provides 136 kW of clean energy, leading to an estimated $45 savings per month for residents, totaling over $900,000 in savings over 20 years.

How much will the solar installation reduce energy costs at Don de Dios Apartments?

The solar installation will reduce energy costs by 54%, freeing up $1,800 annually in the property budget.

What is Sunrun's commitment to affordable housing solar projects?

Sunrun is committed to developing 100 MW of solar on affordable housing by 2030, benefiting low-income families.

How many low-income households are affected by Sunrun's projects?

Currently, Sunrun has active projects impacting over 100,000 low-income renters.