Sunrun Launches Electric Vehicle Charger As Part Of Customer Whole-Home Energy Offering

Rhea-AI Summary

Sunrun has launched a new Level 2 electric vehicle (EV) charger, enhancing its suite of home energy management solutions. This initiative aims to enable customers to charge their EVs using solar power, tapping into the growing demand for electric vehicles. The 40-amp charger will be available starting September in select states, with nationwide rollout planned by year-end. With EV sales doubling in 2021 and a significant increase in home electricity consumption from EVs, this product promises cost savings and sustainability for consumers.

Positive

• Launch of Level 2 EV charger enhances Sunrun's product offerings.
• The new charger supports the growing EV market, which saw a doubling in sales in 2021.
• Allows customers to charge EVs with solar power, promoting energy independence and cost savings.
• Smart charging features enable customized settings for consumer convenience.
• Potential bundling with solar systems offers significant savings for customers.

Negative

• None.

Sunrun’s new Level 2 EV Charger allows customers to charge electric vehicles at home with solar power to unlock meaningful energy savings

SAN FRANCISCO, Aug. 03, 2022 (GLOBE NEWSWIRE) -- Sunrun (Nasdaq: RUN), the nation’s leading home solar, battery storage and energy services provider, today announced the launch of its new Level 2 electric vehicle (EV) charger. The new product complements the company’s suite of home energy management solutions and supports growing demand for electric vehicles nationwide.

With the new EV charger, Sunrun is advancing its mission to deliver energy independence, cost savings and energy stability to all Americans by enabling customers to power their vehicles at home with abundant and affordable solar energy.

EV sales in the United States more than doubled in 2021, accounting for 5% of all new car sales. This trend creates a significant opportunity for Sunrun to help EV owners charge their vehicles quickly and safely while also providing solutions to manage increasing home energy consumption. Adding an EV can increase a home’s electricity usage by 50% or more per year, depending on driving and charging behavior. With 80% of EV charging done at home, and utility prices jumping nearly 14% across the nation, Sunrun customers will be able to charge their EVs with clean, solar power while also reaping the benefits of cheaper, more predictable energy rates.

“Home solar and electric vehicle charging go hand in hand,” said Mary Powell, Chief Executive Officer of Sunrun. “There is a strong correlation between EV ownership and solar adoption. People want to charge their vehicles with a clean, reliable energy source that’s cheaper than what they’re used to paying. As we work with customers to understand their energy needs, our new EV charger, coupled with our ability to potentially upsize home solar systems to meet those needs, position us nicely to help them future-proof their homes and provide peace of mind.”

Sunrun's new 40-amp Level 2 EV charger is a convenient solution that can charge an EV overnight and is compatible with all EV models. The charger also offers smart features, allowing customers to configure charger settings and control charging.

Available this September in select California, New Jersey, and Vermont markets, the charger will be rolled out nationwide by year end as an optional add-on with options for bundling together with a Sunrun home solar-plus-battery system for significant savings.

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 solutions bring 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.

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/deb35450-ba61-44a0-8b48-ae297f449c34

FAQ

What is Sunrun's new Level 2 EV Charger and when will it be available?

Sunrun has launched a Level 2 electric vehicle (EV) charger that will be available in September 2022 in select markets, with nationwide rollout planned by year-end.

How does Sunrun's EV Charger benefit customers?

The EV charger allows customers to charge their vehicles using solar power, leading to energy cost savings and reduced reliance on utility electricity.

What impact does the new EV Charger have on home energy consumption?

Adding an EV can increase a home's electricity usage by 50% or more, making the charger crucial for managing increased energy needs.

In which markets will Sunrun's EV Charger be initially available?

The charger will initially be available in California, New Jersey, and Vermont.

What is the significance of the EV market growth mentioned by Sunrun?

EV sales in the U.S. more than doubled in 2021, highlighting a significant growth opportunity for Sunrun's new EV charger.