Sunrun Partners with BRIDGE Housing to Provide Energy Equity to Residents in Multifamily Complex in Southern California

Rhea-AI Summary

Sunrun has partnered with BRIDGE Housing to install a new solar energy system at Villa Loma Apartments in Carlsbad, CA, benefiting nearly 350 families. This 780-kilowatt installation is expected to save residents an average of over $60 monthly and a total of approximately $7.5 million in the next 20 years. The solar project will also reduce the property’s energy expenses by 30%, amounting to $15,000 annually, which will support resident services and new programs. Sunrun aims to extend solar access to lower-income communities, having executed 645 affordable housing contracts since 2018, with anticipated yearly savings exceeding $18 million. This initiative strengthens energy equity and supports sustainable living, reflecting Sunrun's commitment to providing clean energy solutions to underserved households.

Positive

• Installation benefits nearly 350 families with expected savings of over $7.5 million over 20 years.
• Monthly savings of $60 provide significant financial relief for low-income families.
• Annual energy savings of $15,000 will fund resident support services and new programs.
• Sunrun's commitment to affordable housing projects enhances its reputation and community impact.

Negative

• None.

Nearly 350 families at Villa Loma Apartments in Carlsbad, CA, to save hundreds each year with new rooftop solar energy system

SAN FRANCISCO, April 26, 2023 (GLOBE NEWSWIRE) -- BRIDGE Housing, in partnership with Sunrun (Nasdaq: RUN), the nation’s leading home solar, battery storage, and clean energy-as-a-service provider, held a ribbon cutting ceremony to celebrate the new solar installation at Villa Loma Apartments, an affordable housing community in Carlsbad, California. The new installation serves 344 families and will help residents save an average of more than $60 per month on their electricity bills and an expected $7.5 million in total resident savings over the next 20 years.

“We fundamentally believe that everyone should have access to affordable, abundant, and predictably-priced clean energy, which is incredibly powerful for lower income communities that value and deserve energy security and stability," said Mary Powell, CEO at Sunrun. “Our partnership with BRIDGE Housing supports energy equity and exemplifies our commitment to providing solar access to more than 11,000 households.”

“With today’s increasing inflation, $60 a month can be the difference between having basic necessities or not, such as buying groceries, a tank of gas, or back-to-school items for families,” said Ken Lombard, president and chief executive officer at BRIDGE Housing. “The solar panel installation at Villa Loma provides immediate cost savings to families, while providing long term benefits to the entire community, the city of Carlsbad, and the planet.”

The 780-kilowatt installation will also generate immediate energy savings of 30% at Villa Loma, totaling $15,000 annually in the property budget. Those savings will be used for resident support services and new programs. In addition to cost savings, Sunrun is offering paid solar job training opportunities to residents at Villa Loma through the Solar on Multifamily Affordable Housing (SOMAH) program. Residents who enter and complete the training program can be fast-tracked to a good-paying job in the rapidly growing clean energy sector.

“This solar project is the result of private partnerships with local, state, and federal governments, and several years of groundwork that have led us to this moment. It is the outcome when these different entities come together to deliver results for residents and for our district. We should all be incredibly proud of this accomplishment,” said Representative Mike Levin. “As Californians, we are all impacted by the high cost of living and the housing affordability crisis in our state. Affordable housing projects with cost saving measures like this solar project have an enormous impact on our communities.”

"It's exciting that there are programs to make solar available to renters and not just homeowners," said Jonathan Earls, resident at Villa Loma Apartments. "I'm so thankful to everyone involved for giving us access to solar energy. It’s helping me save money on my electric bills and now I can do my part as a renter to make the world a cleaner place.”  

Since 2018, Sunrun has executed 645 affordable housing contracts and successfully completed over 150 solar installations to benefit low-income renters, delivering clean energy and substantial bill savings to over 11,100 households. When all 645 projects are completed, Sunrun anticipates that yearly bill savings will exceed $18 million, saving all California ratepayers over $3 million annually in decreased electricity rates.

“The Villa Loma project is the culmination of good public policy coupled with Sunrun’s commitment to provide solar to renters in traditionally overlooked communities,” said Scott Sarem, VP of Multifamily at Sunrun. “This is what energy equity looks like.”

To learn more about Sunrun’s commitment to solar energy accessibility for all, please see the company’s 2022 Impact Report.

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.

About BRIDGE Housing
As a mission-driven nonprofit, BRIDGE’s goal is to strengthen communities and improve people’s lives, beginning--but not ending--with affordable housing. Since it was founded in 1983, BRIDGE has participated in the development of more than 18,000 homes in California, Oregon and Washington. For more information, visit www.bridgehousing.com.

Media Contact
Wyatt Semanek
Director, Corporate Communications
press@sunrun.com

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

Photos accompanying this announcement are available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/5a3d2e97-c47d-4867-a3d8-102ba50ffb9f

https://www.globenewswire.com/NewsRoom/AttachmentNg/d53ddaf0-06d4-4163-a63a-7ee115f1d7ed

FAQ

What is the solar project at Villa Loma Apartments?

The solar project at Villa Loma Apartments is a 780-kilowatt installation by Sunrun that will provide significant savings on electricity bills for nearly 350 families.

How much can families save with the new solar installation?

Families at Villa Loma Apartments can save an average of over $60 per month, totaling approximately $7.5 million over the next 20 years.

What are the financial impacts of the solar project for Sunrun?

The project is expected to reduce annual energy expenses by $15,000 for the property, which will be used for resident support services.

How has Sunrun contributed to affordable housing?

Since 2018, Sunrun has completed over 150 solar installations benefiting low-income renters and has executed 645 contracts to enhance energy accessibility.