Sunrun Inc. provides residential solar, home battery storage and home-to-grid power plant services in the United States. The company designs, installs, sells, owns and maintains residential solar energy systems and offers home energy systems through a subscription model, with customer agreements that can extend over long contract terms.
Sunrun news commonly covers operating and financial results, subscriber and cash-generation metrics, capital-structure disclosures, governance matters and shareholder voting topics. Company updates also address battery storage adoption, distributed power plant programs, grid-services dispatches, utility partnerships and the role of storage-plus-solar systems in supporting local and system-wide electric grids.
Sunrun Earnings Release Scheduled
Sunrun (Nasdaq: RUN) will release its fourth quarter and full-year 2022 earnings report on February 22, 2023, after the market closes. A conference call will follow at 1:30 PM PT, accessible via the Sunrun Investor Relations website or by phone. An audio replay and transcript will be available online afterward. Sunrun is a leading company in home solar, battery storage, and energy services, offering accessible clean energy solutions established in 2007.
Sunrun (Nasdaq: RUN) announced the closure of a $600 million non-recourse syndicated bank facility aimed at financing a 335 MW portfolio of leases and power purchase agreements. The financing includes a $575 million amortizing loan and a $25 million debt service reserve letter of credit, securing an advance rate exceeding 85% of contracted subscriber value, surpassing guidance of 75%-85%. This reflects Sunrun's strong asset performance and capital access, despite rising interest rates, positioning the company favorably for future growth.
Sunrun (RUN) reported strong Q3 2022 results, achieving a 44% year-over-year revenue increase to $631.9 million. Net Subscriber Value rose to $13,259, with Earning Assets reaching $5.1 billion, driven by a 21% growth in customer base to 759,937. Solar energy capacity installed was 255.8 megawatts. Despite challenges from hurricanes affecting sales, the company anticipates continued growth, projecting a 25% increase in installed solar capacity for the full year 2022.
Sunrun has been selected by Puerto Rico’s electric utility to establish a 17 megawatt virtual power plant (VPP), aimed at enhancing the island's energy stability and reducing costs.
This initiative will connect over 7,000 solar-plus-battery systems, lowering energy expenses and promoting a clean energy economy. Customers will receive compensation for sharing stored energy and will have backup power during outages.
The project, expected to commence in 2024, reflects a shift towards renewable energy in Puerto Rico, influenced by past climatic events and rising utility rates.
Sunrun (RUN) has unveiled a new branch office in Peoria, Illinois, marking its third location in the state. This expansion is expected to create hundreds of local jobs and enhance access to affordable solar energy for residents, particularly those served by Ameren, Illinois' second largest utility provider. Sunrun aims to address rising energy costs through its solar-as-a-service model. The company will also focus on expanding clean energy access to low-income communities via the Illinois Solar for All program.
Enel X Way has partnered with Sunrun (Nasdaq: RUN) to provide smart Level 2 electric vehicle (EV) charging stations, expanding Sunrun's home solar energy solutions. This collaboration aims to meet the rising demand for electric mobility, as projections indicate 26.4 million EVs on U.S. roads by 2030. Enel X Way’s chargers integrate with Sunrun's solar systems, promoting cost savings and enhancing energy management for customers. Select markets like California, New Jersey, and Vermont will offer these co-branded chargers, with nationwide availability expected in early 2023.
Sunrun has successfully operated a residential Virtual Power Plant (VPP) in New England, marking a significant industry milestone. This VPP allowed over 1.8 gigawatt-hours of solar energy to be shared back to the grid during peak demand hours (1-5 p.m.) from June to August, alleviating grid stress and minimizing reliance on polluting peaker plants.
This initiative emerged after winning a competitive bid with the ISO-NE, aiming to enhance local clean energy integration amid rising energy costs and inflation.
Sunrun (Nasdaq: RUN) announced it will release its third quarter 2022 earnings on November 2, 2022, after market close. A conference call will follow at 1:30 PM PT to discuss the results, accessible via its Investor Relations website or by phone. Sunrun, a leader in home solar and battery storage, aims to make clean energy accessible with innovative solutions and no upfront costs. For further info, visit www.sunrun.com.
East Bay Community Energy (EBCE) collaborated with Sunrun to support California's energy grid during recent extreme heat waves. Over 1,000 solar and battery customers from EBCE's Resilient Home Program collectively provided significant energy, helping to prevent rolling blackouts. From September 1-8, 2022, Sunrun delivered 1.1 gigawatt-hours back to the grid, with nearly 55 megawatt-hours from EBCE customers. This program not only improves grid resilience but also compensates participants for energy contributions, showcasing the value of distributed energy resources.
Sunrun CEO Mary Powell joined President Biden at The White House to celebrate the Inflation Reduction Act, which allocates $369 billion to combat climate change. Powell emphasized the role of clean energy systems in enhancing grid stability and affordability amidst rising electricity rates, which are nearly 16% higher than last year. She highlighted potential savings of up to $1,800 per year for households adopting solar energy. With 33% year-over-year growth in solar capacity, the IRA's tax incentives will likely boost demand for rooftop solar and battery storage.