SunRun Gets $630 Million in New Investments

Posted on July 3rd, 2013 by
   

In the last couple of years, the popularity solar leasing and power purchase agreements (PPAs), has grown tremendously. SunRun was the first solar service provider and introduced the new models of going solar already six years ago, back in 2007. In many states, third-party ownership has since then actually become the preferred way of going solar. According to SunRun`s website, over 77% of homeowners today prefer going solar with solar leases and PPAs.

SunRun has just announced an additional financial backing of $630 million, which brings the company`s total to more than $2 billion. Among the investors was J.P. Morgan, an already established investment firm within the renewable energy sphere.

The extra financing “highlights the strength of Sunrun’s business model and the excitement around residential solar. Sunrun is now installing more than $2 million in solar every day.” says Sunrun’s co-CEO Ed Fenster

SunRun offers their services in 8 states at this point, and has expanded their business to Australia and the Netherlands. Most homes in the U.S. now have access to some form of solar leasing, either through SunRun, or one of their competitors (e.g. SolarCity, Sungevity, SunPower and RGS to mention a few).

The last numbers says that 75% of all homeowners can go solar through third-party ownership since Affordable Solar expanded their solar lease to cover New Mexico.

Homeowners can through solar leasing or PPAs get a lower electricity bill without having to buy, install and own the solar panels themselves. For those that cannot finance their solar system with a well-structured loan, going solar through a PPA or a solar lease makes good sense.

Source: SunRun blog

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