Sunrun is an American provider of photovoltaic solar energy generation systems and battery energy storage products, primarily for residential customers.
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11 Facts About Sunrun
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Sunrun was established in 2007 and is headquartered in San Francisco, California.
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Since its inception, the company has focused primarily on a power purchase agreement business model where Sunrun installs and maintains a solar system on a customers home, then sells power to the customer at an agreed upon rate for a 20- or 25-year term.
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Sunrun has a sizable network of partners, including Costco and The Home Depot, who allow Sunrun to market to customers inside their stores.
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Sunrun was co-founded in January 2007 by Lynn Jurich, Ed Fenster, and Nat Kreamer with a business model in which it offered customers either a lease or a Power Purchase Agreement business model whereby homeowners paid for electricity usage but did not buy solar panels outright, reducing the initial capital outlay required by the homeowner.
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In 2009, Sunrun closed a Series B round of funding for $18 million led by Accel Partners and joined by Foundation Capital.
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Sunrun received an additional commitment of $90 million in tax equity from US Bancorp in 2009, following the $105 million in project financing from the bank in 2008.
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In 2015 Sunrun went public on the Nasdaq stock exchange at $14 per share, with an initial market capitalization of $1.
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In January 2017, Sunrun announced a strategic partnership with National Grid plc.
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In July 2018, Sunrun expanded their solar and battery service to the island of Puerto Rico.
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In July 2020, Sunrun announced that it would acquire Vivint Solar for $3.
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