Sunrun

Sunrun Inc.

Company type	Public
Industry	Solar energy
Founded	January 2007 (2007-01)
Founder	Lynn Jurich, Ed Fenster, Nat Kreamer
Headquarters	San Francisco , United States
Area served	United States
Products	Solar photovoltaic systems, battery energy storage solutions
Website	www.sunrun.com

Sunrun Inc. is an American company specializing in solar photovoltaic systems and battery energy storage solutions, with a primary emphasis on serving residential clients. Established in 2007 and headquartered in San Francisco, California, Sunrun operates through a power purchase agreement (PPA) framework. The company installs solar equipment on homeowners' properties and sells electricity at fixed prices over 20- or 25-year contracts. This approach allows customers to access solar power without upfront investment, while Sunrun maintains ownership and the related advantages.

To broaden its market presence, Sunrun collaborates with major retailers such as Costco and Lowe's. In 2023, the firm deployed 990 megawatts of solar capacity, contributing to a total installed base of 5.7 gigawatts serving close to 800,000 clients, thereby solidifying its prominent position within the residential solar sector.

History

Sunrun was established in January 2007 by Lynn Jurich, Ed Fenster, and Nat Kreamer, pioneering a model that offered homeowners options to lease or enter into Power Purchase Agreements (PPAs). This enabled users to pay for electricity generated without needing to buy the solar panels themselves, significantly reducing initial expenses. Sunrun oversees all aspects of installation, upkeep, system monitoring, and repairs.

In June 2008, the company raised $12 million in venture funding from backers including Foundation Capital. The following year, it secured $18 million during a Series B financing round led by Accel Partners and Foundation Capital, alongside obtaining $90 million in tax equity financing from U.S. Bancorp, which had also provided $105 million in project financing in 2008. By June 2010, Sunrun completed a $100 million agreement with PG&E and attracted an additional $55 million investment from Sequoia Capital. By May 2014, it had accumulated $150 million to support rooftop solar expansion.

Sunrun debuted on the Nasdaq stock exchange in 2015 at an initial share price of $14 and a valuation of $1.36 billion. That same year marked the launch of its BrightBox battery storage product in Hawaii, followed by an introduction into the California market the next year.

In January 2017, Sunrun entered into a strategic alliance with National Grid plc. However, that year also saw an investigation by the Securities and Exchange Commission (SEC) into disclosure issues involving Sunrun and SolarCity, focusing on contract cancellations—a critical performance indicator—with cancellation rates reaching up to 40%.

In July 2020, Sunrun announced its acquisition of Vivint Solar for $3.2 billion, completing the transaction by October after receiving regulatory clearance and shareholder consent. This merger resulted in a combined enterprise value near $22 billion.

By February 2022, Ford had partnered with Sunrun to designate it as the official installer for bidirectional charging stations designed for the Ford F-150 Lightning, allowing customers to charge their vehicles at home and utilize truck battery power as backup during electrical outages.