SunRun, the nation’s leading home solar company, has announced that it has received an additional commitment of tax equity from an affiliate of U.S. Bancorp to develop 1,900 residential solar installations. SunRun’s solar power service allows homeowners to go solar for as little as $0 down. Growing at a rate of 300% year over year, SunRun now installs more than $1 million in solar systems every day and employs over 75 people. In a move to accommodate its rapid growth, SunRun relocated this month to larger offices in the heart of San Francisco’s financial district.
SunRun owns and maintains each homeowner’s solar system for the life of the agreement, while homeowners simply pay monthly for the power they use.
Typically, a customer will save 10-15% on total monthly power bills immediately, and the savings increase over time as utility rates increase.
“We are the only home solar company to have enjoyed an uninterrupted source of project financing, and this steady stream of capital speaks directly to our credibility as a reliable and risk-free alternative to the utility,” said SunRun CEO and Co-founder Edward Fenster. “U.S. Bancorp has been a fantastic long-term partner and instrumental in helping SunRun provide affordable and hassle-free solar to thousands of homeowners.”
Since SunRun closed its previous transaction with U.S. Bancorp less than a year ago, the Company completed a project financing fund with PG&E Corporation to support the purchase of approximately 3,500 residential solar facilities, tripled the size of its bank lines, and closed a Series C round of funding for $55 million led by Sequoia Capital. In addition to impressive financial backing, recent SunRun accolades include a 2010 Department of Energy Green Power Leadership Award, as well as inclusion on the Cleantech Group’s Global Cleantech 100 list and the GoingGreen Silicon Valley Top 100 List. Next month, Fenster and SunRun President and Co-founder Lynn Jurich will be honored in Palm Springs as recipients of The Ernst and Young Entrepreneur of the Year award. In July, SunRun was featured on ABC’s Good Morning America as a top national home solar company.
“Over our multi-year relationship with the Company, SunRun has demonstrated its ability to not only grow quickly, but also manage the significant operational complexities of scaling its business,” said Darren Van’t Hof, Director of Renewable Energy Investments for U.S. Bancorp. “We look forward to continuing our relationship with the Company.”
Tags: cleantech, cleantech group, department of energy, e corporation, finance solar, financing, home owners, home owners solar, home solar, homeowners, power bills, power leadership, renewable, renewable energy, renewable energy investments, residential solar, series c, solar company, solar installation, solar installations, Solar Investment, solar power, solar system, solar systems, term partner, u s bancorp
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