Clean Power home solar leader sunrun

Published on June 25th, 2013 | by Zachary Shahan


Sunrun Lands $630 Million For More Home Solar Installations

June 25th, 2013 by  

home solar leader sunrunToday, SolarCity is probably the most well known solar leasing company. However, Sunrun is certainly in the running for that title, and it has a couple of big claims to its name in the solar leasing arena. For one, it says that it invented the 3rd-party-owned solar model; and, secondly, it lays claim to being “the nation’s leading home solar company.”

News today is that Sunrun’s set to grow even further, as it has just landed another $630 million in financing. One of the investors is the rather well known J.P. Morgan, which is investing in residential solar for the first time through Sunrun. Additionally, Sunrun has just appointed Jason Cavaliere (previously of Citigroup) as VP of Project Finance. Below is the full announcement from Sunrun.

SAN FRANCISCO – June 25, 2013 – Sunrun, the nation’s leading home solar company, today announced it has secured financing to support the purchase and installation of more than $630 million in home solar projects across the United States. The financing includes commitments from previous and new investors, including JPM Capital Corporation (a subsidiary of JPMorgan Chase & Co. (NYSE: JPM)), one of the nation’s leading renewable energy investors.

“Commitments from established investors like J.P. Morgan highlight the strength of Sunrun’s business model and the excitement around residential solar,” said Sunrun co-Founder and co-CEO Edward Fenster. “We have maintained an uninterrupted source of project finance during this time of explosive growth and the expiration of the federal grant program. Our ability to attract project capital has enabled us to give more Americans access to affordable clean power.”

To eliminate the high upfront costs often associated with solar, Sunrun invented solar power service, also known as third-party-owned solar. Sunrun owns, insures, monitors and maintains solar panels on a homeowner’s roof. Families pay a low rate for clean energy and fix their electric costs for 20 years.

In addition, Sunrun has announced the expansion of its executive team with the appointment of Jason Cavaliere as Vice President of Project Finance. Jason brings more than 18 years of experience in structured finance and has completed more than $7.5 billion in transactions, including $2.5 billion in renewable energy tax equity investments.

Cavaliere joined Sunrun from Citigroup, where he was instrumental in developing a new lease structure for the residential solar market. He has also held positions with Morgan Stanley and Andersen Consulting.

“Jason’s extensive network and experience in project finance will help our team continue to grow Sunrun’s access to affordable, scalable capital as the business continues to expand,” added Fenster. “Sunrun is now installing more than $2 million in solar every day because more consumers want affordable clean power.”

Sunrun has 35,000 customers across 11 states. Last week, the company launched its solar power service in Connecticut. According to GTM Research, third-party-owned solar has eclipsed system ownership as the preferred option for going solar in some of the nation’s largest residential markets, reinforcing the exponential growth home solar experienced in 2012. To date, Sunrun has attracted enough capital to support the purchase of more than $2 billion in home solar systems nationwide.

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About the Author

is tryin' to help society help itself (and other species) with the power of the typed word. He spends most of his time here on CleanTechnica as its director and chief editor, but he's also the president of Important Media and the director/founder of EV Obsession, Solar Love, and Bikocity. Zach is recognized globally as a solar energy, electric car, and energy storage expert. Zach has long-term investments in TSLA, FSLR, SPWR, SEDG, & ABB — after years of covering solar and EVs, he simply has a lot of faith in these particular companies and feels like they are good cleantech companies to invest in.

  • Anothercoilgun

    The idea of solar once represented freedom from. Now that the likes of JPM are involved with financing and the hardware installed on your property belongs to someone else, this is turning back to a state of dependency.

    • Bob_Wallace

      You are totally free to purchase and install your own system. There is no requirement that you involve yourself with JPM or any other business.

      The important issue is getting more renewable generation on the grid so that we can cut back on fossil fuel generation.

      • Anothercoilgun

        Not only can I, but I do.
        “Turning” implies the onset, becoming, and near future.

      • Anothercoilgun

        One persons freedom does not negate another persons dependency.

  • ronwint

    The solar leasing and PPA companies are fooling the consumer with the false notion that there is no upfront cost. The truth is that there is
    absolutely no such thing as a $0 down solar lease or PPA and here’s why. A
    requirement of either of these financing programs is that you agree up front to
    give the leasing or PPA company your 30% federal tax credit worth thousands of
    dollars as well as any other financial incentives. The CEC currently reports an
    average system price of $6.19 a watt. Even if you subtract a gracious 50 cents
    per Watt rebate, that’s $5.69 per Watt. At that price a 6 kW solar system would
    yield a federal tax credit of $10,242 ! Don’t be fooled by the solar lease/PPA
    companies. With a 0 down loan instead of a lease, you’ll get to keep the 30%
    federal tax credit as well as all other applicable financial incentives for
    yourself and you’ll own your solar system for a much greater return on

    • Bob_Wallace

      Signing over the tax credit is not what I would call an upfront cost. The lease signer is paying no money out of pocket. Having to make some sort of lease initiation fee would be an upfront cost. Kind of common in leasing a vehicle.

      Assigning/selling tax credits is pretty common. Someone building a wind farm might opt for the 30% ITC rather than the 2.3 cent PTC and sell the ITC for cash.

      In general, I agree, purchasing is a better deal for the homeowner than is leasing. And perhaps there needs to be a better job done of educating people about the advantages of owning over leasing. But I’m for whatever gets more panels on the grid (as long as no one gets hurt).

    • do you have more info on the $0 down loans? i have heard those aren’t particularly easy to get, but sure it depends…

      of course, as Bob notes, $0 down means not paying anything up front — it doesn’t mean forfeiting your tax credit — but i get your point.

  • JCaude4553

    мy coυѕιɴ ιѕ мαĸιɴɢ $51/нoυr oɴlιɴe. υɴeмployed ғor α coυple oғ yeαrѕ αɴd prevιoυѕ yeαr ѕнe ɢoт α $1З619cнecĸ wιтн oɴlιɴe joв ғor α coυple oғ dαyѕ. ѕee мore αт…­ ­ViewMore——————————————&#46qr&#46net/kkEj

    Because the current business model of Solar City is so good, there
    will be many me-too companies out there, which if they will not collude,
    should bring the price of electricity down further.

  • Marion Meads

    There is tremendous profit to be made in the installation with the current business model of letting the homeowner have a paltry discount for electricity generated by the solar panel. For one, the tax breaks and subsidies alone can pay for the whole material and installation costs to these installers, and then they get pension money for life from the homeowner. It is still much better to DIY solar PV installation and hire a licensed electrician to do final inspection and connecting your installed solar to the grid.

    Because the current business model of Solar City is so good, there will be many me-too companies out there, which if they will not collude, should bring the price of electricity down further.

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