Sunrun Shows Strong Growth In Second Quarter Earnings

Newly-public residential solar provider Sunrun has shown strong growth in its second quarter, its first following its IPO in August.

Sunrun, which declares itself “the largest dedicated residential solar company in the United States,” revealed that it had booked 61.2 MW in the second quarter, an increase of 59% on the first quarter of 2015, and a 70% growth year-over-year. The company deployed a total of 42.4 MW, which represented a growth of 76% year over year, and brings the company’s cumulative deployment up to 472.5 MW.

“2015 has been an exciting year for Sunrun. We gained momentum towards our goal of creating the industry’s most valuable and satisfied customer base,” said Lynn Jurich, Sunrun’s CEO. “We ended the quarter with approximately 87,000 customers and a 60% increase in our quarterly NPV to $37.2 million, which we achieved through accelerated reductions in creation costs.”

Net Present Value (NPV) hit $37.2 million, which was a 60% increase over the first quarter of the year, which stood at $23.3 million.

The company provided relatively moderate guidance for the third quarter and full year, expecting between 54 and 55 MW deployed in the third quarter, which it says “represents 81% organic growth year-over-year at the midpoint.” For the full year, Sunrun expects the total deployed capacity to be in the range of 205 MW.

As of a July report from GTM Research, Sunrun is currently the third residential solar financier in the US, behind SolarCity and Vivint Solar. The report’s primary conclusion was that 72% of the 1.2 GW of residential solar installed in the US was third-party owned, with Sunrun taking in 10% of that total (behind SolarCity’s 34% and Vivint Solar’s 12%).