Sunrun, the largest dedicated residential solar provider in the United States has teamed up with Comcast, one of the country’s largest telecos, in a deal which will make Sunrun the exclusive solar energy provider for Comcast Cable, and in which Comcast Cable will serve as a marketing and investment partner.
Sunrun and Comcast announced the partnership on Thursday, revealing that under a 40-month agreement, Sunrun will act as the exclusive residential solar energy provider for Comcast Cable and that Comcast Cable will serve as one of Sunrun’s strategic partners through marketing campaigns in selected markets. Comcast will market Sunrun’s rooftop solar services to its customers in selected states starting later this year, following a one-year pilot program in which participating Comcast customers chose to purchase Sunrun’s BrightSave solar offering, allowing them to pay little to no money down and receive a 20-year solar installation at a fixed monthly rate.
In return for its side of the partnership, Comcast will receive fees for any new customers it brings to Sunrun, and may also earn a warrant of up to 9.99% of Sunrun’s outstanding common shares — earned pro-rata if Comcast secures 30,000 customers for Sunrun.
The agreement is yet another sign that non-energy companies are beginning to see the tremendous financial value of renewable energy, and are jumping on board to benefit. A Bloomberg New Energy Finance report published this year has identified solar as one of the fastest growing sectors in the energy industry — expected to nearly triple in size by 2025.
“We believe the residential solar industry will continue to expand over the next decade as consumers look for more cost-efficient, independent and cleaner alternatives for their energy,” said Jon Kaplowitz, Managing Director and GM of New Businesses, Comcast Cable. “By working with Sunrun, Comcast can help customers take more control of the price they pay for energy, save them money and help contribute to cleaner communities.”
“At Sunrun, we know homeowners love the savings, backup power and control they get with our solar energy and storage plans,” added Lynn Jurich, Chief Executive Officer at Sunrun. “Our challenge is making homeowners aware that they can save money with solar today. We are excited to work with Comcast to help their customers go solar and save on their electric bills while reducing their dependence on fossil fuels.”
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