Sunrun and Comcast Enter Into Agreement to Offer Residential Solar Program
August 24 2017 - 09:00AM
Sunrun Inc. (NASDAQ:RUN), the nation’s largest dedicated provider
of residential solar, storage and energy services, and Comcast
(NASDAQ:CMCSA) today announced an agreement designed to accelerate
the adoption of solar energy through the installation of Sunrun’s
leading rooftop solar products and provide consumers with savings
on their electric bills. Under the 40-month agreement, Sunrun
will be the exclusive residential solar energy provider for
Comcast Cable, and Comcast Cable will serve as one of Sunrun’s
strategic partners through marketing campaigns in selected markets.
“At Sunrun, we know homeowners love the savings, backup power
and control they get with our solar energy and storage plans,” said
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.”
Jon Kaplowitz, Managing Director and GM of New Businesses,
Comcast Cable, said, “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. 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.” According
to a 2017 Bloomberg New Energy Finance report, rooftop solar is
projected to be one of the fastest growing sectors in the energy
industry, nearly tripling in size in the U.S. by
2025. Year-to-date for 2017, Sunrun has nearly doubled
its addressable market and is currently available in 22 states and
the District of Columbia, allowing more consumers across the
country to save on their electric bills.
Comcast currently offers customers the ability to manage,
control and operate a number of key smart home functions, including
energy consumption management, with its Xfinity Home service, a
next-generation home security and home automation
solution. Working with Sunrun to make smart solar energy
and storage solutions available to consumers complements Comcast’s
efforts to offer smart home services.
Comcast plans to begin marketing Sunrun’s rooftop
solar services to its customers in selected states later this
year. This agreement follows a successful one-year solar
pilot-program in which participating Comcast customers chose
Sunrun’s BrightSave® offering, paying little to no money down to
enjoy 20 years of solar energy at a fixed monthly rate.
As part of this agreement, Comcast will receive fees for
new customers they bring to Sunrun. Comcast may
also earn a warrant of up to 9.99% of Sunrun’s outstanding common
shares. The warrant is earned pro rata only after 30,000 customers
under the agreement are installed by Sunrun. The warrant
is fully earned if Sunrun installs 60,000 customers under the
agreement. More information on the warrant agreement can
be found in an 8-K filing that Sunrun will file with the U.S.
Securities and Exchange Commission.
About SunrunSunrun (Nasdaq:RUN) is the nation’s
largest dedicated residential solar, storage and energy services
company with a mission to create a planet run by the sun. Since
establishing the solar as a service model in 2007, Sunrun leads the
industry in providing clean energy to homeowners with little to no
upfront cost and at a savings to traditional electricity. The
company designs, installs, finances, insures, monitors and
maintains the systems, while families receive predictable pricing
for 20 years or more. The company also offers Sunrun
BrightBox™ solar power generation with smart inverter
technology and home battery storage. For more information, please
visit: www.sunrun.com.
About ComcastComcast Corporation (Nasdaq:CMCSA)
is a global media and technology company with two primary
businesses, Comcast Cable and NBCUniversal. Comcast Cable is one of
the nation's largest video, high-speed internet, and phone
providers to residential customers under the XFINITY brand and also
provides these services to businesses. It also provides
wireless and security and automation services to residential
customers under the XFINITY brand. NBCUniversal operates news,
entertainment and sports cable networks, the NBC and Telemundo
broadcast networks, television production operations, television
station groups, Universal Pictures and Universal Parks and
Resorts. Visit www.comcastcorporation.com for more
information.
Caution Concerning Forward-Looking
StatementsThis press release contains forward-looking
statements. Readers are cautioned that such forward-looking
statements involve risks and uncertainties that could cause actual
events or actual results to differ materially from those expressed
in any such forward-looking statements. Readers are directed to
Sunrun and Comcast's periodic and other reports filed with the
Securities and Exchange Commission (SEC) for a description of such
risks and uncertainties. The forward-looking statements in this
press release are based on information available to Sunrun and
Comcast as of the date hereof, and neither Sunrun nor Comcast
undertake any obligation to update any forward-looking
statements.
Sunrun Contacts:
Media:
Morgan Mathis, Highwire PR
morgan@highwirepr.com
310-528-6306
Investor Relations:
Patrick Jobin, VP, Finance & Investor Relations
patrick.jobin@sunrun.com
415-638-4007
Comcast Contacts:
Media:
Jenni Moyer
Jenni_Moyer@comcast.com
215-286-3311
Investor Relations:
Jane Kearns
Jane.Kearns@comcast.com
215-286-4794
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