Sunrun Partners with GRID Alternatives to Finance Solar Projects for Low-Income Homeowners
April 25 2017 - 9:00AM
Sunrun Inc. (Nasdaq:RUN), the largest dedicated residential solar
company in the United States, today announced an extension to their
partnership with GRID Alternatives, the nation’s largest non-profit
solar installer, to provide financing for solar installations in
low-income communities.
Under this agreement, Sunrun will serve as
third-party owner (TPO) through its BrightSave PrepaidTM solar
lease and solar power purchase agreement (PPA) products for
hundreds of solar system installations annually. With this
arrangement, Sunrun will own, operate, maintain and insure the
solar systems. GRID Alternatives will install the solar systems and
fund each customer’s prepaid 20-year solar PPA or lease bill. The
TPO model allows Sunrun to leverage both the federal investment tax
credit and depreciation benefits on these projects, reducing costs
for GRID Alternatives and helping the organization serve more
low-income households throughout California and nationally. The PPA
product was recently approved for use on installations funded by
California’s Single-Family Affordable Solar Homes Program (SASH), a
low-income solar incentive program managed by GRID
Alternatives.
“Serving all homeowners has been a foundational
business practice for Sunrun and we are excited to accelerate these
efforts in low-income markets with GRID Alternatives,” said Paul
Winnowski, President and Chief Operating Officer of Sunrun.
“Customers will receive all the benefits of going solar with no
upfront costs, while realizing monthly savings on their utility
bills. We are committed to partnering with companies, such as GRID
Alternatives, who share our same customer-centric philosophy,
providing them the resources necessary to successfully meet their
goals.”“Maximizing the financial benefits of solar to our clients
is our top priority,” said Tim Sears, COO and co-founder of GRID
Alternatives. “This partnership helps us to do that in the most
cost-effective way, allowing us to stretch our resources further to
serve even more families in more regions.”
Sunrun has also been a long-time philanthropic
supporter of GRID Alternatives, providing both financial support
and employee volunteerism to help extend the benefits of solar
power to low-income communities across the country.
Sunrun is the nation's largest standalone provider
of residential solar, storage and energy management services. The
company works to help homeowners utilize solar energy tailored for
their home, their lifestyle and their budget, all while helping
reduce the use of dirty fossil fuels.
About SunrunSunrun (NASDAQ:RUN)
provides clean energy to homeowners. It is the largest dedicated
residential solar company in the United States whose mission is to
create a planet run by the sun. Since establishing the solar as a
service model in 2007, Sunrun continues to lead the industry by
striving to provide homeowners clean energy at a savings to
traditional electricity and with end-to-end service. The company
designs, installs, finances, insures, monitors and maintains the
solar panels on a homeowner's roof, while families receive
predictable pricing for 20 years or more. For more information
please visit: www.sunrun.com.
About GRID AlternativesGRID
Alternatives is America’s largest nonprofit solar installer,
bringing clean energy technology and job training to low-income
families and underserved communities through a network of community
partners and philanthropic supporters. GRID has installed over
8,000 solar electric systems with a combined installed capacity of
30MW, saving customers $240 million in lifetime electricity costs,
preventing 660,000 tons of greenhouse gas emissions, and providing
over 30,000 people with solar training. GRID has eleven regional
offices and affiliates serving California, Colorado, the
Mid-Atlantic, the New York tri-state area, Tribal communities
nationwide, and Nicaragua. For more information, visit
www.gridalternatives.org.
Media Contacts:
Sunrun
Trina Smith
Trina.Smith@sunrun.com
425.269.4636
GRID Alternatives
Julian Foley
jfoley@gridalternatives.org
510.731.1188
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