27% growth in Solar Energy Capacity Installed in Q1, exceeding guidance
Strong customer order trends, increasing 39% year-over-year
Customer Additions of 29,463 in Q1, bringing total Customers to 689,774, 20% year-over-year growth in Customers
Increasing full-year guidance to over 25% growth in Solar Energy Capacity Installed
Annual Recurring Revenue of $883 Million with Average Contract Life Remaining of 17.4 years
Net Earning Assets of $4.5 billion, including $863 million in Total Cash
Networked Solar Energy Capacity of 4.9 Gigawatts
SAN FRANCISCO, May 04, 2022 (GLOBE NEWSWIRE) — Sunrun (Nasdaq: RUN), the nation’s leading provider of residential solar, storage and energy services, today announced financial results for the quarter ended March 31, 2022.
“Sunrun is in an enviable, market-leading position to become the chosen provider of clean energy across America,” said Mary Powell, Sunrun’s Chief Executive Officer. “We are seeing tremendous growth across our business, with customer orders increasing 39% compared to the prior year as more families demand clean, affordable and reliable energy.”
“Over the last month we successfully implemented meaningful pricing changes to offset higher material and capital costs, and continue to see very strong demand as utility rate inflation exceeds 11% across the country,” said Tom vonReichbauer, Sunrun’s Chief Financial Officer. “Despite continuing to grow our backlog of customers, and the effects of Omicron early in the quarter, we generated sequentially higher Net Subscriber Values and expect margins to increase meaningfully throughout the year.”
Growth & Market Leadership
The growth opportunity for the solar industry is massive. Today, only 4% of the 77 million addressable homes in the U.S. have solar. The U.S. residential electricity market is over $194 billion per year and ongoing utility spending has resulted in escalating retail rates, increasing our value proposition and expanding our addressable market. Households that adopt electric vehicles consume approximately double the amount of electricity, increasing our market opportunity and value proposition even further. In addition to delivering a superior electricity service, we are increasingly working to network our dispatchable solar and battery systems to provide resources to the grid, such as virtual power plants, to also serve the $125 billion annual market for utility capex. These virtual power plants offer greater potential for resiliency and precision than bulky centralized infrastructure.
Owing to network effects and density advantages, increasing operating scale efficiencies, growing brand strength, capital raising capabilities, and advanced product and service offerings, we believe Sunrun will continue to expand our leadership position. Here are a few highlights from the last quarter:
- Sunrun has now installed over 37,000 solar and battery systems nationwide, which offer homeowners the ability to power through multi-day outages with clean and reliable home energy. Solar and battery systems also optimize when power is purchased or supplied to the grid, helping manage constraints on the grid during peak times. Sunrun’s battery installations increased by more than 100% in 2021 compared to the prior year despite battery supply and logistical constraints which lowered our battery volumes relative to our initial outlook. Sunrun expects battery installations to increase by more than twice the growth rate of overall installations in 2022.
- Channel partners are selecting Sunrun and deriving significant value from our platform. In Q1, we continued partner onboarding in tandem with exclusivity agreements which resulted in a record install quarter for many of our key channel partners. We continue to expect 2022 to be another record …….