Surging demand drives all-time record sales activity week in July
33% year-over-year growth in Solar Energy Capacity Installed in Q2
Customer Additions of 34,403 in Q2, bringing total Customers to 724,177, 21% year-over-year growth in Customers
Guidance reiterated for full year, including rapid growth and expanding Net Subscriber Values
Annual Recurring Revenue of $917 Million with Average Contract Life Remaining of 17.6 years
Net Earning Assets of $4.6 billion, including $863 million in Total Cash
Networked Solar Energy Capacity now over 5 Gigawatts
SAN FRANCISCO, Aug. 03, 2022 (GLOBE NEWSWIRE) — Sunrun (Nasdaq: RUN), the nation’s leading provider of residential solar, battery storage and energy services, today announced financial results for the quarter ended June 30, 2022.
“Sunrun is in a great position to lead the charge for Americans to achieve a more affordable, independent and resilient clean energy future,” said Mary Powell, Sunrun’s Chief Executive Officer. “We are laser focused on growing faster, better and stronger as we streamline how we deliver a world class experience for our customers while continuing to provide new product and technology offerings our customers can use to enrich and empower their lives with their own clean, abundant energy. The proposed legislation currently being evaluated by Congress would turbocharge the transition we are facilitating for customers to a more secure, comfortable and affordable way to power their lives.”
“The Sunrun team continues to execute well, delivering significant growth in installations that exceeded our guidance,” said Danny Abajian, Sunrun’s Chief Financial Officer. “The adjustments we made to our offerings in response to higher input and capital costs earlier this year have been received well, and these changes are partially reflected in our higher Net Subscriber Value during Q2 and our outlook is for even higher Net Subscriber Value in Q3.”
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 energy experience and more affordable electric service, we are quickly amassing one of the largest networks of storage capacity which will position us to also serve the $125 billion annual market for utility capex. This dispatchable set of resources offers 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 today announced the launch of its new Level 2 electric vehicle (EV) charger to complement the Company’s home energy management solutions as customers electrify their homes and transportation. With 80% of EV charging done at home and utility energy rates jumping nearly 14% across the nation, Sunrun’s new EV charger helps the company advance its mission to deliver energy independence, cost savings and energy stability to all Americans by enabling customers to power their vehicles at home with abundant and affordable solar energy. Available in September in select California, New Jersey, and Vermont markets, the …….