The nation’s prime rooftop photo voltaic installer completed the yr with a burst of residence solar-plus-storage offers.
Sunrun put in a file 117 megawatts of photo voltaic in This autumn, inside its most up-to-date steerage for the quarter and up 9 p.c from Q3. Sunrun additionally reported speedy development in its battery enterprise, with the corporate pitching clients on resilient energy within the face of California’s wildfires and utility energy shutoffs.
Greater than half of This autumn photo voltaic gross sales within the Bay Space included battery storage, CEO Lynn Jurich mentioned in an interview Thursday. Total in California, 35 p.c of Sunrun’s gross sales included vitality storage. The corporate reported that 20 p.c of nationwide direct gross sales included batteries.
Many owners go for diesel turbines for backup energy. Sunrun goals to promote clients on the comparatively new battery resolution as an alternative, noting that they’re quiet, do not want expensive and soiled gas, and may hold recharging from the photo voltaic panels.
Jurich expects rising buyer curiosity in batteries for resilient backup energy.
“Most shoppers nonetheless don’t perceive that photo voltaic plus a battery is a superior resolution to a generator,” she informed GTM.
Put one other method, the This autumn bump got here within the early phases of buyer consciousness concerning the know-how. Curiosity may choose up much more as consciousness spreads and battery costs decline additional.
Sunrun has put in 9,000 Brightbox solar-plus-storage methods complete, up from eight,000 reported in November.
Again in November, Jurich informed Greentech Media that a scarcity of set up labor was holding the corporate again; it was attempting to fill 600 openings for gross sales and set up jobs. Although gross sales at the moment have been on observe to ship 15 to 20 p.c development yr over yr, that set up bottleneck made it unlikely that the corporate would ship the 16 p.c annual development in deployments it had hoped for. On Thursday the corporate reported annual deployments totalling 413 megawatts, an 11 p.c improve from 373 megawatts in 2018. Headed into a brand new yr, Jurich mentioned Sunrun has since moved by means of the vast majority of its labor constraints.
Now there are solely 100 open positions within the set up workforce. The gross sales group has 300 openings, however that is extra typical within the run-up to the busy summer time season, she added.
The corporate expects to develop complete photo voltaic deployments 15 p.c in 2020.
Sunrun produced optimistic earnings per share of $zero.10 in This autumn and $zero.21 for the yr; that is regardless of accounting for the prices of installations up entrance and monetizing buyer funds over the enxt 20 years. It generated $102 million in money for the yr. This autumn installations created internet current worth of $1.13 per watt or $100 million.