November 9, 2020 Read More →

U.S. developer Sunrun expects residential solar-plus-storage to be the new standard

S&P Global Market Intelligence ($):

By extending its energy storage offering to all 19 states in which it operates, U.S. residential solar supplier Sunrun Inc. is positioning itself for “a market where in two, three years, every solar system has a battery,” CEO Lynn Jurich said.

The company on Nov. 5 announced it would begin providing battery-backed home solar arrays in nine additional U.S. residential solar markets: Connecticut, Illinois, Maryland, New Hampshire, New Mexico, Pennsylvania, Rhode Island, South Carolina and Washington, D.C.

Surging demand for batteries in Arizona, California, Hawaii, Massachusetts, New York, New Jersey and other solar markets drove a 45% jump in installations of Sunrun’s BrightBox storage system in the third quarter compared to 2019, Jurich told investment analysts on a Nov. 5 earnings call. “We expect BrightBox installations to accelerate and grow over 100% next year,” she added.

In addition to offering more customers backup power during service interruptions, such as the widespread outages experienced across the U.S. West this summer during an intense heatwave, Sunrun plans to increasingly combine residential battery systems into so-called virtual power plants that rely on software to participate in wholesale energy markets as a single controllable asset.

In its latest such contract, Sunrun signed a 10-year agreement with Southern California Edison Co. to dispatch 5 MW of aggregated capacity from thousands of residential solar-plus-storage systems installed across the Edison International utility subsidiary’s service territory, Jurich disclosed on the call. That builds on a host of previously announced virtual power plant contracts, including in California, Hawaii, New York and New England.

The nation’s leading residential solar suppler, Sunrun deployed 109 MW of solar during the third quarter, up 2% from a year ago and 40% from the second quarter, a period heavily impacted by the COVID-19 pandemic. Sunrun reported third-quarter net income of 28 cents per share, compared with 23 cents per share a year earlier, on $209.8 million in revenues, down 3% from the third quarter of 2019.

[Garrett Hering]

More ($): ‘Every solar system has a battery’ in 2 to 3 years, Sunrun CEO says

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