Sunrun Awarded Change Prize by U.S. Department of Energy SunShot Initiative to Make Solar Installations Faster
Sunrun BrightPath(TM) Technology Will Power 18-Month Competition to Help Customers go Solar in Seven Days
SAN FRANCISCO, Sept. 16, 2015 (GLOBE NEWSWIRE) -- Sunrun (Nasdaq:RUN), the largest dedicated residential solar company in the U.S., has been awarded a Change Prize by the U.S. Department of Energy SunShot Initiative and will participate in the SunShot Prize: Race to 7-Day Solar. The competition launches Sept. 22 with a goal to motivate local governments, communities, solar companies and electric utilities to shorten the time it takes to get solar on a home to one week.
Over the next 18-months, Sunrun will compete with four other teams to cut the permit-to-plug-in time for small PV systems up to 100 kilowatts. Sunrun will install a minimum of 10 megawatts (MW) of residential solar installations and work to continuously reduce the time it takes from when a permit or interconnection application is submitted to the time the solar system is activated. The Energy Department will award scores for time, performance and replicability.
“Sunrun is honored to be selected as a Change Prize winner candidate by the Energy Department to participate in this competition, which will ultimately result in homeowners being able to get solar quicker,” said Gary Wayne, vice president of strategic projects at Sunrun. “We believe our proprietary technology, Sunrun BrightPath, will continue to help us significantly reduce the time it takes to get solar installed, while creating a great customer experience and making solar more affordable and accessible for homeowners.”
Development of Sunrun BrightPath was partially supported by a U.S. Department of Energy SunShot Initiative Incubator 8 Award. The software platform helps streamline the entire process of going solar – workflow automation, automatic design generation, shade analysis, energy simulation, pricing and contract generation, real-time change order management, and automatic permit-set generation.
As the first company to introduce solar as a service to American homeowners, Sunrun has reinvented the way people buy electricity. Sunrun gives homeowners access to the smartest energy source – sunlight – and takes care of everything so families can focus on more important things, like putting savings back in their pockets each month.
About the SunShot Initiative
The U.S. Department of Energy SunShot Initiative is a collaborative national effort that aggressively drives innovation to make solar energy fully cost-competitive with traditional energy sources before the end of the decade. Through SunShot, the Energy Department supports efforts by private companies, universities, and national laboratories to drive down the cost of solar electricity to $0.06 per kilowatt-hour. Learn more at energy.gov/sunshot.
About Sunrun
Sunrun pioneered solar as a service, a way for homeowners to go solar without a significant upfront investment, and is the largest dedicated residential solar company in the U.S. Sunrun provides end-to-end service for homeowners to choose clean, solar energy and receive predictable pricing for that solar energy for 20 years. The company designs, installs, finances, insures, monitors and maintains the solar panels on a homeowner's roof, while families pay just for the electricity at a lower rate than they pay their current utility. Since Sunrun introduced solar as a service in 2007, it has become the preferred way for consumers to go solar in the nation’s top solar markets. For more information please visit: www.sunrun.com.
Forward Looking Statements
This press release contains forward-looking statements that involve substantial risks and uncertainties. Forward-looking statements in this press release include, but are not limited to, expectations regarding future competition.
These forward-looking statements are subject to a number of risks, uncertainties and assumptions. The risks and uncertainties that could cause our results to differ materially and adversely from those expressed or implied by such forward-looking statements include: the availability of additional financing on acceptable terms; changes in the retail prices of traditional utility generated electricity; changes in policies and regulations including net metering and interconnection limits or caps; the availability of rebates, tax credits and other incentives; the availability of solar panels and other raw materials; our limited operating history, particularly as a new public company; our ability to attract and retain our relationships with third parties, including our solar partners; our ability to meet the covenants in our investment funds and debt facilities; and such other risks and uncertainties identified in the registration statements and reports that we have filed with the U.S. Securities and Exchange Commission, or SEC, from time to time. You should not rely on forward-looking statements as predictions of future events. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that the future results, performance or events and circumstances reflected in the forward-looking statements will be achieved or occur. All forward-looking statements in this presentation are based on information available to us as of the date hereof, and we assume no obligation to update publicly these forward-looking statements for any reason, except as required by law.
Sunrun Media Contact Becky Loya Becky.Loya@Ketchum.com 415-984-6278
Released September 16, 2015