Sunrun Expands Solar Access To Affordable Housing Communities
Home solar leader commits to developing 100 megawatts of solar on affordable housing by 2028, directly benefiting 50,000 California families
SAN FRANCISCO, Sept. 11, 2018 (GLOBE NEWSWIRE) -- Sunrun Inc. (Nasdaq:RUN), America’s leading residential solar, storage and energy services company, is launching an expansion of its low and moderate income solar offering. The company plans to develop a minimum of 100 megawatts of solar on affordable multi-family housing, where 80% of tenants fall below 60% of the area median income, over the next decade in California.
Sunrun’s commitment, when fully deployed, will directly benefit at least 50,000 moderate and low-income households. The installations will be done through building owners at no cost to the tenants, creating significant economic benefits and reducing cost for renters. This initiative will also improve local air quality, decrease reliance on fossil fuels and offer freedom from climbing electric utility bills.
“Sunrun is built on the foundation that solar energy should be accessible to everyone,” said Lynn Jurich, Sunrun co-founder and Chief Executive Officer. “In offering affordable home solar to residents in low and moderate-income housing, we’re able to support the communities that often experience the most harmful effects of pollution and climate change. This expansion further illustrates the essential role of home solar in improving people’s livelihoods, supporting a healthier environment, and building a more resilient energy system, for everyone.”
Smart legislation in the state, such as the affordable housing solar roofs program, has empowered innovative companies like Sunrun to expand access to solar. To date, 39 megawatts of solar have been installed on affordable multi-family dwellings through the California Public Utilities Commission’s Multifamily Affordable Solar Housing (MASH) program, and will continue through its successor program, Solar on Multifamily Affordable Housing (SOMAH). Sunrun's commitment aims to satisfy one-third of the SOMAH program's goal of 300 megawatts of solar on affordable housing by 2030.
SOMAH was developed by Assembly member Susan Eggman, who cheered Sunrun’s commitment to the program: “It has taken years of work from stakeholders, staff, and the CPUC to get this program running, and I look forward to getting it launched as soon as possible,” she said. “This policy was designed to ensure that families in low income and disadvantaged communities can also reap the benefits of the booming solar energy industry in California, and the closer we get to these first installations the closer the benefits are to these deserving families.”
In addition to its commitment in California, Sunrun is also introducing a discounted electricity rate to low-income residents in Nevada, supported by the state’s RenewableGenerations program, which comes shortly after Sunrun joined the Connecticut Green Bank Program. The company also will continue its six-year partnership with GRID Alternatives. Sunrun has helped install 2.5 MW of solar for 260 families, and generated significant job opportunities for GRID trainees. Sunrun employees have also volunteered over 4,500 hours with GRID.
“The thing is, no one owns the sun. Rich, poor or somewhere in between, we all can power our modern lives with clean, abundant and increasingly affordable solar energy. Bravo to Sunrun for turning vision into action and for working hard to put solar in the hands of all Americans,” said Bernadette Del Chiaro, Executive Director of California Solar & Storage Association.
Home solar gives people the power to choose and the freedom to create their own energy. By using the sun’s ample energy and their own rooftops, Americans can help build a sustainable, more reliable and affordable energy system for everyone. Sunrun’s superior service ensures this will be a hassle- and worry-free process by installing, maintaining, warranting and insuring the home solar systems throughout the life of the service agreement.
Sunrun (Nasdaq:RUN) is the nation’s leading residential solar, storage and energy services company. With a mission to create a planet run by the sun, Sunrun has led the industry since 2007 with its solar-as-a-service model, which provides clean energy to households with little to no upfront cost and at a saving compared to traditional electricity. The company designs, installs, finances, insures, monitors and maintains the systems, while families receive predictable pricing for 20 years or more. The company also offers a home solar battery service, Sunrun Brightbox, that manages household solar energy, storage and utility power with smart inverter technology. For more information, please visit: www.sunrun.com.
+1 (415) 518-9418
Investor Relations Contact
+1 (415) 510-4986
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/94f695ba-fd5b-42a3-b04a-2074f92df778
Released September 11, 2018