Sunrun Inc. is a premier U.S. provider of residential solar panels, home batteries, and renewable energy solutions. Founded in 2007 and headquartered in San Francisco, California, the company pioneered the "solar-as-a-service" business model, which removes the barrier of high upfront costs for homeowners. Under this model, Sunrun designs, installs, owns, and maintains the solar energy systems on customers' roofs, selling the generated electricity back to the homeowner at a predictable rate through long-term power purchase agreements (PPAs) or lease agreements.
Sunrun's revenue is primarily driven by its recurring subscription model. In 2024, the company generated approximately $2.04 billion in total revenue. Of this, 74% ($1.51 billion) was derived from customer agreements and incentives, which includes the recurring revenue from PPAs and leases. The remaining 26% ($532 million) came from direct sales of solar energy systems and products to customers who prefer to purchase their systems outright.
Geographically, Sunrun operates exclusively within the United States, serving over one million customers across numerous states. The company has increasingly focused on a "storage-first" strategy, attaching battery storage systems to a majority of its new solar installations. This not only provides homeowners with backup power during grid outages but also allows Sunrun to aggregate these distributed batteries into virtual power plants (VPPs) that can supply dispatchable power back to the broader electrical grid. Through its massive scale, strategic acquisitions like Vivint Solar in 2020, and extensive partner network, Sunrun maintains a dominant competitive position in the U.S. residential solar market.
