SunRun and PV Solar Report Announce Solar Leasing has Eclipsed Cash Purchases

SAN FRANCISCO, Oct 17, 2011 /PRNewswire/ -- SunRun, the nation's leading home solar company, and PV Solar Report, an authority on California solar market data, today announced that 3rd-party-owned solar has eclipsed cash purchase as the preferred way to go solar in California.  Also known as leasing or solar power service, 3rd-party-owned solar represented approximately 59 percent of California's home solar market in Q3 2011 and 51 percent of the market year to date.

"In 2007 we introduced a way for homeowners to put solar panels on their roofs without having to spend $35,000 to buy and maintain the equipment," said SunRun President and co-founder Lynn Jurich.  "Families love it because they can lock in low rates for clean energy and start saving money right away.  It's great to see it finally get to a point where more families know this service is available, and to see them choose it over other options."

According to PV Solar Report, 3rd-party-owned solar grew by 67 percent in Q3 2011 and generated an additional $157 million in growth for the state of California.  The increase in cash purchases was only about 17 percent.  As part of its analysis PV Solar Report compiled the following list of California cities with the highest percentage of 3rd-party-owned solar.  The list is based on the California Solar Initiative (CSI) database of residential rebate reservations in Q3 2011.*

1. San Jose
2. Bakersfield
3. Fresno
4. Simi Valley
5. Corona
6. Lancaster
7. San Diego
8. Clovis
9. San Francisco
10. Visalia

SunRun owns, insures and maintains solar panels and installs them on a homeowner's roof.  Families pay a low monthly rate for clean energy and fix their energy costs for 20 years.  According to CSI data, by the end of Q3 about one in three homeowners switching to solar chose SunRun.   SunRun invented this model for residential solar in 2007 and grew at 200 percent last year.  

"The message is clear that California homeowners are adopting 3rd-party-owned systems because access to solar power is better than ownership of panels," said Stephen Torres, founder and managing director of PV Solar Report.  "Business models like SunRun's are not only allowing families to switch to solar without the high upfront cost of a cash purchase, but also helping local economies increase revenue and create jobs.  We're excited to see the growth trend continue."

Additional data on cities with the most 3rd-party-owned solar, as well as other related metrics, is available in the executive brief here.   PV Solar Report includes this data in its comprehensive Q3 Residential Sales and Install Report, available on Monday, October 24 at www.pvsolarreport.com.  An early edition of the report is also available at Solar Power International and interested readers should email [email protected].

*The CSI database includes data from the California utilities SDG&E, PG&E and SCE.

About SunRun

SunRun is the nation's leading residential solar company and its mission is to become the nation's largest energy provider. The company's Total Solar product is the smart and affordable choice for homeowners who want a clean alternative to their utility. SunRun offers solar power service, similar to a lease, allowing homeowners to upgrade their home to solar for as little as $0 upfront and simply pay monthly for solar electricity. More than 14,000 homeowners have chosen SunRun across Arizona, California, Colorado, Hawaii, Maryland, Massachusetts, New Jersey, Oregon, and Pennsylvania.  SunRun partners with over 25 leading local solar installers, who together employ more than 3,000 green-collar workers. SunRun has raised financing for more than $750 million in solar systems from investors including U.S. Bancorp, and $85 million in venture capital from Accel Partners, Foundation Capital and Sequoia Capital. For more information, please visit: www.sunrunhome.com.

About PV Solar Report

PV Solar Report is the leading authority on California solar market data with the mission of providing relevant, timely and succinct information to busy solar professionals. PV Solar Report publishes a daily digest for busy solar professionals, in-depth quarterly reports of the California residential solar market, and custom reports for solar company clients. PV Solar Report makes it easy for industry professionals to stay on top of the dynamic solar industry. For more information visit: www.pvsolarreport.com

SOURCE SunRun