Sept. 24 (Bloomberg) — Sunrun Inc., a closely held
provider of rooftop solar systems, will double installations in
2015 for the second straight year, the company’s chief executive
officer said.
The San Francisco-based company, which relies on affiliated
installers to reach about two-thirds of its customers, will
expand or open offices in four states this year, Lynn Jurich
said today in an interview at Bloomberg News headquarters in New
York. Last year, 792 megawatts of photovoltaic panels were
placed on U.S. rooftops, a 60 percent increase from 2012,
according to data compiled by the Solar Energy Industries
Association.
“The market’s growing, the value proposition’s there,”
Jurich said. “It’s clear that customers want this.”
Sunrun serves about 60,000 customers, about three times as
many as Vivint Solar Inc. reported in a September filing linked
to its initial public offering. More than one-third of next
year’s growth will come directly from referrals, Jurich said.
Sunrun in May closed a $150 million funding round and
unlike its peers has no immediate plans to go public. SolarCity
Corp., the largest U.S. residential provider, raised more than
$90 million in the company’s December 2012 IPO and has since
sold bonds backed by its rooftop systems.
“The market has a ways to go before running up against
each other is a challenge,” Jurich said. “It’s frankly a
benefit — the awareness and the validation of more than one
party makes consumers trust the category more.”
To contact the reporter on this story:
Justin Doom in New York at
jdoom1@bloomberg.net
To contact the editors responsible for this story:
Reed Landberg at
landberg@bloomberg.net
Jim Efstathiou Jr., Carlos Caminada