Oct 30 2010
SunRun, one of the primary home solar companies in the US, revealed that it had received an added tax equity from US Bancorp for the development of 1900 solar home installations. The solar power service permits homeowners to opt for solar installations, with little or no down payment.
SunRun with an explosive growth rate of 300% every year is installing solar systems worth $1 million on a daily basis, with the help of its 75 employees. SunRun has moved their premises to a larger office in the center of San Francisco.
The added finance would help SunRun to continue delivering low-cost and clean solar power for American residences. An agreement is drawn between SunRun and the customer, wherein the homeowner just pays for the monthly power consumed, as the solar system is owned and maintained by SunRun. Thus, the customer’s savings would be 10-15% on the monthly power bill, with more to come as time passes and utility rates increase.
According to Edward Fenster, Co-founder and CEO of SunRun, the company has been enjoying a steady inflow of capital investment, and this proves the company’s integrity. He also said that U.S. Bancorp had been a good partner and had helped SunRun offer low-cost and hassle-free solar systems to several thousand homes. SunRun had a great run with regard to financial support, as they had just finished a 3,500 solar installation project with backing from PG&E; completed a series C funding for an amount of $55 million offered by Sequoia Capital; and increased its banking lines by three times.
SunRun had been honored with the 2010 Department of Energy Green Power Leadership Award, and was nominated in the GoingGreen Silicon Valley Top 100 List, and Global Cleantech 100 list, processed by the Cleantech Group. Fenster and Co-founder Lynn Jurich will also be the recipients of the Ernst and Young Entrepreneur of Year Award in Palm Springs. SunRun was also depicted as a top home solar company, in ABC’s Good Morning America in the month of July.
Darren Van’t Hof, US Bancorp’s Director of Renewable Energy Investments, commented that the company was eager to continue the successful relationship with SunRun, who had proved their ability to grow rapidly and efficiently conduct their complex operations.
Source: http://www.sunrunhome.com