Business World of Renewable Energy

IWR Reuters News Center RTL 103 0347 1280 256

Sunrun Partners to Finance Solar Projects for Low-Income Homeowners

San Francisco - Sunrun Inc., a residential solar company in the United States, announced an extension to their partnership with Grid Alternatives, a non-profit solar installer, to provide financing for solar installations in low-income communities.

Under this agreement, Sunrun will serve as third-party owner (TPO) through its BrightSave Prepaid solar lease and solar power purchase agreement (PPA) products for hundreds of solar system installations annually. With this arrangement, Sunrun will own, operate, maintain and insure the solar systems. Grid Alternatives will install the solar systems and fund each customer´s prepaid 20-year solar PPA or lease bill. The TPO model allows Sunrun to leverage both the federal investment tax credit and depreciation benefits on these projects, reducing costs for Grid Alternatives and helping the organization serve more low-income households throughout California and nationally. The PPA product was recently approved for use on installations funded by California´s Single-Family Affordable Solar Homes Program (SASH), a low-income solar incentive program managed by GRID Alternatives.

“Serving all homeowners has been a foundational business practice for Sunrun and we are excited to accelerate these efforts in low-income markets with Grid Alternatives,” said Paul Winnowski, President and Chief Operating Officer of Sunrun. “Customers will receive all the benefits of going solar with no upfront costs, while realizing monthly savings on their utility bills. We are committed to partnering with companies, such as GRID Alternatives, who share our same customer-centric philosophy, providing them the resources necessary to successfully meet their goals.”

Sunrun has been a long-time philanthropic supporter of Grid Alternatives, providing both financial support and employee volunteerism to help extend the benefits of solar power to low-income communities across the country.

Source: IWR Online, 25 Apr 2017