Sunrun Inc. designs, develops, installs, sells, owns, and maintains residential solar energy systems in the United States. The company sells solar energy systems and products, such as panels and racking; and solar leads generated to customers. It offers battery storage along with solar energy systems; and sells services to commercial developers through multi-family and new homes. Its primary customers are residential homeowners. The company markets and sells its products through direct-to-consumer approach across online, retail, mass media, digital media, canvassing, field marketing, and referral channels, as well as its partner network. It also operates distributed electricity power plants. Sunrun Inc. was founded in 2007 and is headquartered in San Francisco, California.
Country
Sector
Themes
Also in
Price· split & dividend adjusted
No price history for this asset yet.
News & notes movingRUN
Energy Transition & Power Demand▲2
Sunrun Reports Q2 Earnings Beat and Record Storage Attachments
Sunrun Inc. reported second-quarter 2026 sales of US$543.73 million and revenue of US$869.99 million, with net income of US$115.15 million and a US$15 million non-cash impairment of energy systems. The company also priced a US$267 million securitization of residential solar assets, which reinforces its ability to turn long-dated customer contracts into upfront cash. Sunrun combined a strong earnings surprise, record storage attachment rates, and improved financing access to highlight progress in its solar-plus-storage and grid services business, though it lowered full-year cash generation guidance.
Sunrun Fair Value Estimate Falls to $17.05 as Analysts Weigh Growth and Cash Risks
Sunrun's internal fair value estimate has been revised down from $18.84 to $17.05, reflecting a more conservative outlook. The revision incorporates a lower revenue growth assumption of 3.36%, down from 4.70%, and a reduced future P/E multiple of 37.85x from 47.67x, while the net profit margin assumption edged up to 4.43% from 4.06% and the discount rate rose to 12.54% from 12.46%. Bullish analysts at JPMorgan, UBS, RBC Capital, and Clear Street highlight Sunrun's exposure to data center and electrification-driven power demand, with RBC Capital, Barclays, and Clear Street pointing to the Tesla and Renew Home framework as a key step in virtual power plants and grid services. Bearish views include Mizuho cutting its price target to $18 from $22 after Sunrun reduced fiscal 2026 cash generation guidance by 18% at the midpoint, while GLJ Research questions the scale of the Tesla and Renew Home agreement, seeing only a fraction of the 16 GW figure as home battery rated power.
Solar stocks rally after Trump imposes new tariffs on imported solar components
Solar stocks surged after President Trump imposed new tariffs on imported solar products, including a 15% tariff and minimum import prices on polysilicon and downstream products such as wafers, cells and modules, effective December 4th. The clean energy heat map on Yahoo Finance's AlphaSpace platform showed broad gains, with Sunrun up 9.3%, Plug Power up 4.6%, First Solar up 3%, and Enphase Energy up 4.8%. First Solar was seen as a clear winner because it manufactures in the US and uses thin film technology, while SolarEdge was the only decliner, down 3.4%, due to its imports from China.
Sunrun Reports Record 74% Storage Attachment Rate and Revises Cash Guidance
Sunrun added nearly 21,000 customers in the second quarter and achieved a record 74% storage attachment rate, installing over 15,500 battery systems. Aggregate subscriber value reached nearly $1.2 billion, near the top end of guidance, and the company revised its full-year aggregate subscriber value guidance to $4.6 billion to $4.9 billion. Cash generation was $23 million in the quarter, or $45 million excluding $22 million in equipment safe harbor investments, while full-year cash generation guidance was revised downward to $200 million to $375 million from a prior range of $250 million to $450 million, citing lower affiliate volumes, a slower direct sales ramp, and higher interest rates. Direct business volumes rose more than 20% from the first quarter and are expected to grow over 10% in the second half, but affiliate channel volumes fell 30% sequentially and more than 70% year-over-year, with a full-year decline of greater than 60% now expected. The company also highlighted its distributed power plant business, which is on track to generate approximately $40 million in GAAP gross revenue and greater than $10 million in operating margin in 2026, and noted it raised approximately $1.5 billion in non-recourse asset-level debt financing year-to-date, including a $267 million public securitization priced at a 200 basis point spread.
Sunrun Prices $267 Million Securitization of Residential Solar and Storage Assets
Sunrun has priced a $267 million securitization of residential solar leases and power purchase agreements, marking its seventeenth such deal since 2015 and second issuance in 2026. The Class A Notes carry a coupon of 6.28% and were priced at a credit spread of 200 basis points, a 20-basis-point improvement from the public Class A-1 Notes in Sunrun’s April 2026 securitization. The notes are backed by a diversified portfolio of 37,595 systems across 42 utility service territories in 13 states, with a weighted average customer FICO score of 756. BofA Securities acted as sole structuring agent and joint bookrunner alongside Citigroup, Morgan Stanley, and RBC Capital Markets, with KeyBanc Capital Markets and First Citizens Capital Securities serving as co-managers. The transaction is expected to close by the end of August.
Eversource, National Grid, EnergyHub, Sunrun, and The Mobility House to Test Residential Vehicle-to-Grid Program in Massachusetts
Eversource, National Grid, EnergyHub, Sunrun, and The Mobility House announced a joint effort to test vehicle-to-grid capabilities in Massachusetts. Qualifying residential customers of Eversource and National Grid will be able to enroll their V2G-capable electric vehicles in the existing ConnectedSolutions program, which already uses flexible capacity from thermostats, batteries, and commercial and industrial resources to reduce grid strain. Participating EVs will send stored energy back to the grid during peak demand, helping prevent system strain and enhancing overall grid stability, while drivers earn incentives. National Grid is also leveraging V2G for light-to-medium-duty fleets within ConnectedSolutions, beginning with school buses, and Eversource is in discussions with districts as part of its ConnectedSolutions+ offering. The partnership aims to turn parked EVs into a vital tool for a more reliable energy system, with more than 150,000 EVs on the road in Massachusetts and an increasing number of bidirectional-capable models available.
Tesla Q2 earnings preview weighs delivery beat against margin pressure
Tesla is set to report second-quarter earnings after the market close on Wednesday, July 22, with Zacks Consensus Analyst Estimates predicting earnings of $0.50 per share, up from $0.41 in the first quarter. The options market is pricing in a post-earnings move of about plus or minus $24, or 6%. Tesla recently delivered roughly 480,000 vehicles in the second quarter, trouncing Wall Street estimates of 406,000 and marking a 25% year-over-year increase, but the company has also offered promotional financing and price cuts in key markets such as China and Europe, raising questions about whether higher volumes will offset eroding profit margins. Tesla's Energy business remains a bright spot, with deployments soaring 40% year-over-year and a new 16-gigawatt distributed energy pact with SunRun targeting utilities and data center operators. Investors will also be watching for updates on future products including the Robotaxi, Cybercab, Full Self-Driving adoption, and the Optimus humanoid robot.
NRG Energy Expands Texas Fleet by 456 MW and Doubles Capacity to 25 GW
NRG Energy is expanding its generation fleet to capitalize on rising electricity demand and tightening power markets. On June 10, 2026, the company announced the addition of 456 megawatts at T.H. Wharton and new plant developments at Greens Bayou and Cedar Bayou in Texas. In January 2026, NRG completed the acquisition of 13 gigawatts of natural gas generation assets, doubling its total capacity to approximately 25 gigawatts through 18 flexible facilities across Texas and the Northeast. The company has also signed 445 megawatts of long-term data center power agreements and is targeting more than 1 gigawatt of additional contracts through its Bring Your Own Power strategy. NRG partners with Sunrun to expand Texas distributed energy solutions, advancing its goal of developing a 1 gigawatt virtual power plant by 2035.
Sunrun Stock Still Looks Cheap After 76% Five-Year Fall
Sunrun shares have fallen 75.9% over the past five years, yet the stock now trades at a price-to-earnings ratio of about 5.4 times, far below the electrical industry average of 38.1 times and a peer average of roughly 76.0 times. A tailored fair P/E for Sunrun is estimated at 17.3 times, suggesting the market may be undervaluing the company as it expands its California virtual power plant and pilots distributed AI computing. Valuation checks score 3 out of 6, indicating a mixed picture rather than a clear bargain. The key question is whether these emerging businesses can scale profitably enough to justify capital commitments and close the gap between the current price around US$12.77 and the modelled fair value.
Sunrun pilots program letting solar customers earn from AI computing power
Sunrun is piloting a program that would allow customers to earn hundreds of dollars per month by using electricity from rooftop solar installations to power home-computing systems for artificial intelligence, CEO Mary Powell said Monday. The company launched its distributed AI compute pilot program last week, aiming to tap into demand from data centers for electricity and computing power. Under the program, customers could make money for hosting a computer the size of a small filing cabinet, and the computing capability would be aggregated and sold to tech companies seeking to build out data center capacity for AI. Powell said compensation could range from a couple hundred dollars to more than that in a month. Sunrun expects to complete the pilot in the coming months and assess the results before a broader rollout.
Tesla lands over US$9 billion in Megapack orders and expands home energy push
Tesla has secured more than US$9 billion in new Megapack energy storage orders tied to utility-scale projects, including agreements with Esyasoft and NatPower. The company is also expanding its partnership with Sunrun and Renew Home to aggregate home batteries and smart devices into gigawatt-scale virtual power resources for data centers and grid operators across the US. These developments highlight Tesla's growing focus on its energy storage segment alongside its electric vehicle business, introducing different contract structures and potential recurring revenue streams.
Tesla teams with Sunrun and Renew Home on 16-gigawatt virtual power plant
Tesla, Sunrun, and Renew Home have agreed to combine residential batteries, rooftop solar, and smart devices into a nationwide virtual power plant targeting more than 16 gigawatts of flexible capacity for utilities and large data and AI operators across the U.S. The partnership aims to use existing home energy assets to support grid reliability while creating new revenue streams for participating households. Tesla is extending its energy ambitions beyond vehicles with this collaboration, positioning itself more visibly in residential energy and grid services as demand from artificial intelligence and data centers grows.
BNP Paribas urges caution on solar stocks despite grid-ambition boost
BNP Paribas analyst Moses Sutton warned investors not to get carried away by enthusiasm over virtual power plants, even as solar stocks rallied on a recent announcement involving Sunrun, Tesla, and Renew. The announcement suggested up to 17 gigawatts of battery and heating-and-cooling capacity could eventually be pooled to support the grid, but BNP Paribas noted that only about 6.7 gigawatts of residential battery capacity has been installed across the United States to date, much of it concentrated in California. After accounting for geography, existing contracts, and competitors, the firm estimates only a fraction of the announced capacity may be available for new grid-support programs in the near term, with a favorable scenario of 2 gigawatts generating roughly $90 million in annual revenue before sharing proceeds. The report also highlighted that data centers may increasingly rely on on-site backup generation, while U.S. utility-scale solar development remains strong with a pipeline of 161 gigawatts and deployments on track to exceed 40 gigawatts in 2026.
SpaceX's IPO at a $2 trillion valuation, the largest in history, has drawn intense investor attention, but a closer look at filings reveals that 61% of its 2025 revenue came from Starlink, the only profitable segment, while the AI division posted a $6.4 billion operating loss. The stock trades at 107 times 2025 sales, and only 639 million shares are tradable out of over 13 billion outstanding, with most held by long-term insiders. Extended lockup periods further disadvantage retail investors, a pattern also seen in recent IPOs like Figma and Cerebras, and potentially in upcoming AI listings from OpenAI and Anthropic. Analysts suggest focusing on supply-chain plays, such as Tesla and Sunrun's framework to aggregate home-energy capacity for AI power demand, rather than chasing the IPO itself.
Sunrun, Tesla, Renew Home Partner to Deliver Over 16 GW of Flexible Energy Capacity
Sunrun, Tesla, and Renew Home announced a partnership on June 24 to deliver more than 16 gigawatts of flexible energy capacity, enough to support the equivalent of 17 large data centers during peak demand. The agreement aims to aggregate existing home assets such as Tesla Powerwall batteries, Sunrun storage systems, and Renew Home's network of more than 8 million smart thermostats, rather than relying solely on new power plants or transmission lines. Sunrun stock surged double digits on the news, erasing most of its year-to-date losses, though it later gave back some gains. The partnership positions Sunrun as a distributed energy platform tied to AI infrastructure buildout, a shift from its traditional residential solar focus. Sunrun's first-quarter 2026 revenue rose 43% to $722.2 million, with adjusted earnings per share of $0.62, and the company maintained its full-year 2026 cash generation guidance of $250 million to $450 million.
Sunrun Jumps 13% After Announcing Deal With Tesla and Renew Home for 16 Gigawatts of Flexible Power
Sunrun shares surged 12.53% to close at $14.41 after the company announced a framework agreement with Tesla and Renew Home to aggregate more than 16 gigawatts of flexible residential energy capacity for data centers and utilities. Trading volume spiked to 52.6 million shares, roughly 482% above its three-month average of 9 million shares. The deal aims to pool power from millions of solar, battery, and thermostat devices across the U.S. and deliver it as a capacity-as-a-solution offering to hyperscaler customers without requiring additional products or upgrades for homeowners. The broader market was mixed, with the S&P 500 slipping 0.08% to 7,360 and the Nasdaq Composite declining 0.43% to 25,477, while residential solar peers Enphase Energy rose 1.26% and SolarEdge Technologies fell 4.79%.