NEW YORK — 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.”
Copyright 2014 Bloomberg
Lead image: Rooftop solar via Shutterstock