June has been a big month for SunRun and home solar. We’ve just received an additional investment of $55 million in a Series C round of funding led by Sequoia Capital and joined by our existing investors, Accel Partners and Foundation Capital. This is following last week’s announcement of our $100 million tax equity financing agreement with PG&E Corporation. While last week’s investment will allow SunRun to install over 3,500 home solar systems in our five states, the additional investment of $55 million will be used to expand into new markets and meet the increasing demand for affordable, clean home solar power.
If one thing is clear from these recent investments, it is that SunRun is transforming the market for home solar. As SunRun CEO, Ed Fenster said, SunRun is giving homeowners who are looking for a better alternative to their utility, a “real choice – clean solar energy that doesn’t cost a lot, and gives them control over what they’ll be paying in the future.” Home solar no longer has to be complicated or costly. SunRun solar leases and solar power purchase agreements make switching to solar affordable and easy. We understand that solar has to be simple for it to become mainstream. This is why our goal is to take all the positive aspects about traditional electricity from your utility — convenience and service — and improve upon it by making the electricity clean and eliminating the unpredictable rate increases.
Energy consumption has been on the rise with our modern lifestyles and the consequences are already showing. We’re straining the electric grid and destroying our natural environment. It’s become evident that the home electricity market is not only ready for change, but dependent on it as well. SunRun now has over 4,500 customers with 400% growth in the last year. We already know that homeowners want solar – and we’ll be using this funding to make our produce even more affordable and easier to switch. We plan to open the market to hundreds of thousands of homeowners across the nation who hadn’t previously considered clean electricity as feasible in the next year. As these investments have shown, the time for solar is now and SunRun is the right company to get you there.
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With this new funding, is there any chance you would look into Iowa. Dubuque (52001) is fast becoming a very “Green” conscious community with the help of IBM and many other initiatives. The City and IBM are working together on this program:
http://www.prnewswire.com/news-releases/ibm-and-dubuque-iowa-partner-on-smarter-city-initiative-62197282.html
I think this would be a great way to introduce yourself to the midwest. All the comments left by your customers are incredible and I know many in the City of Dubuque would welcome your products and ideas. Check out Dubuque2.org as well. Thank you for your time and keep up the fight in providing greener technology.