Sunrun Inc
sunrun.comSunrun Inc (NASDAQ: RUN) is a residential solar energy company that designs, installs, owns, and maintains solar and battery storage systems on U.S. homeowners' rooftops. Revenue comes primarily from long-term Customer Agreements, structured as leases or power purchase agreements, typically with 20- or 25-year initial terms, under which customers pay for solar electricity at rates set below utility prices. Sunrun operated the largest fleet of residential energy systems in the United States as of December 31, 2025, with 8,404 megawatts of Networked Solar Energy Capacity and approximately $21.1 billion in Gross Earning Assets as of that date. The company was founded in 2007 and acquired Vivint Solar on October 8, 2020. Sunrun finances its energy system portfolio through a combination of tax equity, non-recourse debt, and third-party investor sales, making it structurally capital-intensive. It also serves commercial developers through multi-family and new homes offerings.
Products & Services
Residential solar energy systems, battery storage systems, long-term solar leases, power purchase agreements (Customer Agreements), and solar services to commercial developers through multi-family and new homes offerings. Systems include a performance guarantee covering underproduction below contracted amounts.
Revenue Model
Sunrun generates revenue through Customer Agreements, primarily leases and power purchase agreements with 20- or 25-year terms, under which residential customers pay for solar electricity at contracted rates. Systems are either held on Sunrun's balance sheet (Retained Subscribers), financed via tax equity and non-recourse debt, or sold to third-party investors (Non-Retained or Partially Retained Subscribers). The company also receives proceeds from energy system sales to investors and partners.
Customers & Markets
Primary customers are residential homeowners in the United States. Secondary customers include commercial developers served through multi-family and new homes offerings. Strategic partners include consumer marketing, retail, and specialized energy retail companies that distribute Sunrun's residential solar service offerings.
Geographic Exposure
United States only, based on the 10-K filed 2026-02-26 (fiscal year ended December 31, 2025). Specific state-level revenue breakdown is not provided in the excerpts.
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