SAN FRANCISCO, CA - SunRun, the nation's leading provider of home solar power, announced today that it has received an additional commitment of tax equity from a subsidiary of U.S. Bancorp (NYSE: USB) that is part of the financing needed to develop $90 million in residential solar installations in 2010. The funding allows SunRun to offer affordable solar to more homeowners in new and existing states. This new funding is in addition to the first round of project financing provided by U.S. Bancorp in November 2008, one year after SunRun launched the nation's first residential power purchase agreement (PPA). U.S. Bancorp is the parent of U.S. Bank, the sixth largest commercial bank in America.
Through SunRun's popular service, homeowners pay as little as $1,000 for a one-time system installation fee, followed by a low, monthly fee to have solar energy at home. SunRun provides complete monitoring, repairs, insurance and a performance guarantee for all its customers, making it simple and affordable for homeowners to switch their home to clean solar electricity.
"U.S. Bancorp's funding allows us to finance thousands of new solar homes in 2010," said SunRun CEO, Edward Fenster. "We are primed and excited for strong growth in 2010, and financial backing from U.S. Bancorp is indication that the solar adoption is growing rapidly."
In the two years since their introduction, PPAs have financed more than 2,700 residential solar systems in California, creating an estimated 400 new green jobs in the state. With its partners, SunRun expects to create over 500 jobs for installers, salespeople and other functions in the states of California, Arizona, Massachusetts and Colorado in 2010.
U.S. Bancorp's funding follows a Series B round of funding for $18 million led by Accel Partners in July 2009, and a $12 million Series A financing led by Foundation Capital in June 2008.
"SunRun offers high quality, affordable solar to homeowners, and we're very pleased to continue our partnership with them" said Matthew Philpott, Senior Vice President of Historic, New Markets and Renewable Energy Tax Credit Investments. "We look forward to continuing to make clean solar electricity a reality for thousands of homeowners across the country in 2010."
SunRun is a home solar company that provides a smart, affordable alternative to purchasing electricity from a traditional utility. SunRun purchases custom-designed home solar systems for its customers, who pay a low fixed rate for the solar electricity produced by its system. All SunRun customers receive money-back annual performance guarantees in addition to professional-grade monitoring, maintenance, repairs and insurance, which remove the complexity and risk from going solar. SunRun's goal is to provide every home direct access to clean, affordable electricity. SunRun currently serves communities in California, Massachusetts, Arizona, and Colorado. Additional information about SunRun is available at http://www.sunrunhome.com.
U.S. Bancorp (NYSE: USB), the parent company of U.S. Bank, operates 3,002 banking offices and over 5,170 ATMs in 25 states, and provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions.
Source: SunRun