Sunrun (RUN)

A defining feature of Sunrun’s model is its use of long-term customer agreements. Many customers do not buy a solar system outright; instead, they enter into lease or power-purchase arrangements, often lasting 20 to 25 years, under which Sunrun or its financing partners retain ownership of the system and the customer pays for access to the energy it produces. The company also sells solar systems and related products directly, including equipment such as panels, racking, and energy storage solutions.

Sunrun reaches customers through direct sales and through partnerships with homebuilders, retailers, utilities, and other strategic channels. It works with installation partners as well as its own teams to deploy systems and provide ongoing service. The company’s expanding battery offering is important because stored solar energy can help customers use more of their own generation, manage outages, and support grid services in some markets.

For investors, Sunrun represents exposure to the residential energy transition rather than a traditional utility. Its performance is tied to installation volumes, subscriber growth, project financing, interest rates, regulatory decisions, customer acquisition costs, and the long-term value of contracted solar assets.