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Nevada exit leaves only minor dent on Sunrun’s residential growth

Sunrun deployed a total of 68MW of PV systems in the fourth quarter of 2015, up from 37MW in the fourth quarter of 2014.

Dedicated US residential solar PV installer Sunrun reported only a partial impact on installation figures from its exit from the Nevada market in its fourth quarter and full-year financial results.

Sunrun deployed a total of 68MW of PV systems in the fourth quarter of 2015, up from 37MW in the fourth quarter of 2014, an increase of 117% year-on-year and 83% year-on-year growth in megawatts deployed. 

In 2015, deployments totalled 203MW, only 2MW below guidance, primarily due to the Nevada market exit, prompted by the state's utility commission proposing limitations to future solar net metering payments. However, in guiding first quarter 2016 deployments, Sunrun said that around 12MW from its backlog from Nevada had been removed, lowering expected MW deployed in the quarter to 56MW.

Overall 2016 guidance is to deploy approximately 285MW, equating to around a 40% growth rate, compared to 76% in the prior year.

Financial results

Sunrun reported total revenue of US$304.6 million in 2015, up from US$198.6 million in 2014. Operating leases and incentives revenue grew 40% year-on-year to US$118.0 million. Solar energy systems and product sales were US$186.6 million in 2015, an increase of 63% year-on-year.

Total cost of revenue was US$280.5 million, an increase of 62% year-oN-year. Total operating expenses were US$523.8 million in 2015, an increase of 58% year-over-year.

Net loss attributable to common stockholders was US$28.2 million in 2015, compared to a net loss of US$70.9 million in 2014.

Sunrun noted that its built and installed cost had declined to US$2.33/W at the end of 2015, key metric for rooftop installers.

Nevada exit leaves only minor dent on Sunrun’s residential growth

Sunrun noted that its built and installed cost had declined to US$2.33/W at the end of 2015, key metric for rooftop installers.

Tags: pv modules

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