Sunrun Q1 solar installations drop to 177MW, reduces 2024 solar addition targets

Facebook
Twitter
LinkedIn
Reddit
Email
Installed solar capacity addition in Q1 is the lowest among the most recent four quarters. Image: Sunrun

US residential solar and storage company Sunrun has narrowed its net loss for the first quarter of 2024, but its solar capacity additions have continued to drop for four quarters in a row.

In Q1 2024, Sunrun added 177MW of new solar capacity, dropping from 219.7MW in Q4 2023. This has pushed the company’s total portfolio of installed solar capacity to 6.9GW.

This article requires Premium SubscriptionBasic (FREE) Subscription

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

Storage attachment rates – the percentage of solar projects built with co-located storage facilities – on installations reached 50% in Q1, up from 14.9% in the Q1 2023 and 45.2% in Q4 2023. 

Meanwhile, customer additions were 24,038, including 22,058 subscriber additions. As of the end of Q1, the company had 957,313 customers, including 803,145 subscribers. Customers grew by 15% in Q1 2024 compared to Q1 2023.

Although Sunrun’s customer and capacity additions dropped, the company has narrowed its net loss, dropping from US$240.4 million in Q1 2023 to US$87.8 million. Total revenue for Q1 was US$458.2 million in Q1 2024, down by US$131.6 million, or 22%, from Q1 2023.

“We are confident in strong growth in installation activities through the year as the fundamental demand drivers of our business continue to be robust,” said Mary Powell, CEO of Sunrun. 

“We are (also) confident in strong growth in installation activities through the year as the fundamental demand drivers of our business continue to be robust. Utility rates continue to rise due to the stress and strain of climatic events on the grid and the massive utility capital expenditures. Solar and storage equipment costs are declining, while our operating efficiency continues to improve,” she added. 

Looking ahead, Sunrun’s installed solar capacity is expected to be between 190MW and 200MW in Q2 2024. 

“Because of the pull-in of demand in California in early 2023, year-over-year comparisons are less relevant in Q2. We are confident that Q1 volumes will mark the low point in the year and we expect robust sequential growth into the rest of the year,” said Danny Abajian, CFO of Sunrun. 

For 2024, the company reduced the target as it is expected to be reflecting a decline of 15% to flat growth for the full-year 2024, a reduction from prior guidance range of -5% to +5% growth. In a previous financial result announcement, the company said the expected installed solar capacity will be between 971MW and 1,073MW for 2024. 

Installed storage capacity for 2024 is expected to be in a range of 800MWh and 1,000MWh 2024, representing approximately 40% to 75% growth year-on-year.

17 June 2025
Napa, USA
PV Tech has been running PV ModuleTech Conferences since 2017. PV ModuleTech USA, on 17-18 June 2025, will be our fourth PV ModulelTech conference dedicated to the U.S. utility scale solar sector. The event will gather the key stakeholders from solar developers, solar asset owners and investors, PV manufacturing, policy-making and and all interested downstream channels and third-party entities. The goal is simple: to map out the PV module supply channels to the U.S. out to 2026 and beyond.
7 October 2025
San Francisco Bay Area, USA
PV Tech has been running an annual PV CellTech Conference since 2016. PV CellTech USA, on 7-8 October 2025 is our third PV CellTech conference dedicated to the U.S. manufacturing sector. The events in 2023 and 2024 were a sell out success and 2025 will once again gather the key stakeholders from PV manufacturing, equipment/materials, policy-making and strategy, capital equipment investment and all interested downstream channels and third-party entities. The goal is simple: to map out PV manufacturing in the U.S. out to 2030 and beyond.

Read Next

Premium
February 14, 2025
“As the market develops, there’s more sophisticated views of the market,” said Aldevinas Burokas at Solar Finance & Investment Europe 2025.
February 14, 2025
Environmental Law & Policy Center argued that PJM’s scoring system would favour specific resource classes, such as combined cycle gas.
February 13, 2025
A report from CEA says that the impact of the new Republican administration on the provisions under the IRA remains “uncertain”.
February 13, 2025
Chinese solar manufacturers LONGi and Jinko Solar, along with Indian PV manufacturer Waaree Energies, have been named in a series of patent disputes filed in China and the US.
February 13, 2025
The announcement comes just days after the Trump administration announced plans for a 25% tariff on steel and aluminium imports.
February 13, 2025
Australia’s Clean Energy Council said 2024 was the best year for renewable energy investment since 2018, with AU$9 billion committed.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
February 17, 2025
London, UK
Solar Media Events
February 19, 2025
Tokyo, Japan
Solar Media Events
March 11, 2025
Frankfurt, Germany