After two quarters in a row of declines in solar PV and energy storage capacity installations, residential solar-plus-storage installer Sunrun has reversed the trend in the second quarter of 2026.
According to the company’s second-quarter financials, solar PV capacity additions increased from 154.2MW in Q1 2026 to 174.3MW in Q2 2026. However, the numbers are still down year-on-year from the 227.2MW installed in Q2 2025 due to a nearly 70% drop in volume from affiliate channels, in line with the company’s focus on direct channels. This was highlighted as one of the reasons Sunrun has trimmed its full-year guidance for the 2026 financial year.
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Sunrun said the storage attachment rate continues to rise, reaching a high of 74% in Q2 2026, up four percentage points from the same period a year ago. Storage capacity additions are up quarterly from 282.3MWh in Q1 2026 to 332MWh in Q2 2026, as shown in the chart below.
“The need for affordable, reliable power has never been more evident, and our storage-first offering is meeting it — customers attached batteries at the highest rate in our history this quarter,” said Mary Powell, Sunrun’s Chief Executive Officer.
Moreover, subscriber additions were down 31% year-on-year from 28,823 in Q2 2025 to 19,793 in Q2 2026. However, the subscriber value has increased by 10% from the same period last year to US$59,377.
Over 1GWh of storage capacity and 700MW dispatchable power added in past 12 months
The company had installed more than 266,000 solar-plus-storage systems, which represent the 4.6GWh of networked storage capacity Powell mentioned. Over the last 12 months, Sunrun added over 1GWh of storage capacity and dispatched more than 700MW of power.
By the end of 2028, Sunrun aims to more than double its dispatchable power capacity from 4.6GWh to 10GWh.
According to the residential solar-plus-storage installer, the aggregate of its assets already deployed represents over US$500 million in grid services present value.
“Sunrun’s energy assets are at the center of a power sector that is in need of energy capacity and where speed to power is critical. Sunrun now has over 4.6 gigawatt hours of storage capacity installed across the country, and is the largest Residential Independent Power Producer. America needs more power, faster than the traditional grid can deliver it, and Sunrun is well situated to meet that need,” added Powell.
During Q2 2026, the company positioned its distributed fleet to meet the power demand from data centres and AI. In June of this year, the company signed a non-bidding letter of intent along with management platform Renew Home, and Tesla to deliver more than 16GW of flexible energy capacity to US hyperscalers and utilities.
The partnership between the three companies is expected to create the largest virtual power plant (VPP) in the country. In July 2026, we launched a distributed AI data center pilot, which places compute nodes in homes with Sunrun solar and storage systems.
Both initiatives aim to leverage Sunrun’s existing energy infrastructure to serve AI-driven electricity demand and create new high-margin revenue opportunities, according to the company.
Revenue up 53% year-over-year, losses down
Furthermore, total revenue for Q2 2026 was up 53% year-over-year, or US$300.7 million, with Sunrun registering US$870 million in Q2 2026. Total revenue for the first half of the year has surpassed US$1.5 billion, up from US$1 billion in H1 2025.
Both customer agreements and incentives revenue and energy systems and product sales revenue were up year-on-year. The increase in revenue from the latter is due to a transaction that Sunrun entered into in Q3 2025, whereby certain storage and energy systems subject to newly originated Customer Agreements are sold to a third party.
Moreover, the net loss registered in Q2 2026, is down by US$70 million year-on-year to US$208 million, while H1 figures registered a net loss of US$505 million, down from US$556 million in H1 2025.
The company has revised its full-year aggregate subscriber value (ASV) down from the original US$4.8 billion-5.2 billion to US$4.6-4.8 billion. Its full-year cash generation outlook has also been trimmed from US$250-450 million to US$200-375 million, excluding equipment safe harbour investments. Danny Abajian, chief financial officer at Sunrun, said that the decrease reflects the reduced affiliate channel volumes, a delayed ramp in direct sales activities and modestly higher capital costs than previously forecasted.
Analysts at Roth Capital described Sunrun’s results as “mixed”, but said that after a “transition year” in 2026, it expectedthe company to emerge “much stronger” as it develops its direct business.
