Sunrun trounces Tesla in Q1 solar installations

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on reddit
Reddit
Share on email
Email
Sunrun overtook Tesla as leading US residential PV installer (public listed) in the second quarter of 2018. The seasonally weak first quarter played its part with both competitors as Sunrun’s deployments fell from 115MW to 86MW but a fraction higher than previously guidance of 83MW to 85MW. Image: Sunrun

Leading US residential PV installer, Sunrun reported deployments of 86MW in the first quarter of 2019, a 27% year-over-year increase that was in stark contrast with former leading installer, Tesla that recently reported deployments of 47MW for the same quarter.

Sunrun overtook Tesla as leading US residential PV installer (public listed) in the second quarter of 2018. The seasonally weak first quarter played its part with both competitors as Sunrun’s deployments fell from 115MW to 86MW but a fraction higher than previously guidance of 83MW to 85MW.

Sunrun reported deployments of 86MW in the first quarter of 2019, a 27% year-over-year increase that was in stark contrast with former leading installer, Tesla that recently reported deployments of 47MW for the same quarter.

As a result, revenue in the reporting quarter was US$194.5 million, up US$50.1 million, or 35% from the first quarter of 2018 but significantly lower than the US$240.1 million record set in the previous quarter.

Sunrun reported first quarter 2019 revenue of US$194.5 million.

Lynn Jurich, Sunrun’s Chief Executive Officer and co-founder said, “Sunrun is proud of our 242,000 customers who are helping to create a resilient and decarbonized energy system. We exceeded our deployment guidance in Q1 and are raising our margin target for the full year. At the same time, we are investing in a superior experience for our customers and advanced services that will build our future energy system.”

Sunrun reported that its total cost of revenue was US$147.3 million in the quarter, an increase of 24% year-over-year. Total operating expenses were US$238.7 million, an increase of 19% year-over-year.

Net loss attributable to common stockholders was US$13.9 million in the first quarter of 2019.

Guidance

Sunrun said that it expect deployments in the second quarter of 2019, to be in the range of 102MW to 104 MW. This compares to prior year quarter deployments of 91MW. 

Deployments for the full-year were reiterated to be in the range of a 16 to 18% increase from the prior year, or 434MW to 441MW. 

Read Next

May 6, 2021
Sunrun has increased its guidance for 2021 after a first quarter performance which has put the company on track to record its best ever year, CEO Lynn Jurich said.
PV Tech Premium
April 30, 2021
Elon Musk pitched a new vision for Tesla’s home solar-storage product this week, labelling it a “profound” alternative to the status quo. Liam Stoker analyses Tesla’s newly-described offering, the integration of Tesla’s solar and storage into a single product and explores benefits that may have been overlooked.
April 29, 2021
Sunnova has reported a surge in Q1 2021 revenue as the US residential solar installer lauded its software and services capabilities.
April 27, 2021
Tesla’s residential solar growth has continued into Q1 2021, but CEO Elon Musk has confessed to encountering major issues in roof assessments which have stymied installs of its Solar Roof product.
April 24, 2021
As polysilicon pricing continues to be volatile, this week’s Premium Briefing explores just how high pricing could climb to, when it may normalise, and what the likely impacts are on the downstream solar sector.
April 22, 2021
Tesla will only sell residential rooftop solar alongside its Powerball battery as a single, integrated product, Elon Musk has said.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
May 11, 2021
Upcoming Webinars
May 26, 2021
Session 1 - 7:00 AM (BST) | Session 2 - 5:00 PM (BST)
Solar Media Events
June 15, 2021
Solar Media Events
July 6, 2021