Sunrun launches third party leasing in Connecticut

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Sunrun, a California-based solar company, today announced that it would be able to offer third party lease agreements to 90% of utility customers in Connecticut.

Sunrun’s solar power service is available immediately to residents within territories serviced by Connecticut Light & Power and The United Illuminating Company, representing almost all residential customers in the state. In 2012, Connecticut installed 11MW of solar electric capacity, ranking it 21st nationally, according to the Solar Energy Industries Association.

The residential solar rebate programme operated by the Clean Energy Finance and Investment Authority was introduced last year and will return $0.300/kWh for six years for third-party-owned rooftop installations. The state also has a Property Assessed Clean Energy programme for municipalities and commercial property owners. SolarCity announced that it would expand its operations in the state at the end of last year.

Last year, Governor Dannel P Malloy announced that Connecticut was awarded $481,473 from the US Department of Energy to help lower costs associated with the installation of rooftop solar panels. The grant will be used by CEFIA and its partners to streamline permitting processes, address connectivity with the state’s utilities, and improve financing options for homeowners and small businesses who install rooftop solar power systems.

“We applaud Governor Malloy, the Connecticut legislature… and the CEFIA for their leadership in supporting a sustainable, long-term solar market in Connecticut,” said Sunrun co-founder and co-CEO, Lynn Jurich.

Sunrun will work with installers Roof Diagnostics, Real Goods Solar, REC Solar and Trinity Solar and will own, insure and maintain the systems for 20 years.

Daniel Esty, Commissioner of Connecticut’s Department of Energy and Environmental Protection, said: “Sunrun’s move into Connecticut is the latest proof that we are fulfilling Governor Malloy’s commitment to provide Connecticut’s residents and businesses access to smart energy opportunities. It also demonstrates our success in leveraging private capital to advance the state’s 21st century energy agenda.”

Bryan Garcia, president and chief executive of CEFIA, said: “Today’s announcement that Sunrun is entering the Connecticut market is good for businesses and homeowners. Local installers are provided with greater access to private capital and homeowners have additional choices from which to receive cleaner, cheaper, and more reliable sources of energy.”

Since it was founded in 2007, Sunrun grown its customer base to more than 34,000 in 11 states. The company now installs nearly $2m-worth of solar systems every day.

Sunrun has attracted enough capital to support the purchase of $1.5 billion in solar systems from investors including US Bancorp and has raised $145 million in venture capital from Accel Partners, Sequoia Capital, Foundation Capital, and Madrone Capital Partners.

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