The attachment rate of energy storage with a solar array has reached 69% in the first quarter of 2025 for US residential installer Sunrun, while the company expects the tariff outlook to be manageable.
According to Mary Powell, CEO of Sunrun, the near-term effects of the tariffs have been mitigated due to the advanced purchase the company made at the end of 2024.
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“We are also shifting to use more domestically produced equipment, but supply is limited. Currently about half of our module supply and 100% of inverter and battery supply is sourced domestically, although with input components sourced globally,” said Powell, adding that the hardware costs represent nearly a third of the company’s total costs. Costs that will increase from the recent tariffs – 145% on solar products from China and the 10% tariffs on imports from other countries – imposed by the Trump administration.
Powell added that: “It is a dynamic environment for tax policy and tariffs. These uncertainties make planning difficult and may require significant adjustments for the business. Like many companies across the country, we are controlling what we can and are ready to adapt to changes that may occur.
“Sunrun has faced periods of major change over the last few years, and we used it as an opportunity to become even stronger. We believe the tariff outlook is manageable, and we will generate meaningful cash this year.”
Regarding policies, and more particularly tax credits, Powell highlighted that “interest in residential solar and storage is bipartisan” with many Republicans in Congress and the Senate expressing support to maintain energy tax credits, including technological neutral tax credit 48E, which is the one Sunrun uses.
More than half of solar PV installed with storage
Continuing a trend initiated in Q3 2024, solar capacity installed alongside storage represents more than half of the 191MW solar PV added in Q1 2025, of which 126.7MW of solar PV was accompanied by energy storage. Total installed solar PV in Q1 2025 grew by 8% from Q1 2024, while 334MWh of energy storage was added in Q1 2025, up by 61% from the same period last year.
The company added 23,692 subscribers in Q1 2025, up 7% from the same period last year and has 912,878 subscribers as of the end of March 2025, which represents a 14% growth compared to March 2024.
For a fourth quarter in a row, the company generated a positive cash generation of US$56 million in Q1 2025, and forecasts between US$50-60 million of cash generation during Q2 2025.
