Sunrun sets brand-new quarterly and total annual residential installation records

Image: Sunrun
Leading US home solar installer Sunrun features reported record quarterly installations and income in the fourth one fourth of 2020, pushing twelve-monthly installs and earnings to new highs.

Sunrun reported fourth one fourth 2020 PV installations of 171.6MW, driven by the acquisition of important rival, Vivint Solar on the third one fourth of 2020. On a quarterly basis, installations had been a fresh record for the business, having previously placed an in-house record of 117MW in the last year period.

As with a great many other residential installers, Sunrun’s installs were impacted found in the second quarter, due to COVID-19 lockdowns which resulted in installations slumping to 78MW, the low point in the entire year.

The business attracted approximately 23,500 clients in the fourth quarter, with an 18% increase, year-on-year, reaching a cumulative total of over 550,000.

Sunrun also reported that buyer agreements and incentives earnings in the reporting one fourth reached US$164.5 million, an increase of US$65.2 million, or 66%, when compared to prior year period.

Solar energy systems and product sales revenue reached US$156.0 million, a rise of US$11.3 million, or 8%, compared to the fourth quarter of 2019.

Management noted found in the Q4 earnings phone that it had installed more than 16,000 ‘Brightbox’ energy storage systems, even while Vivint Solar’s attachment rates had doubled found in the reporting quarter.

GAAP benefits include Vivint Solar as of October 8, 2020, including record quarterly revenue of US$320.4 million in the fourth quarter of 2020, a 66% boost from the last year period.

Sunrun reported a complete cost of income in the reporting one fourth of US$273.5 million, a rise of 50% year-on-year. Total operating expenditures were US$576.8 million, a rise of 97% year-over-year.

Sunrun reported full-year 2020 earnings of US$922.2 million, up 7% from the prior year, a fresh record.

Buyer agreements and incentives earnings in 2020 reached US$484.2 million, a rise of 25%, in comparison to 2019. Solar technology systems and product sales revenue was US$438.0 million, a lower 7%, in comparison to 2019.

Sunrun said its total price of income in 2020 was US$743.5 million, a rise of 15% year-over-year. Total functioning bills were US$1,387.3 million, a rise of 29% year-over-year.

“The fourth quarter capped off a transformative year for Sunrun,” said Tom vonReichbauer, Sunrun’s Chief Financial Officer. “The Sunrun workforce again sent sequential volume growth and margin expansion. We also shut the acquisition of Vivint Solar and with an increase of than four a few months of integration behind us, we’re increasing our predicted expense synergies from the deal from $90 million to $120 million. The combination of continued operational advancements and strategic advantages from our increased level sets the company up for a break-out 2021.”

Sunrun also reported a net loss due to common stockholders of US$173.4 million for the entire year.

Guidance
Sunrun remains bullish on organization growth found in 2021. With the merger of Vivint Solar, Sunrun said it expected solar technology capacity installed expansion to be in a range of 20% to 25%, up from previous instruction of 15% to 20%.

Management noted found in the wages call that as a result of major blackouts in Texas, as a result of polar vortex, accelerating intensive weather events would continue steadily to drive consumers to choose solar and battery storage.

“Sunrun consumers with Brightbox could actually electric power through the blackouts and stayed warm. Even consumers with outages of over 50 hours were able to power critical circuits uninterrupted as the solar systems continued to generate strength and recharge batteries through the winter storm,” explained Lynn Jurich, CEO of Sunrun.

Sunrun said that it expected its Brightbox installations to improve over 100% in 2021, despite expected constraints found in battery supply.