Sunrun is adapting, growing in challenged solar industry: CEO
Solar energy and battery storage operator Sunrun (RUN) recently reported a milestone of 1 million household customers — estimated to equal about 3 million total individuals — an industry first. The rest of the solar industry has not performed as well, seemingly due to higher for longer interest rates. Sunrun CEO Mary Powell joins Asking For A Trend to give insight into the company's performance and the solar industry at large. Powell sets the scene for why solar has performed the way it has: "There were some interesting currents over the last couple of years. I would say the most powerful was the rapid rise in interest rates. And, you know, Sunrun, what we did is what great companies do, which is we just leaned right into the wind and said, 'We're going to come out stronger [on] the other side.' And we have emerged stronger from basically every metric you could look at." "The biggest tailwind... is the fact that utility rates are doing nothing but rising at the same time that reliability is going down. So cost is going up, the predictability and stability is going down," Powell explains to Julie Hyman and Josh Lipton. Sunrun's adaptability has allowed it to take on battery storage services along with electric vehicle charging for its customers. "We are moving very fast into a multi-product space meeting customers wherever they are on their clean energy journey," Powell says. For more expert insight and the latest market action, click here to watch this full episode of Asking for a Trend. This post was written by Nicholas Jacobino