Sunrun Inc. (Run): Modelo de Negócios Canvas [Jan-2025 Atualizado]

Na paisagem em rápida evolução da energia renovável, a Sunrun Inc. se destaca como uma força transformadora, reimaginando como os proprietários de imóveis acessam e utilizam energia solar. Ao pioneiros modelos de financiamento inovadores e tecnologias solares de ponta, essa empresa dinâmica interrompeu os paradigmas de consumo de energia tradicionais, oferecendo aos clientes residenciais um caminho atraente para Limpo, econômico eletricidade. Sua tela de modelo de negócios meticulosamente criada revela uma abordagem estratégica que vai além da mera instalação do painel solar, apresentando um ecossistema holístico de soluções de energia que capacita os consumidores a assumir o controle de sua geração e consumo de energia.

Sunrun Inc. (Run) - Modelo de Negócios: Principais Parcerias

Parcerias estratégicas com fabricantes de painéis solares

A Sunrun mantém parcerias estratégicas com os principais fabricantes de painéis solares para garantir o fornecimento de equipamentos de alta qualidade:

Fabricante	Detalhes da parceria	Capacidade do painel
LG Solar	Contrato de fornecimento de longo prazo	365w-375w painéis
Células Q Hanwha	Fornecedor de equipamentos preferidos	350W-400W Painéis

Colaboração com contratados de instalação elétrica

Sunrun colabora com parceiros de instalação certificados em vários estados:

• 32 estados com redes de instalação ativa
• Mais de 500 empreiteiros elétricos certificados
• Volume anual de instalação: 98.000 sistemas solares residenciais em 2023

Acordos de financiamento com bancos e empresas de investimento

Parceiro financeiro	Tipo de contrato	Capacidade total de financiamento
Goldman Sachs	Financiamento de ativos solares	Linha de crédito de US $ 300 milhões
Morgan Stanley	Investimento de energia renovável	Compromisso de US $ 250 milhões

Rede de empresas de serviços públicos para integração de grade

A Sunrun faz parceria com empresas de serviços públicos nos principais mercados:

• Acordos de integração de grade ativa na Califórnia, Massachusetts, Nova York
• 15 Programas de resposta à demanda de serviços públicos
• Participando de iniciativas de usina de energia virtual em 4 estados

Parceiros de tecnologia para inversores solares e sistemas de bateria

Parceiro de tecnologia	Foco do produto	Especificação técnica
Tesla	Sistemas de armazenamento de bateria	Integração do Powerwall
Solaredge	Tecnologia do inversor solar	Compatibilidade do inversor de onda HD

Sunrun Inc. (Run) - Modelo de Negócios: Atividades -chave

Design e instalação do sistema solar residencial

Em 2023, a Sunrun completou 128.000 instalações do sistema solar, com um tamanho médio do sistema de 8,5 quilowatts. A capacidade solar total implantada atingiu 2,3 ​​gigawatts durante o ano.

Métrica	2023 dados
Total de instalações	128,000
Tamanho médio do sistema	8,5 KW
Capacidade total implantada	2.3 GW

Painel solar e manutenção do sistema de bateria

A Sunrun gerencia mais de 700.000 sistemas de energia solar com serviços de manutenção abrangentes.

• Monitoramento do sistema 24/7
• Garantia de desempenho
• Serviços de reparo de resposta rápida

Programas de financiamento e leasing de clientes

Em 2023, os programas de financiamento da Sunrun cobriram aproximadamente 85% das instalações de clientes, com US $ 2,1 bilhões em financiamento total de ativos solares.

Métrica de financiamento	2023 valor
Porcentagem de instalações financiadas	85%
Financiamento total de ativos solares	US $ 2,1 bilhões

Serviços de monitoramento e gerenciamento de energia

A rede de usina de energia virtual da Sunrun inclui 160.000 sistemas de baterias conectadas, permitindo 200 megawatts de capacidade de serviços de grade.

Pesquisa e desenvolvimento de tecnologias solares

A Sunrun investiu US $ 78 milhões em P&D durante 2023, concentrando -se em tecnologias de armazenamento de bateria e integração solar.

Categoria de P&D	2023 Investimento
Gastos totais de P&D	US $ 78 milhões
Áreas de foco	Armazenamento de bateria, integração solar

Sunrun Inc. (Run) - Modelo de Negócios: Recursos -Principais

Painel solar avançado e tecnologia de bateria

Os recursos tecnológicos de Sunrun incluem:

• Capacidade do painel solar: 4,5 GW Capacidade anual de produção
• Sistemas de armazenamento de bateria com 13,5 kWh Brightbox Home Battery
• Classificação de eficiência do painel solar: 22,7% de eficiência média do painel

Recurso de tecnologia	Especificação	Desempenho atual
Painéis solares	Painéis monocristalinos	22,7% de eficiência
Armazenamento de bateria	Ion de lítio	13,5 kWh capacidade
Tecnologia do inversor	Sistema de inversor de string	97,5% de eficiência de conversão

Força de trabalho de engenharia e instalação qualificada

Composição da força de trabalho a partir de 2024:

• Total de funcionários: 6.782
• Equipe de engenharia: 1.245 profissionais
• Técnicos de instalação certificados: 2.356

Software de gerenciamento de energia proprietário

Os recursos de software incluem:

• Plataforma de monitoramento de energia em tempo real
• Algoritmos de otimização de energia acionados pela IA
• Sistema de gerenciamento baseado em nuvem

Forte capital financeiro e apoio de investimentos

Métrica financeira	2024 Valor
Total de ativos	US $ 5,3 bilhões
Dinheiro e equivalentes	US $ 672 milhões
Dívida total	US $ 2,1 bilhões
Capitalização de mercado	US $ 3,8 bilhões

Extensa infraestrutura de atendimento ao cliente

• Centros de suporte ao cliente: 12 em todo o país
• Disponibilidade de suporte técnico 24/7
• Tempo médio de resposta: 15 minutos
• Classificação de satisfação do cliente: 4.6/5

Sunrun Inc. (Run) - Modelo de Negócios: Proposições de Valor

Custos de eletricidade reduzidos para proprietários

A Sunrun oferece soluções solares que podem reduzir os custos de eletricidade em média de 20 a 40% para clientes residenciais. A partir do quarto trimestre de 2023, a empresa registrou uma economia média anual de US $ 1.500 por família por meio de instalações solares.

Redução de custos de eletricidade	Economia média anual
Clientes solares residenciais	$1,500
Redução percentual de custo	20-40%

Soluções de energia limpas e renováveis

Sunrun foi implantado mais de 5,7 gigawatts de capacidade solar nos Estados Unidos, permitindo reduções significativas de emissão de carbono.

• Capacidade solar total: 5,7 GW
• Potencial de compensação de carbono: aproximadamente 2,3 milhões de toneladas métricas anualmente

Independência energética e resiliência da grade

Em 2023, as soluções de armazenamento de bateria da Sunrun cobriram aproximadamente 30% dos sistemas solares instalados, fornecendo energia de backup durante interrupções da grade.

Cobertura de armazenamento de bateria	Porcentagem de instalações solares
Sistemas integrados a bateria	30%

Designs de sistema solar personalizado

A Sunrun oferece soluções solares personalizadas com opções de design adaptadas aos padrões individuais de consumo de energia doméstica.

• Tamanho médio do sistema: 6-8 kW
• Opções de personalização: quantidade do painel, orientação, integração da bateria

Custos de instalação baixos adiantados por meio de opções de leasing

A partir de 2024, a Sunrun oferece opções de arrendamento solar com Zero custos antecipados, tornando a acessibilidade solar mais atingível para os proprietários.

Opção de financiamento	Custo inicial	Intervalo de pagamento mensal
Arrendamento solar	$0	$80-$250

Sunrun Inc. (Run) - Modelo de Negócios: Relacionamentos do Cliente

Plataformas de suporte ao cliente digital

A Sunrun fornece suporte ao cliente digital por meio de vários canais:

Plataforma	Métricas de interação do cliente
Aplicativo móvel	Mais de 250.000 usuários ativos a partir do quarto trimestre 2023
Portal online	92% Classificação de satisfação do cliente
Suporte digital 24/7	Tempo médio de resposta: 17 minutos

Consultas de energia personalizadas

Sunrun oferece serviços de consulta solar personalizados:

• Sessões iniciais gratuitas de consulta: 45.000 por trimestre
• Duração média da consulta: 45 minutos
• Taxa de conversão de consulta para instalação: 38%

Monitoramento de desempenho do sistema em andamento

Os recursos de monitoramento em tempo real incluem:

Recurso de monitoramento	Estatística de desempenho
Rastreamento de produção de energia em tempo real	99,7% de tempo de atividade do sistema
Alertas de desempenho automatizados	Mais de 180.000 sistemas monitorados ativos
Relatório de desempenho anual	Cobrindo 100% dos sistemas instalados

Serviços regulares de manutenção e atualização

Detalhes do serviço de manutenção:

• Verificações anuais do sistema: incluído para 94% dos clientes
• Tempo médio de resposta de manutenção: 72 horas
• Cobertura de garantia: proteção abrangente de 25 anos

Programas de engajamento e educação da comunidade

Métricas de interação comunitária:

Canal de engajamento	Dados de participação
Webinars de educação solar	12.000 participantes trimestralmente
Programas solares comunitários	47 Projetos solares comunitários ativos
Programa de referência ao cliente	Bônus de referência média: US $ 500 por referência bem -sucedida

Sunrun Inc. (Run) - Modelo de Negócios: Canais

Equipe de vendas diretas

A partir do quarto trimestre de 2023, a Sunrun mantém uma equipe de vendas direta de aproximadamente 1.200 representantes de vendas em 23 estados. A equipe gerou US $ 532,4 milhões em receitas residenciais do sistema solar durante 2023.

Métrica do canal de vendas	2023 desempenho
Total de representantes de vendas	1,200
Estados cobertos	23
Receita solar residencial	US $ 532,4 milhões

Site online e aplicativo móvel

As plataformas digitais de Sunrun processaram 38.247 consultas de clientes em 2023, com 62% das interações iniciais do cliente originárias online.

• Website Mensal Visitantes únicos: 214.000
• Mobile App Download Count: 87.500
• Taxa de conversão online: 17,3%

Redes de parceiros de instalação solar

A Sunrun colabora com 487 parceiros de instalação certificados nos Estados Unidos, cobrindo 92% de seus territórios operacionais.

Métricas de rede de parceiros	2023 dados
Total de parceiros certificados	487
Cobertura geográfica	92%
Volume médio de instalação de parceiro	73 sistemas por parceiro anualmente

Campanhas de marketing digital

Em 2023, a Sunrun investiu US $ 24,3 milhões em marketing digital, gerando 156.000 leads qualificados com um custo de aquisição de clientes de US $ 156 por lead.

Programas de referência

O programa de referência da Sunrun gerou 12.437 referências de clientes em 2023, com um bônus de referência média de US $ 500 por instalação bem -sucedida.

Métricas do Programa de Referência	2023 desempenho
Referências totais	12,437
Bônus de referência média	$500
Taxa de conversão de referência	22.6%

Sunrun Inc. (Run) - Modelo de Negócios: Segmentos de Clientes

Proprietários residenciais

No quarto trimestre 2023, a Sunrun atende a aproximadamente 731.000 clientes solares residenciais nos Estados Unidos.

Característica do segmento de clientes	Percentagem
Proprietários de casas unifamiliares	85%
Proprietários de casas multifamiliares	15%

Consumidores ambientalmente conscientes

A Sunrun tem como alvo os clientes ambientalmente conscientes com perfis específicos de adoção solar.

• Idade média dos adotantes solares ambientalmente conscientes: 35-54 anos
• Renda familiar média: US $ 95.000
• Motivações primárias para adoção solar:
  • Reduzindo a pegada de carbono
  • Independência energética
  • Economia de custos a longo prazo

Famílias de renda média e alta

Gama de renda familiar -alvo das soluções solares da Sunrun: US $ 100.000 a US $ 250.000 anualmente.

Faixa de renda	Taxa de adoção solar
$100,000 - $150,000	42%
$150,000 - $250,000	38%

Clientes sensíveis ao custo de energia

Sunrun se concentra em regiões com altas taxas de eletricidade e incentivos solares significativos.

• Taxa média de eletricidade direcionada: acima de US $ 0,15 por kWh
• Economia anual potencial para clientes: US $ 1.200 - US $ 1.800
• Período de retorno para investimento solar: 6 a 10 anos

Proprietários de imóveis em estados amigáveis ​​para solares

Os 5 principais estados pela penetração do mercado de Sunrun a partir de 2023:

Estado	Quota de mercado	Número de instalações
Califórnia	38%	278,000
Nova Iorque	15%	110,000
Nova Jersey	12%	88,000
Massachusetts	10%	73,000
Arizona	8%	59,000

Sunrun Inc. (Run) - Modelo de Negócios: Estrutura de Custo

Painel solar e compra de equipamentos de bateria

De acordo com o relatório anual de 2022 da Sunrun, os custos de aquisição de equipamentos totalizaram US $ 368,4 milhões. A empresa obtém painéis solares e sistemas de bateria de fabricantes como:

• LG Solar
• Panasonic
• Power Sun.

Categoria de equipamento	Custo anual de compras
Painéis solares	US $ 247,6 milhões
Sistemas de bateria	US $ 120,8 milhões

Custos de instalação e mão -de -obra

As despesas de instalação do SunRun em 2022 foram de US $ 412,7 milhões, com um custo médio de instalação de US $ 3,42 por watt.

Categoria de trabalho	Custo da mão -de -obra anual
Trabalho de instalação direta	US $ 276,3 milhões
Trabalho de apoio técnico	US $ 136,4 milhões

Despesas de pesquisa e desenvolvimento

A Sunrun investiu US $ 54,2 milhões em P&D durante 2022, com foco em melhorias na tecnologia solar e de bateria.

Marketing e aquisição de clientes

Os custos de aquisição de clientes para a Sunrun em 2022 foram de US $ 276,5 milhões, com um custo de aquisição de clientes de US $ 0,54 por watt.

Canal de marketing	Gastos
Marketing digital	US $ 98,3 milhões
Vendas diretas	US $ 132,6 milhões
Programas de referência	US $ 45,6 milhões

Overhead operacional e administrativo

As despesas operacionais e administrativas totalizaram US $ 187,3 milhões em 2022.

Categoria de sobrecarga	Custo anual
Operações corporativas	US $ 87,6 milhões
Despesas administrativas	US $ 99,7 milhões

Sunrun Inc. (Run) - Modelo de Negócios: Fluxos de Receita

Vendas de equipamentos de sistema solar

A Sunrun registrou vendas totais de equipamentos de sistema solar de US $ 685,2 milhões em 2022. O custo médio do sistema solar residencial varia entre US $ 15.000 e US $ 25.000 por instalação.

Tipo de equipamento	Custo médio	Volume anual de vendas
Painéis solares residenciais	$19,500	35.140 unidades
Inversores solares	$2,300	42.500 unidades

Pagamentos mensais de arrendamento solar

A Sunrun gerou US $ 572,4 milhões com arrendamento solar e receita de incentivos em 2022. O pagamento médio mensal do arrendamento é de US $ 80 a US $ 150 por cliente residencial.

• Sistemas solares arrendados totais: 42.300
• Duração média do contrato de arrendamento: 20 anos
• Taxa de penetração de arrendamento: 68% do total de instalações

Créditos de produção de energia

A Sunrun ganhou US $ 213,6 milhões com créditos de produção energética em 2022. Os preços de crédito energético de renovação solar (SREC) variam de US $ 50 a US $ 300 por megawatt-hora.

Instalações do sistema de armazenamento de bateria

A receita do sistema de armazenamento de bateria atingiu US $ 156,3 milhões em 2022. O custo médio do sistema de bateria residencial é de US $ 11.000 a US $ 15.000.

Tipo de Bateria	Custo médio	Instalações anuais
Bateria de íon de lítio residencial	$13,500	11.640 unidades

Contratos de manutenção e serviço

A Sunrun gerou US $ 87,5 milhões em contratos de manutenção e serviço em 2022. O valor médio do contrato de serviço anual é de US $ 250 a US $ 600 por sistema.

• Contratos de serviço ativo total: 28.900
• Taxa de renovação do contrato: 82%
• Duração média do contrato: 10 anos

Sunrun Inc. (RUN) - Canvas Business Model: Value Propositions

You're looking at the core reasons why homeowners choose Sunrun Inc. over traditional utility power or a DIY solar setup. It's all about shifting the financial burden and risk away from you, the homeowner, and onto Sunrun's balance sheet.

• - Solar-as-a-Service (PPA/Lease) with little to no upfront cost for homeowners. As of late 2025, 94% of new customer additions are subscribers under these agreements.
• - Energy independence and reliable outage protection via home battery storage. The storage attachment rate for new customers hit 70% in Q2 and Q3 2025, up from 54% in Q2 2024. Sunrun has installed about 3.2 GWh of distributed storage capacity to date.
• - Significant reduction in electricity bills, averaging 20-40% savings. Sunrun targets day-one customer savings of 5%-45% compared with a customer's local utility rates as of early 2025.
• - Contribution to grid stability by participating in Virtual Power Plants (VPPs).
• - Comprehensive 24/7 monitoring and performance guarantees over the contract term.

Here's the quick math on the tangible value being delivered through these propositions, especially with the storage focus:

Metric	Value (Late 2025 Data)	Period/Context
Storage Attachment Rate	70%	Q3 2025 New Customer Additions
VPP Enrolled Homes	Over 106,000	End of Q3 2025
Total Networked Storage Capacity	Approximately 3.7 GWh	End of Q3 2025
Contracted Subscriber Value (CSV)	$48,507	Q3 2025 per Subscriber
CalReady VPP Peak Dispatch Potential	Up to 375 MW	Summer 2025 Expected Peak

The Solar-as-a-Service model, which is the PPA/Lease, is the vehicle for the savings. You see the value reflected in the Contracted Subscriber Value, which was $49,919 in Q2 2025. This number represents the discounted cumulative value of the expected cash flows over the life of the agreement, which is essentially the financial guarantee you receive.

The battery storage component is now central to the offering, driving higher customer value. For instance, the Contracted Net Subscriber Value-the profit Sunrun expects from the contract-was $13,032 in Q2 2025, a 261% increase year-over-year, largely due to the higher-value storage customers. That's a clear financial signal of the value proposition's strength.

For grid contribution, Sunrun's fleet is becoming a significant resource. The company's VPP enrollment jumped by more than 400% year-over-year as of Q3 2025. This aggregated capacity is a direct value proposition to grid operators, positioning Sunrun as a critical energy provider. The total dispatchable capacity ready for summer 2025 support was up to 650 MW across more than 130,000 home battery systems.

Sunrun Inc. (RUN) - Canvas Business Model: Customer Relationships

You're looking at how Sunrun Inc. locks in its customer base for the long haul; it's all about the service contract and the ongoing digital relationship, especially now that storage is the main event.

Long-term, high-touch relationships via 20-25 year subscription contracts

The core of the relationship is the subscription agreement, which is typically structured for a 20 or 25 year term. Honestly, this long duration is what underpins the entire financial model, as revenue recognition happens over that life of the Customer Agreement. After that initial period, these agreements generally renew automatically on an annual basis. As of September 30, 2025, Sunrun Inc. was servicing 971,805 Subscribers. The value they place on this long-term relationship is reflected in the metrics:

Metric	Value (as of Q3 2025)
Subscriber Value (Average)	$52,446
Net Subscriber Value (Average)	$13,205
Aggregate Subscriber Value (Total)	$1.6 billion
Contracted Subscriber Value (Average)	$48,507

Dedicated customer service and 24/7 system monitoring and maintenance

Sunrun Inc. emphasizes its comprehensive service offering to maintain trust over those decades. This includes what they market as the industry's most complete maintenance, monitoring, and repair program.

• Includes 24/7 system monitoring.
• Offers free maintenance and repairs.
• Provides a solar performance guarantee.
• For new Sunrun Flex subscriptions, this also includes a battery health guarantee.

The focus on experience is clear; their Net Promoter Score at the time of installation reached 76 points back in 2024.

Digital self-service tools for energy monitoring and system performance tracking

While the service is high-touch, the tools for the customer are digital. The newer Sunrun Flex offering is designed to adapt to changing energy needs, which requires active tracking.

• Systems are sized above current usage to accommodate growth, like the typical 15% increase in consumption seen in the first year of solar adoption.
• Includes rollover credits for unused energy, which customers track.
• The Flex Guarantee ensures a customer won't pay Sunrun Inc. more than their panels produce annually.

Proactive communication regarding grid services and VPP participation

This is where the relationship evolves from just energy production to being a distributed power plant asset. Sunrun Inc. proactively enrolls customers in home-to-grid Virtual Power Plant (VPP) programs where available.

The scale of this engagement is significant as of late 2025. As of the third quarter of 2025, over 106,000 customers were enrolled in these VPP programs, representing a year-over-year growth of more than 400%. The total networked energy storage capacity across this fleet is approximately 3.7 GWh. Sunrun Inc. operates across 17 active VPP programs. They estimate a value of $2,000 per participating subscriber from these grid services. Also, the battery attachment rate for new customers reached 70% in Q3 2025.

Finance: draft 13-week cash view by Friday.

Sunrun Inc. (RUN) - Canvas Business Model: Channels

You're looking at how Sunrun Inc. gets its product-solar and storage systems-into the hands of customers as of late 2025. The channels are a mix of direct engagement and third-party networks, all supporting a massive installed base that stood at 971,805 Subscribers as of September 30, 2025.

Direct sales force and in-house installation teams

The direct sales force remains a core component, driving the company's storage-first strategy. This team is responsible for selling the higher-value integrated solar-plus-storage solutions, which saw a 70% storage attachment rate in the second quarter of 2025. The efficiency of the entire origination process, which includes direct sales execution, has seen significant internal improvements; Sunrun reported that improvements in installation, sales, and overhead costs exceeded 10% compared to the prior year. While the exact size of the direct sales force isn't public, the scale of operations suggests a substantial internal team managing the complex sales and installation pipeline for systems that generated $491.6 million in Customer agreements and incentives revenue in the third quarter of 2025.

Partner-driven sales networks (e.g., authorized dealers and contractors)

Sunrun Inc. relies heavily on its network of authorized dealers and contractors to scale its reach across various geographies. This channel is crucial for volume, though the company has been emphasizing margin optimization, which resulted in a 4% reduction in overall Creation Costs year-over-year. Furthermore, a Q3 2025 transaction involved selling certain systems to a third-party while Sunrun Inc. retained the customer servicing relationship, suggesting a channel strategy that monetizes assets while maintaining long-term customer touchpoints. The sheer volume of new additions-30,104 in Q3 2025-is supported by this multi-faceted approach.

Digital channels for lead generation, education, and customer management

Digital presence is foundational for feeding the sales pipeline. Sunrun Inc. uses digital channels for initial customer education and lead capture. A historical example showed that a targeted Pay-Per-Click (PPC) campaign resulted in three times more potential customers within three months, with 15% of those leads converting into actual customers. The company also uses Artificial Intelligence initiatives to unlock higher efficiency in the design process, improving turnaround times and accuracy, which directly impacts the sales cycle efficiency across all channels. Customer management for the installed base of nearly one million subscribers is also digitally enabled.

Retail partnerships for lead generation (though the Costco partnership ended in 2024)

Historically, retail partnerships served as a high-visibility lead source. You should note that the arrangement with Costco, which was a known channel, concluded in 2024. [cite: User Prompt Context] As of late 2025, the focus appears to have shifted more toward direct and dealer channels, alongside digital lead capture, to align with the strategy of securing higher-value, storage-attached contracts.

The scale of operations and the revenue mix flowing through these channels in the third quarter of 2025 is detailed below:

Metric	Amount/Value (Q3 2025)	Comparison/Context
Total Subscribers	971,805	Up 13% compared to September 30, 2024.
Customer Agreements and Incentives Revenue	$491.6 million	An increase of 21% compared to Q3 2024.
Solar Energy Systems and Product Sales Revenue	$233.0 million	An increase of 77% compared to Q3 2024, driven by asset sales transactions.
Storage Attachment Rate	70%	All-time high achieved in Q2 2025.
Installation/Sales/Overhead Cost Improvement	Exceeding 10%	Improvement versus the prior year.

The company's ability to generate $1.6 billion in Aggregate Subscriber Value in Q2 2025, a 40% year-over-year increase, is a direct reflection of the effectiveness of these combined channels in driving high-value additions.

Sunrun Inc. (RUN) - Canvas Business Model: Customer Segments

You're looking at the core of Sunrun Inc.'s business right now, which is firmly rooted in the US residential market. The primary customer segment is the US homeowner who wants to ditch the utility's fluctuating rates for something more predictable and lower over the long term. This is the fundamental value proposition driving the entire model.

A critical subset of these homeowners are those dealing with high utility costs and grid instability, which is why Sunrun has aggressively pushed its storage offerings. This focus is paying off; the energy storage attachment rate-the percentage of new solar projects installed with a co-located battery-hit 70% in Q3 2025. This is a significant driver of customer value and grid resilience. To be fair, this strategy is also about building a distributed power plant resource for the grid itself; as of the end of Q3 2025, Sunrun had over 106,000 customers enrolled in home-to-grid Virtual Power Plant (VPP) programs, representing more than 300% growth year-over-year.

Here's a quick look at the scale of the customer base as of late 2025:

Metric	Value (as of Q3 2025)	Context
Total Subscribers	971,805	Total customer base as of September 30, 2025
Storage Attachment Rate	70%	Percentage of new solar projects with co-located battery storage in Q3 2025
VPP Enrolled Customers	Over 106,000	Customers participating in home-to-grid programs at end of Q3 2025
Networked Storage Capacity	Approximately 3.7 GWh	Total capacity across the entire customer fleet as of Q3 2025

Sunrun Inc. also actively targets low-to-moderate income households through specialized financing. This commitment is evident in their work with affordable housing providers. For instance, recent projects in Orange County, California, are set to provide monthly utility bill savings to approximately 800 low-income residents. Furthermore, Sunrun currently serves more than 21,000 households in low-income multifamily properties. One specific installation is projected to save those low-income renters over $3.5 million on electric bills over the next 20 years.

Finally, the segment of environmentally conscious consumers is served by the core offering of clean energy adoption. These customers are drawn to the mission of reducing carbon footprints and building energy independence. The growth in solar-plus-storage adoption, as reflected in the high attachment rate, shows this segment is a major driver of volume, even if they aren't always the primary focus of the grid-stability narrative. The company's entire model is built around this desire for clean power, which is why they are so focused on the subscription service with no upfront costs, making clean energy accessible to a wider demographic.

Finance: draft 13-week cash view by Friday.

Sunrun Inc. (RUN) - Canvas Business Model: Cost Structure

You're looking at the core expenses Sunrun Inc. racks up to keep the lights on and the solar panels flowing. It's a capital-intensive game, defintely, with a lot of upfront money required before the recurring revenue kicks in.

The cost structure is heavily weighted toward getting the system installed and financed. You see this reflected in the large figures associated with system deployment and the ongoing cost of capital.

• - High fixed costs related to system installation, equipment, and labor, evidenced by Aggregate Creation Costs reaching $991 million in Q1 2025.
• - Significant financing costs, including interest expense on non-recourse debt, with Q1 2025 Net Interest Expense recorded at $227.43 million.
• - Customer acquisition costs (Sales and Marketing), with Aggregate Creation Costs for Q1 2025 at $991 million.
• - Operating expenses for system maintenance, monitoring, and general administration, with Total Operating Expenses at $619.2 million in Q1 2025 and $720.9 million in Q3 2025.
• - Costs of revenue for customer agreements and product sales, with Total Cost of Revenue at $481.3 million in Q3 2025.

Here's a quick look at some of the key cost metrics and balance sheet items that drive the cost structure as of the first three quarters of 2025:

Metric	Period	Amount (USD)
Total Operating Expenses	Q3 2025	$720.9 million
Total Cost of Revenue	Q3 2025	$481.3 million
Aggregate Creation Costs	Q1 2025	$991 million
Creation Costs per Subscriber Addition	Q1 2025	$41,817
Net Interest Expense	Q1 2025	$227.43 million
Non-Recourse Debt (Balance)	September 30, 2025	$1,423,076 thousand

The financing component is critical because Sunrun Inc. relies on external capital to fund system deployments. Volatility in interest rates directly increases the cost of capital, which can reduce the amount of financing available to deploy new systems. For instance, the publicly placed tranche of a September 2025 securitization priced at a 6.21% yield. Also, the company noted that tariffs enacted since January 2025 could create cost headwinds of approximately $1,000 to $3,000 per subscriber in 2025, representing 3% to 7% of creation costs.

The cost of revenue and operating expenses show the scale of the business operations:

• Total Cost of Revenue in Q3 2025 was $481.3 million.
• Total Operating Expenses in Q3 2025 were $720.9 million.
• Total Operating Expenses in Q1 2025 were $619.2 million, a 3% decrease year-over-year.

Finance: draft 13-week cash view by Friday.

Sunrun Inc. (RUN) - Canvas Business Model: Revenue Streams

You're looking at how Sunrun Inc. actually brings in the money, which is key for valuing any subscription-based energy play. Honestly, the model is built around locking in long-term customer commitments, but the upfront sales component still matters, especially with shifting tax incentives.

The core of Sunrun Inc.'s revenue generation comes from its Solar-as-a-Service offerings, which means recurring monthly payments from Power Purchase Agreements (PPA) and Leases. This predictable cash flow is what analysts really focus on when valuing the company's assets. To give you a concrete idea, looking at the third quarter of 2025, the Customer agreements and incentives revenue-that's your recurring slice-hit $491.6 million for that single quarter.

The other major piece is the upfront revenue from direct sales of solar energy systems and products, which covers customers who buy their systems outright or finance them with a loan, though the company is pushing the subscription model hard. For that same third quarter of 2025, the Solar energy systems and product sales revenue was $233.0 million. This mix shows a clear preference for the recurring model, especially since the storage attachment rate hit 70% in Q3 2025, which significantly boosts the value of those long-term contracts.

Here's a quick look at those two primary revenue components based on the latest reported quarterly figures:

Revenue Stream Component	Q3 2025 Amount (USD)
Recurring Revenue (Customer Agreements & Incentives)	$491.6 million
Upfront Revenue (Systems & Product Sales)	$233.0 million
Total Reported Revenue	$724.6 million

Now, let's talk about the grid services and Virtual Power Plant (VPP) participation. Sunrun Inc. is positioning itself as the nation's largest distributed power plant operator. While direct revenue figures for this aren't always separated out, the scale of their operational footprint gives you a sense of the potential. As of late 2025 guidance context, the company operates 17 active programs and delivered 354 MW of power during dispatches over the last year. This capability to dispatch energy during peak times is a growing, high-value revenue stream, even if it's bundled into the overall service value.

When you look at the full-year 2025 expectations, the financial health metrics tied to this revenue generation are what matter most for your valuation models. Sunrun Inc. has guided for full-year 2025 Cash Generation expected between $250 million and $450 million. That's a solid range, especially since they just reported their sixth consecutive quarter of positive Cash Generation as of Q3 2025.

Furthermore, the long-term value being built into the contract backlog is substantial. The full-year 2025 Contracted Net Value Creation guidance of $1.0 billion to $1.3 billion reflects the expected profit from all those future recurring payments. That figure represents a 67% growth compared to the full-year 2024 midpoint. If onboarding takes 14+ days, churn risk rises, but the underlying contract value seems robust.

The company also has an Aggregate Subscriber Value expected to be between $5.7 billion and $6.0 billion for the full year 2025. You'll want to track the Net Subscriber Value, which hit $17,004 per subscriber in Q2 2025, showing the improved unit economics driving that overall value creation.