Sunrun, one of the nation’s largest home solar companies, recently announced it raised $60 million in equity financing. The round was led by Madrone Capital Partners and joined by existing investors Accel Partners, Sequoia Capital and Foundation Capital. With this funding, Sunrun says it will continue to develop and scale the software and service expertise needed to keep driving down the cost of solar and simplify the installation process for customers and partners. Since 2007, Sunrun has offered solar power service as a way for homeowners to go solar without high upfront costs. Sunrun owns, insures, monitors and maintains the solar panels on a homeowner's roof, while families pay a rate for clean energy and fix their electric costs for 20 years. With more than 20,000 customers in ten states, Sunrun installs over $1.5 million in solar equipment every day.
While other companies now provide options similar to Sunrun’s solar service, Sunrun claims it remains the market leader. For example, in California the company states that it has twice the market share of the next largest provider. A recent report from Sunrun and PV Solar Report, a solar market data firm, shows solar power service is becoming the preferred way for homeowners to go solar. For example, the firm claims it is 75% of the home solar market in California and over 80% of the Massachusetts home solar market.