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Sunrun Inc RUN Stock Quote

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California's Revised Rooftop Solar Proposal Appears To Be a Win for Solar Industry

Brett Castelli Equity Analyst

Analyst Note

| Brett Castelli |

On Nov. 10, California's utility regulator released a new proposed decision related to the closely watched net energy metering, or NEM, 3.0 debate. The new proposal appears to be a win for the rooftop solar industry relative to the original proposal in December 2021. We maintain our fair value estimates as we digest the details and await a final decision, which could come as soon as next month. We view much of our rooftop solar coverage as fairly valued following sharp upward share price moves.

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Business Description

Sunrun is engaged in the design, development, installation, sale, ownership, and maintenance of residential solar energy systems in the United States. The company acquires customers directly and through relationships with various solar and strategic partners. The solar systems are constructed either by Sunrun or by Sunrun’s partners and are owned by the company. Sunrun’s customers typically enter into 20- to 25-year agreements to utilize its solar energy system. The company also sells solar energy systems and products, such as panels and racking, and solar leads generated to customers.

225 Bush Street, Suite 1400
San Francisco, CA, 94104
T +1 415 580-6900
Industry Solar
Most Recent Earnings Sep 30, 2022
Fiscal Year End Dec 31, 2022
Employees 11,383