One of the largest home solar companies is furthering its presence in the electric vehicle space with new Level 2 home chargers. Could the move help the company get a boost in the clean energy sector?
What Happened: Perhaps buried in the news flow of recent quarterly earnings was a release that Sunrun Inc (NASDAQ: RUN) is launching an electric vehicle charger as part of its “whole-home energy offering.”
The leading home solar company announced its Level 2 chargers will help the company grow its presence in the clean energy space and take advantage of growing trends.
“Home solar and electric vehicle charging go hand in hand,” Sunrun CEO Mary Powell said. “There is a strong correlation between EV ownership and solar adoption. People want to charge their vehicles with a clean, reliable energy source.”
The new EV charger can charge an EV overnight and is compatible with all-electric vehicle models, according to the release.
Sunrun’s home charger will be available beginning in September starting in California, New Jersey and Vermont. The charger is expected to be rolled out nationwide by the end of 2022 and will be offered as a bundling option for other Sunrun home products.
Related Link: Why Sunrun Shares Are Trading Higher
Why It’s Important: The move by Sunrun follows the company partnering with Ford Motor Company (NYSE: NYSE:F) in 2021 on the F-150 Lightning electric pickup truck to be a preferred installer of the Ford Intelligent Backup Plan.
Sunrun points to electric vehicle sales doubling in the U.S. in 2021 and making up 5% of all new car sales in the country. Sunrun said 80% of EV charging is done at home, which could be an opportunity for its home charging options.
“Sunrun customers will be able to charge their EVs with clean, solar power, while also reaping the benefits of cheaper, more predictable energy rates,” the company said.
Bundling home solar power and electric vehicle charging solutions could create an opportunity for Sunrun given its size in the market.
Sunrun reported second-quarter revenue of $584.6 million, up 46% year-over-year and ahead of analysts’ estimates. The company added 34,403 customers in the second quarter, which gives the company a total of 724,177 customers.
RUN Price Action: Shares of Sunrun closed Monday up 2.71% at $34.14. The stock was up after hours 0.47% at $34.30.
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