SunRun Residential Solar PPA Secures Further Funding
SunRun secures funding to finance 1900 residential solar power installations through a PPA
San Francisco based SunRun announced on Wednesday that it has secured funding to finance 1900 residential solar power installations through a PPA. The tens of millions of dollars in funding will come from US Bancorp. This is the fourth time the bank has funded SunRun solar power installations.
SunRun is one of the few companies offering third party financing for residential solar power installations in the form of a power purchase agreement ( PPA ). Others include SolarCity and BrightGrid. Under SunRun's PPA, homeowners save the large upfront cost of installing solar power as well as any ongoing maintenance costs. Through this PPA, SunRun owns and maintains the panels, and homeowners instead pay SunRun to purchase the electricity produced by these panels, usually through a fixed fee. In general, a PPA can lower electricity bills by 10 - 15 percent. It is such a great deal that it has also attracted a great deal of interest from businesses, government organizations as well as utilities.