Sunrun’s current standing as a market leader in home solar services will be further strengthened with their acquisition of an additional $60 million worth of equity financing.
The company’s Vice President of Marketing, Bill Stewart, shares more about their recent funding in this e-interview with Lead411:
What Sunrun does: Sunrun is the nation’s largest home solar company and invented solar power service, a way for homeowners to go solar without the high upfront costs. Sunrun owns, insures, monitors and maintains the solar panels on a homeowner’s roof, while families pay a low rate for clean energy and fix their electric costs for 20 years.
Who are your competitors and how are you different from them?
Our biggest competitor is conventional dirty energy like coal. When homeowners don’t realize they have the option for clean energy that’s also a smart financial choice they are inadvertently slowing solar adoption. Also, by sticking with the status quo they perpetuate their feelings of uncertainty and frustration around how much they’ll pay for power each month – with Sunrun they lock in a low rate for 20 years and have peace of mind by knowing what to expect.
What marketing tactic has given you the highest ROI? What percentage ROI do you get back on this?
We don’t disclose this information, but we can highlight our most recent advertising campaign. We are reaching a broader audience of consumers with the message that solar isn’t just for stereotypical environmentalists, but also for folks who want to make a good investment and save money on energy bills. Here’s a clip to help explain: http://www.youtube.com/watch?v=nah_6W5JyJE.
Finally there is a solar option that makes financial sense first and foremost, plus people feel good when their smart financial choice is good for the environment. We call this Pocketbook Environmentalism.
What do you plan to spend your new funding on?
With this new $60 million in funding (separate from tax equity) Sunrun 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.
If this is your first round of financing and you’re the CEO, how many hours did you put into working on getting your financing? Was that taking up the most of your day?
I am not the CEO. Here is some information on our financing: To date Sunrun has attracted enough capital to support the purchase of over $1 billion in solar systems. We have also raised a total of $145 million in venture capital funding.
How many employees do you have?
We have just under 200 employees.
When were you founded?
We were founded in 2007 when co-Founders Edward Fenster and Lynn Jurich invented solar power service, a way for homeowners to go solar without the high upfront costs. We are now the market leader with over 20,000 customers.
How much did you revenue increase(if any) this year over last year?
As a private company we do not disclose revenue, but I can give you a sense of growth by looking at customers. Sunrun now has over 20,000 customers. We acquired our most recent 10,000 customers in just 11 months; compare that to the fact that it took 4 years to gain the first 10,000 customers. We anticipate growing by more than 50% in 2012 in terms of new customers acquired.
Want to know more about their recent funding? You can check on their press release here.