Sunrun Adds Batteries to a Record 75% of New Customers in Q3

• A record 75% of Sunrun's new customers took a home battery in the third quarter, up from 70% a year earlier.
• Networked Storage Capacity reached about 5.0 GWh across more than 284,000 solar and storage systems as of Sept. 30.
• Sunrun now expects about $200 million of 2026 Cash Generation, the bottom of its August range of $200 million to $375 million.

A record 75% of Sunrun Inc.'s new customers took a home battery in the third quarter, up from 70% a year earlier. The US residential solar company reported results on Nov. 4 and set its 2026 cash target at the bottom of its earlier range.

Sunrun now expects 2026 Cash Generation of approximately $200 million, excluding investments in equipment safe harbor, according to its results statement. In August it guided to $200 million to $375 million, down from $250 million to $450 million.

Third-quarter Cash Generation was $6 million, or $56 million before $50 million of safe-harbor equipment spending. Net cash provided by operating activities was $301 million. Total revenue rose 52% to $1.1 billion. Most of the increase came from product sales under a 2025 deal to sell some new systems to a third party.

Volumes fell. Subscriber Additions dropped 24% to 22,957, and Storage Capacity Installed slipped 9% to 374 MWh. Chief Executive Officer Mary Powell said direct-business installations rose 9% year on year.

The quarter in numbers

• 5.0 GWh of Networked Storage Capacity, Sunrun's cumulative installed storage, across more than 284,000 solar and storage systems as of Sept. 30.
• About 17.6 kWh of storage per system (list.solar calculation).
• About $130 million of fourth-quarter Cash Generation, excluding safe harbor, is implied by the guidance after $70 million in the first nine months (list.solar calculation).
• 320+ MW, or 56%, of a 580-MW residential distributed power plant dispatch in September came from Sunrun systems.
• $1.3 billion of Aggregate Subscriber Value, down 20%; full-year guidance is about $4.6 billion.
• 995 MWdc of US residential solar was installed in the second quarter, down 12% year on year, SEIA and Wood Mackenzie said.

The two groups expect residential installations to shrink 23% in 2026 after the Section 25D credit for customer-owned systems ended. Third-party-owned systems, such as Sunrun's leases and power purchase agreements, still qualify for credits. Its Subscriber Value reflects an average Investment Tax Credit of 43.4%.

Sunrun's fleet also supplied more than 400 MW and 430 MW in two larger dispatch events on Oct. 5 and 6. On Nov. 3 it said its Puerto Rico battery network had doubled. Powell said Sunrun wants new income from its fleet, including distributed power plant programs and data center uses.

Chief Financial Officer Danny Abajian said Sunrun expects "higher Cash Generation in Q4 resulting in full-year Cash Generation of approximately $200 million."