Sunrun raises 2021 advice after Q1 installs damage seasonal records

May 7, 2021 01:56 PM ET
  • Sunrun has actually enhanced its assistance for 2021 after a first quarter performance which has put the firm on track to record its fantastic year, CEO Lynn Jurich claimed.
Sunrun raises 2021 advice after Q1 installs damage seasonal records
Image: Sunrun

Reporting Q1 2021 efficiency late the other day, Sunrun exposed that it installed 167.6 MW of rooftop solar in the three-month period finished 31 March 2021, a 73% boost on the 97MW it mounted in Q1 2020. Pro-forma to the addition of Vivint Solar, mounted ability was up 9% year-on-year for the quarter.

The efficiency is only 2.3% shy of the record 171.6 MW Sunrun installed in Q4 2021, regardless of any seasonality that would otherwise drag on installs in the very first quarter. The firm's direct-to-home sales channel, network companion service and also house contractor segment all reported all-time record volumes in Q1 2021.

Sunrun welcomed around 23,500 new consumers throughout the quarter-- around the very same variety of clients captured in Q4 2020-- taking the installer's overall advancing client base to around 573,600 and agent of year-on-year development of 18%.

Profits from solar power systems and also products in the quarter stood at US$ 160.2 million, a marginal increase on the US$ 156 million recorded in Q4 2020 but up 44% on the revenue recorded in corresponding quarter a year back.

Tom vonReichbauer, CFO at Sunrun, said the momentum the company had created in Q4 2020 had actually continued into 2021, recording seasonal quantity records while emulating the recurring integration of Vivint Solar, which it acquired last year. Sunrun additionally stated that it expects to realise cost synergies of around US$ 120 million associating with its purchase of Vivint Solar by the end of the year.

There was also excellent information for Sunrun's power storage space offering Brightbox. Advancing installments passed the 20,000 mark throughout the quarter and add-on rates enhanced once again in Q1 to a brand-new record degree, the company claimed, with Sunrun expecting Brightbox setups to increase this year. Battery setups might have been also better, the company's founder as well as exec chairman Ed Fenster stated, were it not for "tightness" in the supply chain.

The solid efficiency has led Sunrun to update its support for the year and also the company anticipates its development price to stand between 25-- 30%, a rise on the prior 2021 development advice of in between 20-- 25%. Furthermore, vonReichbauer told experts the other day that the firm anticipates to record consecutive quarterly development in solar power capability set up in Q2 "well above 10%".

The efficiency seals Sunrun's standing as the leading domestic solar installer in the US, a position which the company informed analysts the other day would stand it in great stead to emulate any type of possible supply chain restraints later in the year.

While PV module costs are readied to rise on the back of recurring polysilicon supply restraints, solar inverters are being beset by a semiconductor scarcity which is constricting producing result. Late last month microinverter provider Enphase Energy noted that need for its products much overtaken supply as it hurried to source new vendors of 2 particular semiconductor chips utilized in its product range.

On a conference call with analysts yesterday, vonReichbauer said that Sunrun considered itself to be "well protected" to the emerging circumstance in the supply chain, noting that its setting as the marketplace leader in the US meant it had a "pretty essential client position" with producers. Additionally the firm's supply agreements have penalties for non-delivery of orders, while Sunrun also took the choice to boost its inventory levels in reaction to the scenario.

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