Sunrun Signs Virtual Power Plant Agreement With Southern California Edison
20 November 2020 - 12:30AM
Sunrun (NASDAQ: RUN), the leading provider of residential solar,
battery storage and energy services, today announced that it has
contracted with one of the largest electric utilities in the United
States, Southern California Edison (SCE), to increase grid
resilience and lower power costs. SCE will send signals to Sunrun
during high-demand events such as extreme heat waves when the
energy grid is strained. In response, Sunrun will dispatch energy
from thousands of its Brightbox solar-powered battery systems
installed in the SCE territory, providing five megawatts (MW) of
energy capacity to help support the overall energy system. The same
solar-powered home batteries will also provide reliable backup
power to these households if the power goes out.
“The need for a more resilient grid and backup power could not
be more apparent in California at this moment in history,” said
Lynn Jurich, Sunrun’s Chief Executive Officer and co-founder.
“Sunrun’s contract with SCE will provide affordable, clean,
reliable energy solutions for California’s grid, as well as help
individuals take control of their energy future.”
The Sunrun-SCE contract will participate in California
Independent System Operator’s (CAISO) Resource Adequacy (RA)
program, which ensures efficient and reliable operation of
California’s grid. By bundling the power from these batteries
together to create a “virtual power plant”, Sunrun will release
stored solar energy to the grid when it’s needed most, lowering the
overall cost of power and reducing critical strain on the energy
system. At least 10% of the RA capacity will be provided from
Brightbox systems installed on low-to-moderate income households,
helping ensure everyone can benefit from clean, affordable, and
reliable home energy.
Sunrun will soon begin reaching out to customers to participate
in this program and will start installations at the end of 2020,
with plans for all installations to be completed by August 2023.
This new contract with SCE extends a decade with fixed pricing and
provides Sunrun incremental recurring revenue from providing
virtual power plant services to the grid. SCE customers interested
in participating in the program can purchase or lease a Sunrun
Brightbox home solar-powered battery system for no up-front cost
and low monthly payments. Homeowners can learn more at
www.sunrun.com.
About Sunrun Sunrun Inc. (Nasdaq: RUN) is the
nation’s leading home solar, battery storage, and energy services
company. Founded in 2007, Sunrun pioneered home solar service plans
to make local clean energy more accessible to everyone for little
to no upfront cost. Sunrun’s innovative home battery solution,
Brightbox, brings families affordable, resilient, and reliable
energy. The company can also manage and share stored solar energy
from the batteries to provide benefits to households, utilities,
and the electric grid while reducing our reliance on polluting
energy sources. For more information, please visit
www.sunrun.com.
Sunrun Contact:Wyatt SemanekPublic Relations
Managerpress@sunrun.com(480) 751-9286
Sunrun Investor & Analyst Contact:Patrick
JobinVice President, Finance & Investor
Relationsinvestors@sunrun.com(415) 373-5206
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