Sunrun, the nation's leading home solar company, and PV Solar Report, an authority on solar market data, today announced that third-party-owned solar delivered more than $938 million to the California economy in 2012. The single-year record means that California third-party-owned solar generated about the same amount in 12 months as in the previous five years combined. The third-party total represents 74% of the state’s 2012 home solar market.
“Solar service is bringing solar to more American families not only because it eliminates the upfront cost, but also because it removes the hassles of ownership”
An August 2012 report showed the business modeled had delivered $1 billion in growth for the state since it became a homeowner choice in 2007.
Also called solar power service, third-party-owned solar means a provider like Sunrun owns, maintains and insures solar panels on a homeowner's roof. Homeowners switch to solar without the high upfront cost, avoid the responsibilities of ownership, and save money on electricity bills. Sunrun pioneered the solar service model for home solar and is the market leader, installing $2 million in solar equipment every day.
“Nearly 75% of homeowners who went solar in 2012 chose third-party-owned, compared to 56% in 2011,” said Stephen Torres, founder and managing director of PV Solar Report. “We are seeing the most growth in low and median-income zip codes as companies like Sunrun continue to remove the barriers to access.”
Source: Business Wire