Sunrun is the largest residential solar energy company in the U.S., with over 1.1 million customers and 8,404 megawatts of networked solar capacity. Sunrun installs solar panels and battery storage systems on customers' homes and sells them electricity under long-term contracts (20-25 years), typically at a discount to local utility rates. Customers pay nothing upfront — instead paying a monthly rate under a lease or power purchase agreement, with Sunrun owning, monitoring, and maintaining the system throughout the contract life. Sunrun's business model is built around financing the upfront installation cost against the long-term contracted cash flows it will receive. It does this primarily through tax equity (corporations invest in exchange for federal investment tax credits) and non-recourse asset-backed securitizations, which together fund roughly 85-90% of each system's contracted value. The gap between those financing proceeds and total installation and acquisition costs is Sunrun's upfront net value per customer — roughly $3,500 per subscriber as of late 2025. Sunrun's key growth levers are increasing battery storage attachment (roughly 70% of new installs in 2025 include storage, which raises ITC qualification and subscriber value), its newer Flex product (which pairs an oversized system with variable pricing for incremental electricity consumption), and grid services — dispatching its fleet of battery-equipped homes as a virtual power plant across 17 active programs nationwide. Sunrun sells through its own salesforce and retail partnerships, as well as through third-party installers who originate customers on Sunrun's behalf.