San Francisco, CA – 1/10/2014
Sunrun, the nation’s leading home solar company, applauds Governor Andrew Cuomo for his continued commitment to building a thriving solar market in New York. This week in his State of the State address, Gov. Cuomo affirmed this commitment, highlighting the significance of the NY-Sun program.
“Governor Cuomo’s leadership gives more New Yorkers access to affordable clean energy and creates an environment conducive to business growth,” said Sunrun co-CEO Edward Fenster. “His thoughtful approach will help New York continue to develop a robust solar market.”
Governor Cuomo introduced the NY-Sun initiative in 2012 to encourage solar deployment in New York and facilitate solar cost reduction. Recently, the New York Public Service Commission (PSC) authorized the New York State Energy Research and Development Authority (NYSERDA) to extend this initiative through 2023.
In short order, NYSERDA requested funding for 3,000 Megawatts of statewide solar deployment – a budget of ~$1 Billion. If approved, NYSERDA’s petition for immediate access to the entire budget will set in motion a rebate structure designed to facilitate further cost reduction and long-term solar success.
The New York solar value chain comprises more than 411 solar companies and employs more than 3,300 workers. NYSERDA’s request and Governor Cuomo’s solar commitment will help jumpstart this growing market.
Sunrun pioneered solar service, a way for homeowners to go solar without high upfront costs. Sunrun owns, insures, monitors and maintains the solar panels on a homeowner's roof, while families pay a low rate for clean energy and fix their electric costs for 20 years. Since Sunrun introduced solar service in 2007, it has become the preferred way for consumers to go solar in the nation’s top solar markets. Nearly 50,000 homeowners in 11 states have chosen Sunrun, and the Company partners with over 30 leading local solar companies who together employ more than 3,000 workers. Sunrun has attracted enough capital to support the purchase of more than $2 billion in solar systems and has raised $155 million in venture capital from Accel Partners, Sequoia Capital, Foundation Capital, and Madrone Capital Partners. For more information visit: www.sunrun.com.