Mary Powell, CEO of Sunrun Joins President Biden to Commemorate the Historic Passage of the ...
SAN FRANCISCO, Sept. 13, 2022 (GLOBE NEWSWIRE) -- Mary Powell, CEO of Sunrun (Nasdaq: RUN), the nation’s leading home solar, battery storage, and energy services provider, today joined President Joe Biden at The White House to celebrate the passage of the historic Inflation Reduction Act (IRA), which invests $369 billion to fight climate change.
“We are seeing an unprecedented rise in energy inflation, wildfires, heat waves and freezing temperatures, and they are all creating demand for rooftop solar and battery storage,” Powell said. “I applaud the passage of the Inflation Reduction Act because it drastically increases access to clean, reliable, and, in particular, affordable sources of energy. American families can now take advantage of new tax incentives for home solar, batteries, heating, electric vehicles and so much more. It’s a huge win for the American people.”
Sunrun has seen increasing demand for its products, including record-high sales activity in July and 33% year-over-year growth in Solar Energy Capacity Installed, as reported in the company's second quarter earnings. Strong growth trends in residential solar are expected to accelerate with the passage of the IRA, which provides a 10-year extension of the 30% solar tax credit as well as a $7,500 credit for new electric vehicles and a $4,000 credit for used electric vehicles. Solar and battery storage projects installed in low-income areas can receive an additional 10% bonus tax credit, and projects installed on affordable multifamily housing can receive an extra 20% bonus tax credit.
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 solutions bring 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.
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Wyatt Semanek
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press@sunrun.com
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Patrick Jobin
Senior Vice President, Finance & IR
investors@sunrun.com
