Sunrun (RUN) has a wide variety of products and services that are customized to meet its customers’ needs. With its BrightSave plan, customers can opt for either monthly fixed payments or a prepaid payment.
In a BrightSave monthly plan, customers are required to pay either a small or no upfront payment to Sunrun. Sunrun receives monthly solar payments according to the terms and conditions of the agreement entered into with the customer. The agreement term is typically 20 years.
In a BrightSave prepaid plan, Sunrun receives 20 years of energy costs as an upfront payment. The customers are not required to pay any monthly payments throughout the life of the agreement. In both cases, Sunrun owns and maintains the installed solar system and receives any eligible incentives.
BrightBuy and BrightAdvantage
In a BrightBuy plan, Sunrun receives the entire cost of the system installed up front from the customer. However, in a BrightAdvantage plan, the customer can finance his purchase through a loan and is required to pay monthly solar payments to the loan provider. In both cases, the customer owns the solar system and receives eligible incentives.
Sunrun’s latest addition
On March 10, 2016, Sunrun launched a new product, BrightBox. It is the first time that the company will be offering energy storage facility to homeowners.
Sunrun’s BrightBox comes with Tesla (TSLA) power wall, a lithium-ion battery. This battery is connected to a smart inverter. During the day, excess electricity generated from the solar (TAN) panels is stored in the battery.
At night, the stored electricity can be used to save on the amount of electricity consumed from the grid. The entire process is managed by a controller that monitors battery charging and discharging to meet the customer energy needs.
BrightBox is crucial for Sunrun where the economic benefits of the net metering system are minimal or absent. Recently, elimination of net metering system in Nevada led to the market exit of Sunrun. This also impacted its peers Vivint Solar (VSLR) and SolarCity (SCTY).