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SAN FRANCISCO - Sunrun (NASDAQ:RUN), a $2.4 billion market cap solar company with annual revenues of $2.1 billion, announced a new home energy plan in partnership with Tesla Electric (NASDAQ:TSLA) designed for Sunrun Flex customers in Texas. According to InvestingPro data, Sunrun’s stock has shown strong momentum with a 15% return year-to-date, despite facing operational challenges.
The Tesla Electric + Sunrun Flex plan combines Sunrun’s solar and storage subscription service with a customized Tesla Electric retail plan, offering fixed electricity rates and competitive sellback rates for excess solar energy returned to the grid.
The partnership aims to address challenges in the Texas electricity market, where consumers face numerous retail providers and complex rate structures that are often not optimized for solar and storage systems.
"This partnership creates the most compelling and comprehensive home energy solution on the market for Texas consumers," said Sunrun CEO Mary Powell, according to the press release.
The plan includes Tesla Powerwall batteries for backup power during outages, which has become increasingly important in Texas due to recent severe weather events causing prolonged blackouts. Customers can also participate in Tesla’s Virtual Power Plant program to support the grid during high demand periods.
Additional features include predictable monthly payments, coordinated battery settings and solar crediting, rollover credits for unused energy, and a performance guarantee with system monitoring and maintenance.
The plan is now available to Sunrun Flex customers across Texas in areas with retail electricity choices.
The announcement comes as Texas continues to experience grid reliability concerns and as more homeowners seek energy independence solutions. With the stock currently trading near its InvestingPro Fair Value, investors can access detailed analysis and 12 additional ProTips about Sunrun’s financial health and growth prospects through InvestingPro’s comprehensive research reports, available for over 1,400 US stocks.
In other recent news, Sunrun has announced a significant partnership with Tesla to offer a home energy solution in Texas, combining Sunrun’s solar and storage services with a Tesla Electric retail plan. This collaboration aims to provide Texas homeowners with reduced electricity rates and backup power during outages. Additionally, Sunrun has begun deploying over 37,000 home batteries to support Puerto Rico’s electrical grid, addressing power generation shortfalls amid increased demand.
In terms of analyst activity, JPMorgan has raised its price target for Sunrun to $16, maintaining an Overweight rating, citing the company’s leadership in residential energy services. Conversely, Barclays has maintained an Equalweight rating with a $15 price target, projecting a contraction in the residential solar market by 2025. UBS has also raised its price target for Sunrun to $15, emphasizing the company’s strong position in the solar leasing market. These developments reflect a mix of strategic partnerships and analyst perspectives on Sunrun’s market positioning and future potential.
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