Comcast to Market Residential Solar Power Program to Customers
Comcast entered into a 40-month marketing and reseller deal with residential solar energy provider Sunrun.
Working with Sunrun to make smart solar energy and storage solutions available to consumers complements Comcast’s efforts to offer smart home services.
SAN FRANCISCO — Comcast (Nasdaq: CMCSA) has entered into an agreement with residential solar energy provider Sunrun (Nasdaq: RUN) to market rooftop solar panels to its customers.
Under a 40-month agreement, Sunrun will be the exclusive residential solar energy provider for Comcast, the largest cable-TV company in the United States. The agreement calls for Comcast to serve as one of Sunrun’s strategic partners through marketing campaigns in selected markets.
The cable company says that it made the decision to partner with Sunrun based in part on a successful one-year pilot program with Sunrun.
“We believe the residential solar industry will continue to expand over the next decade as consumers look for more cost-efficient, independent and cleaner alternatives for their energy,” says Jon Kaplowitz, managing director and general manager, new businesses, Comcast Cable. “By working with Sunrun, Comcast can help customers take more control of the price they pay for energy, save them money and help contribute to cleaner communities.”
Comcast currently offers customers the ability to manage, control and operate various security and smart home functions, including energy consumption management, with its Xfinity Home service.
Comcast says it will begin marketing Sunrun’s rooftop solar services to its customers in selected states later this year. The agreement follows a successful one-year solar pilot-program in which participating Comcast customers chose Sunrun’s BrightSave® offering, paying little to no money down to enjoy 20 years of solar energy at a fixed monthly rate.
The agreement also includes an offer for Comcast to obtain a 9.99% stake in Sunrun stock. The offer requires the company to reach 60,000 installs during the agreement. However, a pro rata warrant of the stake starts at 30,000 installs. Comcast can also earn fees for new customers that sign up due to its marketing.
Sunrun is said to be the largest residential solar-only installer in the U.S. with nearly 150,000 customers. The company expects to do 45,000 installations this year. Sunrun products and services are currently available in 22 states and the District of Columbia. Customers typically sign 20-year leases or power purchase agreements.
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