Sunrun partners with Lowe's to expand solar services

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Sunrun partners with Lowe's to expand solar services
Credit: © Reuters.

SAN FRANCISCO - Sunrun Inc . (NASDAQ: RUN ), a prominent player in the U.S. residential solar sector, has announced a strategic partnership with home improvement giant Lowe's Companies, Inc. (NYSE:NYSE: LOW ). This collaboration aims to bring Sunrun's solar and storage solutions to consumers through Lowe's stores nationwide.

The initiative involves the introduction of Sunrun's clean energy products and services in 430 Lowe's locations, enabling customers to engage with solar technology firsthand. This move is set to make renewable energy solutions more accessible and affordable, thanks to Sunrun's solar-as-a-service model that offers energy subscriptions without the need for substantial upfront investments.

Sunrun CEO Mary Powell expressed enthusiasm about the partnership, highlighting the ease of connecting with potential customers through Lowe's established retail presence. She emphasized the benefits of energy independence and resilience against climate events that solar and storage solutions provide.

Ram Krishnamurthy, senior vice president of Home Services at Lowe's, echoed the sentiment, noting the alignment with Lowe's mission to introduce products that improve homes while ensuring value and service. He pointed out that the partnership caters to homeowners looking to reduce energy costs and increase reliability amid power outages.

The partnership leverages Lowe's century-long history with homeowners and Sunrun's expertise as a leading clean energy provider. Sunrun boasts nearly one million solar customers and is approaching a milestone of 100,000 solar-plus-storage customers. The company's subscription service includes a production guarantee, comprehensive warranty, and proactive monitoring for reliable long-term service.

Currently, Sunrun representatives are stationed in more than 260 Lowe's stores across ten states, including California, Illinois, and Texas, with plans to expand to an additional 160 stores throughout the year. Customers interested in learning more about going solar can engage with Sunrun staff in-store or request a consultation online through Lowe's dedicated solar installation webpage.

The partnership is part of Sunrun's diversified market approach, aiming to showcase the cost benefits and enhanced living experience of integrating solar and storage solutions into homes. This collaboration is based on a press release statement and is expected to further Sunrun's reach and impact in the residential solar market.

InvestingPro Insights

As Lowe's Companies, Inc. (NYSE:LOW) embarks on a strategic partnership with Sunrun Inc. to bring solar solutions closer to consumers nationwide, it's worth noting some key financial metrics and InvestingPro Tips that highlight the company's stability and potential for growth. With a robust market capitalization of $130.93 billion and a forward-looking P/E ratio of 17.46, Lowe's demonstrates a strong financial foundation.

InvestingPro Tips suggest that Lowe's has been effectively managing its capital, as evidenced by aggressive share buybacks and a commendable track record of raising its dividend for 40 consecutive years. Additionally, the company is trading at a low P/E ratio relative to its near-term earnings growth, indicating potential for value investment. A notable point is that analysts predict Lowe's will remain profitable this year, despite anticipating a sales decline in the current year.

From a dividend perspective, Lowe's has not only maintained but also increased its dividend payments for 54 consecutive years, with a current dividend yield of 1.95%. This consistency is a testament to the company's financial health and commitment to shareholder returns.

In terms of stock performance, Lowe's has had a strong return over the last decade, with a one-year price total return of 14.04%, underscoring the company's resilience and appeal to investors. The stock is also characterized by low price volatility, which could be a reassuring factor for investors seeking stability in their portfolio.

For readers interested in a deeper analysis, there are additional InvestingPro Tips available, which can be accessed through the Lowe's page on InvestingPro: https://www.investing.com/pro/LOW. To further enrich your investment strategy, use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription. With InvestingPro, you can explore a total of 11 tips related to Lowe's and gain a comprehensive understanding of the company's financial health and market position.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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