US residential solar and storage company Sunrun has published its 2023 full-year results, revealing the company deployed 1.01GW of new solar in the year.
In the fourth quarter of the year, Sunrun added 219.7MW of solar capacity at new installations, the lowest among the year’s four quarters, but still enough to reach its annual target of 1GW of installations, following impressive performances earlier in the year. This has pushed the company’s total portfolio of installed solar capacity to 6.7GW, and has helped drive considerable growth in the US residential solar sector in the last year.
According to the US Solar Energy Industries Association (SEIA), between the third quarter of 2022 and the third quarter of 2023, quarterly residential solar installation increased from 1.5GW to 1.8GW, and the residential sector installed more than 1GW of new capacity in each quarter since the third quarter of 2021. However, the SEIA has expressed concern about residential solar’s prospects in 2024, with changes to the California net metering policy, where residential solar is a significant industry, causing uncertainty in the sector.
Perhaps in response to this, Sunrun has invested considerably in solar-plus-storage projects in the second half of 2023, building on a policy to become a “storage-first company” announced in November last year.
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The percentage of solar projects built with co-located storage facilities – at Sunrun has increased considerably over the course of 2023, from 14.9% in the first quarter of the year to 45.2% in the fourth quarter of the year.
