Loading, Please Wait...
SAN JUAN, Puerto Rico, April 11, 2019 (GLOBE NEWSWIRE) -- Sunrun Inc. (Nasdaq: RUN), the nation’s leading home solar, battery and energy services company, today applauded Puerto Rico Governor Ricardo Rosselló for his vision and enactment of the Puerto Rico Energy Public Policy Act, which establishes a 100% renewable energy target by the year 2050.
“Governor Rosselló’s approval of this transformational clean energy law marks a historic day for all Puerto Ricans,” said Lynn Jurich, CEO and co-founder of Sunrun. “Embracing technology like home solar and batteries will play a critical role in accomplishing these trailblazing goals, putting the people of Puerto Rico at the center of the solution with local jobs and clean, resilient, reliable, energy for homes across the island.”
The legislation establishes a 100% renewable energy renewable portfolio standard (RPS) by 2050, bans coal plants starting in 2028, provides for automatic interconnection to the grid of customer-sited solar energy systems below 25 kilowatts, and reduces the utility approval time to 90 days for commercial and industrial solar projects.
Additionally, the act mandates that solar energy users will have access to net metering within one month of a system’s installation, new solar consumers will be grandfathered and protected from future policy changes for the next 20 years, and clarifies that the existing net metering policy and grandfathering protection shall be in place for no less than five years. These provisions ensure that local consumers will benefit from the adoption of the new law.
The new law also showcases the right way to build RPS standards, by clarifying that all scales of renewable energy production, including home solar energy, will count for Renewable Energy Certificates (RECs) for RPS compliance.
Sunrun (Nasdaq:RUN) is the nation’s largest residential solar, battery storage and energy services company. With a mission to create a planet run by the sun, Sunrun has led the industry since 2007 with their solar-as-a-service model, which provides clean energy to households with little to no upfront cost and at a saving compared to traditional electricity. The company designs, installs, finances, insures, monitors and maintains the systems, while families receive predictable pricing for 20 years or more. The company also offers a home solar battery service, Sunrun Brightbox, that manages household solar energy, storage and utility power. For more information, please visit: www.sunrun.com.
+1 (201) 679-9507
Investor & Analyst Contact:
Vice President, Finance & Investor Relations
+1 (415) 510-4986