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This statistic highlights Sunrun’s Average Contract Life, reported annually starting with the year 2020.
Sunrun is an American public company. Sunrun was founded in 2007 by Lynn Jurich, Ed Fenster, and Nat Kreamer. The enterprise is based in San Francisco, California, United States. According to the research of 2020, the organization has 8,500 working employees. In the United States, the company designs develop, installs, sells, owns, and services home solar systems. Compared to standard electricity, it generally provides clean solar energy at a lower cost. The majority of their customers are homeowners. In some markets, they also provide battery and solar storage systems to customers and sell services to commercial developers through their multifamily and new home offerings.
Average Contract Life
Average Contract Life is calculated by dividing the total number of committed years in contracts by the total number of contracts. For example, if a company has 3 contracts of 2 years, 5 years and 8 years each, the average contract life of that company would be 15 divided by 3, giving a figure of 5 years.
|Average Contract Life||17|
(All the figures are in the years)
The table shows that the average contract life for Sunrun Incorporation in the year 2020 was 17 years.
Revenue from Customer Agreements and Incentives primarily consists of revenue from Customer Agreements in which the Company provides ongoing access to a working solar power system and revenue from the sale of SREC generated by the Company’s solar power system in one third.
The entity recognizes revenue from the customer contract when the business license (PTO) is granted by the local utility or on the day the day-to-day operations begin if the utility approval is not required. Revenue recognition is not necessarily followed by receipt of money. For Customer Contracts, there is a flat fee per month which entitles the customer to use all the electricity produced by the system and the Company’s obligation to provide continuous access to the solar system. The Company recognizes revenue evenly over time and meets its performance obligations.
About Sunrun Inc
The company has established the infrastructure and capabilities necessary to swiftly recruit and serve customers in a low-cost and scalable manner after establishing the residential solar service model and seeing its immense market potential. The common stock of the company is publicly traded on the NASDAQ (National Association Securities Dealers Automated Quotations) under the symbol “RUN”.
The company announced the news that it would acquire Vivint Solar in July 2020. The acquisition process was completed by October, 2020. The company has created an official website and account on social networking sites to provide every piece of information related to the company. Sunrun Incorporation also use these platforms to notify their customers about new services and product launches. The enterprise has a complaint reception portal where customers can ask questions and file complaints.
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