Trump ‘unlikely’ to hurt rooftop solar or tax credits, Sunrun CEO says

Sunrun (NASDAQ:RUN) leads solar shares lower Friday, -15.6% after reporting a surprise Q3 loss as revenues fell 4.5% Y/Y to a lower than expected $537M, while saying it became the first clean energy company to surpass 1M residential solar customers.

Q3 net attributable loss narrowed to $83.8M, or a loss of $0.37/share, from a loss of $1.07B, or a loss of $4.92/share, in the year-earlier quarter.

Sunrun (RUN) reiterated its cash generation guidance of $350M-$600M in 2025, after delivering a second straight quarter of positive cash generation in Q3.

The company said it installed 336 MW of storage capacity during the quarter, up 92% Y/Y, lifting storage attachment rates to nearly 60%; with 230 MW of newly installed solar, the company achieved 7.3 GW of networked solar energy capacity.

For Q4, Sunrun (RUN) guided for installed storage capacity at 320-350 MWh and solar energy installations of 240-250 MW.

Donald Trump’s victory in the presidential election has hammered solar stocks, but Sunrun (RUN) CEO Mary Powell said on the company’s earnings conference call that full repeal of the Inflation Reduction Act climate law, including tax credits for solar systems, is “highly unlikely.”

“The Inflation Reduction Act is actually bolstering the economies of a lot of states across the nation, including very many states that are Republican-leaning,” Powell said.

Rooftop solar has received bipartisan support through different administrations, and Sunrun (RUN) itself is in a “very strong position,” as a market leader in home battery storage, the CEO said.

Sunrun (RUN) shares have plunged 42% since Tuesday’s election; also this week, Sunnova Energy (NOVA) -56.5%, SolarEdge Technologies (SEDG) -27.3%, Enphase Energy (ENPH) -25.5%, Canadian Solar (CSIQ) -23%, Array Technologies (ARRY) -13.4%, First Solar (FSLR) -12.7%.

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