- Installations to grow 40% this year after rising 76% in 2015
- Sunrun exited Nevada as state imposed new fees on solar roofs
Sunrun Inc., a residential solar power provider, expects growth to slow this year, in part because it has halted operations in Nevada.
The company plans to install 285 megawatts of solar systems this year, a 40 percent increase over 2015, San Francisco-based Sunrun said in a statement Thursday. That’s down from the 76 percent growth in installations last year.
The slowdown follows Sunrun’s January exit from Nevada, where regulators imposed new fees on solar homes at the start of the year. SolarCity Corp., the biggest U.S. rooftop solar provider, also halted operations in the state, saying the policies made the solar leasing model used by both companies less attractive to customers.
“We expect to achieve 40 percent growth despite headwinds from our Nevada operations,” Sunrun Chief Executive Officer Lynn Jurich said on a conference call Thursday. Exiting that market reduced expected first-quarter installations by 18 percent to 56 megawatts.
Sunrun’s sales rose 66 percent to $99.6 million in the fourth quarter, generating a loss of $15 million, or 15 cents a share. The shares slumped 11 percent to $5.92 at 5:16 p.m., after the close of regular trading in New York.