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SAN FRANCISCO – Sunrun Inc . (NASDAQ:), a leading player in the U.S. residential solar industry, announced a strategic partnership with home improvement giant Lowe’s Companies, Inc. (NYSE:NYSE:). This collaboration aims to bring Sunrun’s solar and storage solutions to consumers through Lowe’s stores nationwide.
The initiative will introduce Sunrun’s clean energy products and services to 430 Lowe’s locations, allowing customers to interact with solar technology firsthand. This move is set to make renewable energy solutions more accessible and affordable, thanks to Sunrun’s solar-as-a-service model that offers energy subscriptions without the need for substantial upfront investments.
Mary Powell, CEO of Sunrun, expressed excitement about the partnership, noting the ease of connecting with potential customers through Lowe’s established retail presence. You highlighted the benefits of energy independence and resilience to climate events provided by solar and storage solutions.
Ram Krishnamurthy, senior vice president of home services at Lowe’s, echoed this sentiment, highlighting the alignment with Lowe’s mission to introduce products that improve homes while providing value and service. He emphasized that the partnership is aimed at homeowners who want to reduce energy costs and increase reliability in the event of power outages.
The partnership leverages Lowe’s century-long history with homeowners and Sunrun’s experience as a leading clean energy provider. Sunrun has nearly one million solar customers and is nearing the milestone of 100,000 solar plus storage customers. The company’s subscription service includes a manufacturing warranty, comprehensive warranty, and proactive monitoring for long-term reliable service.
Currently, Sunrun representatives are in more than 260 Lowe’s stores in ten states, including California, Illinois and Texas, with plans to expand to an additional 160 stores throughout the year. Customers interested in learning more about going solar can interact with Sunrun staff in-store or request an online consultation via Lowe’s solar installation webpage.
The partnership is part of Sunrun’s diversified approach to the market, aiming to showcase the cost benefits and improved living experience of integrating solar and storage solutions into homes. This collaboration is based on a press release and is expected to increase Sunrun’s reach and impact in the residential solar market.
Insights on InvestingPro
As Lowe’s Companies, Inc. (NYSE:LOW) enters into a strategic partnership with Sunrun Inc. to bring solar solutions to consumers nationwide, it’s worth noting some key financial metrics and InvestingPro tips that highlight the stability and potential of company growth. With a solid market capitalization of $130.93 billion and a forward P/E ratio of 17.46, Lowe’s demonstrates solid financial footing.
Tips from InvestingPro suggest that Lowe’s has managed its capital effectively, as evidenced by aggressive stock buybacks and a commendable track record of increasing dividends for 40 consecutive years. Additionally, the company trades at a low P/E ratio relative to near-term earnings growth, indicating a potential value investment. One point worth noting is that analysts expect Lowe’s to remain profitable this year, despite predicting a decline in sales in the current year.
From a dividend perspective, Lowe’s has not only maintained, but increased its dividend payments for 54 consecutive years, with a current dividend yield of 1.95%. This consistency is a testament to the company’s financial health and commitment to shareholder returns.
In terms of stock performance, Lowe’s has had a strong return over the past decade, with a one-year total price return of 14.04%, underscoring the company’s resilience and attractiveness to investors. The stock is also characterized by low price volatility, which could be a reassuring factor for investors looking for stability in their portfolio.
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