Sunrun Inc. provides solar energy to homeowners. The Company, either directly or through one of its solar partners, installs a solar energy system on a customer's home and either sells the system to the homeowner or, as is more often the case, sells the energy generated by the system to the homeowner pursuant to a lease or power purchase agreement (PPA). The Company's core solar product offerings are provided through a lease or a power purchase agreement, which are substantially similar to one another. The Company provides solar service offerings through three channels: its direct-to-consumer channel; its solar partner channel that originates customers for its solar service offerings, procures and installs solar energy systems on its customers' homes on its behalf, and a growing set of strategic relationships with recognized non-solar brands. With its solar service offerings, the Company installs solar energy systems on its customers' homes and sells them the solar power.
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