In 2007, entrepreneurs Lynn Jurich and Ed Fenster founded Sunrun as a residential solar installer at a time when the solar industry was in its infancy. That year, only 160 megawatts of solar panels were installed across the U.S. By the end of 2015, the number reached 8,100 megawatts in the U.S. alone. Sunrun’s simple business model was largely responsible, which enabled companies to install the solar panels for free or at little cost, and then charge a monthly fee based on the energy produced. The model worked, and by 2015, Sunrun provided the second largest fleet of residential solar solar energy systems in the U.S.
In 2009, Accel’s Rich Wong joined Sunrun’s board of directors as part of the firm’s Series B investment, where he remains active today. During the following years, the solar industry exploded in popularity thanks to technological innovation that lowered costs, and a nation-wide appetite for clean energy. Residential stood as the fastest-growing segment of the solar industry, which fueled 70-percent year-over-year growth in 2015. In August 2015, Sunrun made its public market debut (NASDAQ: $SUN), where it remains a success story in the global cleantech startup economy.