Having already become one of the top providers of home automation and security, Comcast will now try its hand at residential solar.
The cable company has entered into a 40-month agreement to make San Francisco-based Sunrun its exclusive supplier of rooftop solar panels. Comcast said it will begin marketing systems based on Sunrun’s panels in “selected markets” later this year.
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Under terms of the deal, Comcast will need to commit to spending $10 million on sales and marketing to receive a cut of consumer sales. Comcast will also acquire as much as 9.99% of Sunrun’s stock if it can lock down 60,000 customers. The portion of the deal is prorated—Comcast gets 5% if it acquires 30,000 customers, for example.
"We believe the residential solar industry will continue to expand over the next decade as consumers look for more cost-efficient, independent and cleaner alternatives for their energy,” said Jon Kaplowitz, managing director and GM of new businesses for Comcast Cable, in a statement. “By working with Sunrun, Comcast can help customers take more control of the price they pay for energy, save them money and help contribute to cleaner communities.”
In their joint press release, Comcast and Sunrun touted data from a Bloomberg New Energy Finance report, which said that the rooftop solar business will triple in size by 2025.
Comcast recently disclosed that it now has 1 million subscribers for Xfinity Home, its home automation and security business.