California Rooftop Solar Proposed Changes Could Be Negative for Sunrun (RUN), SunPower (SPWR) - Morgan Stanley

March 16, 2021 8:35 AM EDT
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Morgan Stanley clean tech analyst Stephen Byrd said proposed changes from utilities for rooftop solar customers in California skews negative for Sunrun (NASDAQ: RUN) and SunPower (NASDAQ: SPWR) if adopted.

Byrd highlights that yesterday, the CA utilities proposed to increase grid access fees and reduce excess solar power sales prices for new rooftop solar customers.

Key elements of the proposal, according to Byrd:

  1. A large monthly "Customer Charge"
  2. A "Grid Access Charge"
  3. A much lower rate for excess rooftop solar power that is "sold back to the grid"

"The impacts to new rooftop solar economics in California appear to be very significant," the analyst commented.



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