But the CEO of Sunrun’s excitement about the bill’s passage goes beyond business. Powell was passionate about climate change long before it was a topic at cocktail parties. Now that President Joe Biden has signed the legislation into law, Powell believes the residential solar industry’s growth will accelerate, inching the nation closer to reaching its climate goals.
Powell spoke about the impacts of the Inflation Reduction Act. Answers have been edited for length.
Q: HOW MUCH WILL THE INFLATION REDUCTION ACT BOOST THE SOLAR INDUSTRY’S GROWTH?
A: We are seeing 33% year-over-year growth and incredible customer demand. At the same time, we’re still collectively as an industry in only 4% of the 77 million addressable homes.
I think mainstream America is really becoming very aware of the value of solar plus storage plus electric vehicles. So this legislation, it just makes my heart sing, because it means so many more customers who would benefit from having a more affordable, resilient, comfortable future will now be able to do that.
We have to go from 4% of the addressable market to a much higher number to hit the kinds of emissions goals that are in this act.
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