Comcast notes that the deal with Sunrun will have it advertising the solar roof company’s offerings to its customers in certain states. The cable company says that it made this decision after a successful pilot with the solar power company.
Comcast is also promoting the deal as a better way for customer to manage their home energy usage. It already allows customers to do this through its Xfinity Home service and says that relying off of solar roofs can help reduce electric bills further.
The agreement between Comcast and Sunrun will last for 40 months. It also includes an offer for CMCSA to obtain a 9.99% stake in RUN stock. This offer requires the company to reach 60,000 installs during the agreement. However, a pro rata warrant of the stake starts at 30,000 installs. Comcast can also earn fees for new customers that sign up due to its marketing.
“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,” Jon Kaplowitz, Managing Director and GM of New Businesses at Comcast, said in a statement.
Tesla Inc (NASDAQ:TSLA) has also been making a push into the solar roof market recently. This is due to the company’s acquisition of SolarCity. The effort lines up well with Elon Musk’s other green initiatives, such as Tesla Cars and SpaceX rockets.
As of this writing, William White did not hold a position in any of the aforementioned securities.