Sunrun Inc. (San Francisco, California, U.S.) and PV Solar Report (Cheyenne, Wyoming, U.S.) have released an analysis which estimates that the market for third-party owned residential solar photovoltaics (PV) has grown to USD 388 million in 2012, to reach a total contract value of USD 1.03 billion over five years.

The companies also note that medium-income zip codes are currently driving program adoption, with the largest number of applications in zip codes with a median annual household income of USD 50,000-75,000. SunRun was among the first companies to offer solar as a service in California in 2007, and currently claims market leadership in the state.

"About 75% of Californians switching to solar now choose solar power service," said Sunrun President and co-Founder Lynn Jurich.

"Most of these families wouldn’t go solar if they didn’t have this option as a smart financial choice. We’ve eliminated the upfront cost and hassle."

445% increase in applications from medium-income markets

SunRun notes that the number of projects in middle-income markets increased by 445% since 2007. Nearly 11,500 third-party solar systems have been installed in 2012 by August 15th, for a total of 68% market share, a significant increase over the 44% market share by installation held by third-party solar in 2011.

2012-08-27 | Courtesy: SunRun, PV Solar Report | solarserver.com © Heindl Server GmbH

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