Sunrun, a US-based provider of residential solar electricity, has secured $630m in financing for the purchase and installation of home solar projects in the US.

The financing has been provided by the company’s existing and new investors, including JPM Capital – a renewable energy investor.

Commenting on the transaction, Sunrun co-founder and co-CEO Edward Fenster said that the financing from established investors like JP Morgan highlights the company’s business model in the residential solar sector.

"Sunrun is now installing more than $2 million in solar every day because more consumers want affordable clean power," Fenster added.

Meanwhile, Sunrun has invented solar power service, also known as third-party-owned solar, in order to eliminate the high upfront costs associated with solar.

The company will own, insure, monitor and maintain solar panels on a homeowner’s roof and the residents pay a low rate for clean energy and fix their electric costs for 20 years.

In addition, Sunrun has appointed Jason Cavaliere as vice president of Project Finance.

Sunrun has 35,000 customers across 11 states. To date, the company has attracted enough capital to support the purchase of more than $2bn in home solar systems across the nation.