Pioneering one-stop residential solar systems provider Sungevity and Holland multinational Rabobank have teamed up to establish a residential solar fund that will support over $50 million of new residential solar lease projects around the US, Sungevity announced today.
Sungevity’s business has been growing fast lately: monthly sales have grown 10-fold since January while employee headcount has tripled to around 300. This year, the Oakland-based company entered into a partnership with Lowe’s and began what’s turning out to be a successful expansion on the East Coast.
“This new fund will support Sungevity’s rapid growth and momentum, and address our project finance needs as we enter the next high growth phase for our company,” Mac Irvin, Sungevity’s CFO, stated. “We are pleased to partner with Rabobank, an established leader in financing renewable energy projects, as we invest further in the residential solar space.”
“Rabobank and Sungevity share a commitment to invest in and develop long-term solutions in the renewable energy sector,” added Edward Levin, Rabobank International executive director. “We are very pleased to provide a financing solution that will allow over one thousand homeowners with access to affordable clean energy.”
Sungevity on the Rise
Overall, Sungevity has raised funds to support over $175 million in residential solar projects and has become one of the nations’ fastest growing solar companies with a presence in eight states including Arizona, California, Colorado, Delaware, Massachusetts, Maryland, New Jersey, and New York, according to the company.
Sungevity’s ability to capitalize on the fast-growing popularity of leasing, as opposed to buying, residential solar photovoltaic (PV) power systems, combined with iQuote — an innovative network information system and service that provides firm price quotes for prospective customers around the country within 24 hours of their being received — has helped fuel the company’s rising fortunes.
Qualifying for state net metering programs, federal and state rebates, tax credits and other solar power incentives is typically a painstaking, cumbersome and lengthy endeavor. Another boost for Sungevity’s business is that the company takes all the processes and paperwork that’s associated with this off its customers hands.
The degree to which Sungevity stands behind its iQuote price quotes also distinguishes the company. Not only are they firm and fast, thanks to a nifty GIS-based (Geographic Information System) solar power potential analytical engine, Sungevity will reimburse customers for any shortfall in the solar PV electricity output of the residential solar systems they lease and have installed.
Image Credit: Sungevity
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