Spruce Power has added batteries and EV chargers to its financing portfolio offers. Formerly known as Spruce Finance, the company already serves 80,000 homeowners with leased solar energy systems or energy efficiency upgrades.
“Spruce Power is extending our business model and product offerings to deliver comprehensive energy solutions to our large customer base,” said Christian Fong, CEO of Spruce Power. “The future of power is distributed, clean and smart. As early adopters of solar, our customer base is eager to add complementary technologies that make their homes more resilient and equipped for an electrified future.
“We are uniquely positioned to support homeowners who want to maximize their clean energy impact with home energy management systems,” said Fong. “Spruce manages a network of more than 100 maintenance and installation partners in 16 of the leading states where rooftop solar systems have been deployed. This infrastructure provides our customers with local support services ranging from performance analysis to solar maintenance, and battery sizing to back-up power installation.”
The expansion of Spruce’s business model aligns with the needs of the changing residential renewable energy market. Spruce pivoted from loan origination to asset ownership and created a servicing arm Energy Service Experts (ESE) for asset management and maintenance in 2017 after restructuring and receiving an investment from HPS Investment Partners. This announcement follows a series of large portfolio acquisitions and capital raisings, with Spruce most recently acquiring two portfolios totaling more than 10,000 solar PV systems.
News item from Spruce