U.S. Bank Partners with Spruce to Finance $175 Million in Residential Solar Systems
San Francisco – January 6, 2016 – In July 2015, Clean Power Finance, Inc. and Kilowatt Financial LLC announced their intent to merge. The merger officially closed in December 2015, and the two companies are now Spruce Finance Inc. (“Spruce”).
Spruce is a nationwide provider of consumer financing for residential solar systems and water conservation and energy efficiency home improvements in the U.S. To date, the combined companies have raised more than $2 billion in capital to help more than 50,000 homeowners improve their environments.
“We help homeowners save money on their energy bills and conserve resources using simple, cost-effective financing,” said Spruce CEO Nat Kreamer. “Spruce is a nationwide one-stop-shop for financing that helps consumers save money on all of their utility bills. We offer solar financing in 18 states and water and energy efficiency home improvement financing in all 50 states.”
Spruce has raised significant capital from major banks and corporations, including U.S. Bank subsidiary U.S. Bancorp Community Development Corporation, one of the largest tax equity providers in the U.S. residential solar market. U.S. Bank has partnered with Spruce to finance approximately $175 million in residential solar systems across 12 states over the course of 2016.
“Our product breadth, national reach, software platform and networked business model drive growth for our business and create value for everyone we work with,” said Kreamer. “And our financial and operational risk management track-record, disciplined compliance and consumer protections enable us to generate attractive investment returns.”
Spruce partners get great finance products with simple point of sale and fulfillment services that help them close more deals and grow their businesses. Today, nearly 400 channel and contractor partners offer Spruce’s consumer financing, including companies that sell and install solar PV systems, general contractors, roofers, insulation and HVAC experts, and equipment manufacturers.
Spruce’s mission is to empower consumers to improve their environments. We provide homeowners with simple, affordable financing for residential solar systems, water conservation upgrades and energy efficiency home improvements. Working with a national network of channel and contractor partners in 50 states, we help homeowners reduce their total utility spend on power, water, and heating and cooling. To learn more about the company, visit www.sprucefinance.com.