NORTH CAROLINA — Palmetto announced that it has raised over $1.2 billion in capital to support 2024 and 2025 Palmetto LightReach residential clean energy plans, in partnership with prominent financial institutions and corporate partners.
Palmetto’s LightReach energy plans enable homeowners to install rooftop solar and storage systems with $0 upfront investment and stable monthly payments. These plans offer savings over local utility rates within the first year, with no interest, dealer fees, or lifetime maintenance costs.
Palmetto LightReach energy leases are part of the Company’s broader effort to make it easier and more affordable for consumers to switch to clean energy sources, and are available through the Company’s website or any of Palmetto’s network of over 600 small- and medium-sized businesses and enterprise partners.
The company began quietly offering Palmetto LightReach energy plans towards the end of 2023 after listening to consumers regarding the limitations of existing financing options. Palmetto LightReach energy plans are now on track for an average adoption of 300 households per day in 30 states and counting. To date, over 20,000 households have adopted solar energy through a Palmetto LightReach solar lease or PPA energy plan.
“We launched Palmetto LightReach to improve the consumer experience; in our sector, we have seen consumer issues emerge with legacy financial product providers and an antiquated go-to-market motion that can confuse consumers and create a bad name for the clean tech industry,” said Chris Kemper, Founder, CEO and Chairman of Palmetto. “We invested over $200m over the past 8 years in our operating systems, which first scaled a singular product, solar power, and now extended to a far broader product catalogue. Consumer financing, alongside other additional strategic growth areas, leverage our tech-enabled scaling capabilities. We will continue to grow and service our consumer base at a rapid rate; Palmetto LightReach is a great example of what we’re capable of executing.”
Comments