Palmetto, a provider of residential solar solutions, raised over $1.2 billion in capital to support 2024 and 2025 Palmetto LightReach residential clean energy plans in the U.S.
The LightReach energy plans enable homeowners to deploy rooftop solar and storage systems with a $0 upfront investment and stable monthly payments. These plans offer savings over local utility rates within the first year, without interest, dealer fees, or lifetime maintenance costs, as per the company.
Palmetto LightReach energy leases are part of the company’s efforts to make it affordable and easier for customers to switch to clean energy sources.
Morgan Stanley, Truist Bank, and other prominent financial institutions are among the group of investors who fund the residential energy leases nationwide.
The company began offering the plans towards the end of 2023 after realizing the limitations of existing financing options with the customers. To date, more than 20,000 households have adopted solar energy through the company’s LightReach solar lease or power purchase agreement energy plans.
“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,” said Chris Kemper, Founder, CEO and Chairman of Palmetto.
According to Mercom’s recently released Annual and Q4 2024 Solar Funding and M&A report, large-scale project funding deals in 2024 totaled $53.8 billion in 259 deals, up from $44.5 billion raised in 229 deals in 2023.
This week, HA Sustainable Infrastructure Capital, an investor in climate solutions, announced the closing of a structured equity financing with IGS Solar, a solar finance company and an affiliate of IGS Energy, to finance residential solar and energy storage systems in the U.S. The company did not disclose the financial details of the deal.
