Spruce Power Expands Business Model to Offer Energy Storage, EV Chargers to its 80,000 Customers

HOUSTON, Feb. 4, 2021 /PRNewswire/ -- Spruce Power, a Power-as-a-Service™ company with roots in both energy efficiency and residential solar energy, announced it now offers integrated smart energy systems, enabling customers to optimize and secure their existing solar-powered homes by adding battery storage and smart electric vehicle (EV) chargers. As the largest private owner and operator of distributed generation residential solar assets in the U.S., Spruce Power already serves 80,000 homeowners with leased solar energy systems or energy efficiency upgrades, managing billing and providing operations and maintenance (O&M) services. 

One of the first residential power companies to offer customers the ability to add home batteries as a retrofit to existing solar photovoltaic (PV) systems, the company formerly known as Spruce Finance has also unveiled its new company name, Spruce Power. The name change reflects its broader commitment to helping homeowners securely supply, store and manage their home's energy, while providing investors with access to the expanding residential renewable energy asset class.

"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."

As part of this transition, Spruce Power has launched a new website at www.sprucepower.com. The updated website not only connects users to the company's servicing arm, Energy Service Experts (ESE), but also creates a new channel for homeowners to access next-generation product offerings. As a leader in home power systems, Spruce is continually evaluating partnerships to bring advanced distributed energy resource technologies to market.

"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 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.

About Spruce Power
Spruce Power is the largest private owner and operator of distributed generation residential solar assets in North America. Through our subsidiary, Energy Service Experts, we offer a comprehensive, end-to-end servicing solution for our customers with more than 80,000 PV systems and upwards of 330 MW of installed capacity. Headquartered in Houston with executive offices in San Francisco and Boulder, Spruce manages or is actively acquiring operating residential and commercial and industrial solar assets and power purchase agreements in North America. For additional information, visit www.sprucepower.com.

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SOURCE Spruce Power