OneRoof Energy has raised another $30 million in capital from South Korea’s Hanwha Group, one of its biggest backers.
Like SolarCity, which went public in fall 2012, OneRoof provides solar leases that help homeowners go solar without upfront costs.
OneRoof’s twist is that it works directly with roofers and building contractors to combine roofing and solar installation into a seamless process.
"We believe the most efficient and cost-effective way to install a solar system is at the time a roof is built or rebuilt," says David Field, OneRoof CEO. " Our product and model will significantly increase the number of homeowners installing solar power systems."
This latest investment round will be used to enter new markets, develop proprietary technologies that help with installations, and development of a dealer network, says OneRoof.
Since it closed its first equity round in 2011 for $50 million, OneRoof has signed solar agreements worth more than $100 million, says David Field, CEO. This year, he expects sales of more than $300 million in solar financing. AZ, CA, HI and MA
Currently the company has a presence in only four states – California, Arizona, Hawaii and Massachusetts – but it expects to add solar to more than 10,000 homes this year through its partnership with over 100 installers.
Hanwha is a division of one of the largest corporate conglomerates in South Korea and is majority owner of solar panel maker Hanwha SolarOne. It took an $8 million stake in OneRoof Energy in 2011 and has continued to invest since then.
Also this month, competitor Sungevity pulled in another $125 million for solar leasing. Other players in solar leasing are SolarCity, SunEdison, Sunrun, Vivint, Clean Power Finance, BrightGrid Solar, and several others.
Solar leasing is expected to be a key driver for solar PV for the foreseeable future as government incentives dry up.
As of October 2012, almost $2 billion had been invested in solar leasing funds for the year, mostly from Credit Suisse, Rabobank, Wells Fargo, Citi, and US Bancorp.
Loading...