Is solar power a viable way for you and your family to capitalize the the potential of renewable energy?
A six-year-old venture expanding to North Carolina this week hopes so.
Sungevity, a California startup co-founded by a UNC-CH graduate, is launching solar services for residential homeowners in partnership with Lowe’s. The company is offering solar equipment and related services, including proprietary estimate technology.
Alec Guettel, a 1991 UNC graduate, also will be in North Carolina this week. He’s among the guest speakers for the N.C. Clean Tech Summit coming up later this week in Chapel Hill.
“North Carolina is one of the most exciting states in the country for solar and I’m ecstatic to be launching here,” Guettel told WRAL TechWire.
“It’s already a leading state in utility-scale solar, but we saw that rooftop solar had a huge potential to grow if we could create an accessible financing product.”
Sungevity is a venture capital-backed startup based in Oakland, Calif. It raised $125 million from investors in 2013.
“Sungevity has always focused on making the solar experience simple and satisfying for our customers. That’s why we crafted a solution that allows North Carolina homeowners to experience the benefits of solar without the hassle or a high price tag,” said Andrew Birch, Sungevity’s chief executive officer, in announcing the expansion. “Sungevity is proud to serve North Carolina as we continue to expand across the country to give more people a better choice in how they power their homes.”
The company already operates in 11 other states, Washington, D.C., and Australia as well as the Netherlands.
Due to North Carolina legal requirement stipulating that homeowners own solar equipment, Sungevity says it is expanding its business model to help homeowners purchase their equipment rather than lease it. Financing is being offered by a company called Mosaic, which focuses on solar business.
Loans are for 20 years and incorporate state as well as federal renewable tax credits for solar.
Interested consumers can get an estimate for their home based on location and a review of satellite as well as other imagery to see if a solar investment makes sense. Called iQuote, the estimating service is proprietary to the firm.
Sungevity is offering a $750 discount for systems purchased through the Sierra Club and CREDO Mobile. Those organizations also will receive a $750 donation from Sungevity for each purchase.