OneRoof Energy, the nation’s first residential solar company that works directly with roofers to lease and install residential solar systems, raised $50 million in financing.
The company works with builders and roofing contractors to combine roofing and solar installation into one seamless process. OneRoof installs and owns the solar systems.
“We believe the most efficient and cost-effective way to install a solar system is at the time a roof is built or rebuilt, and our first-round investment partners agree,” says David Field, OneRoof CEO. ” Our product and model will significantly increase the number of homeowners installing solar power systems.”
Homeowners simply lease the system, avoiding upfront costs and maintenance expenses. Their monthly lease payment is combined with their new, lower electric bill, which is typically lower than their existing bill without solar. A simple warranty covers both the roof and solar installation.
Hanwha International led the Series A financing. They are part of the Hanwha Group, one of the largest corporate conglomerates in Korea. The Group holds a controlling interest in Hanwha SolarOne, a leading global solar manufacturing company.
The equity investment will enable OneRoof Energy to roll out its rapid growth plan to develop the residential solar leasing market, specifically targeting roofing companies and large homebuilders.
“With OneRoof Energy’s deep channel access and ease of scalability, we look forward to increasing solar affordability and accessibility to homeowners across the U.S. market, says”Simon Lee, CEO of Hanwha International.
OneRoof Energy also closed its first fund to finance residential solar projects in partnership with Black Coral Capital, a leading cleantech investment firm, and with a subsidiary of U.S. Bancorp. The fund provides capital for the company’s lease financing program, which enables homeowners to have solar roofs installed with no incremental costs.
U.S. Bancorp committed over $554 million of renewable energy tax equity to finance $1 billion of US renewable energy projects, primarily solar but also select opportunities in the wind. Black Coral Capital backs innovative cleantech companies with strong customer value propositions and high-quality management teams.