Spruce power solar

Who is spruce power?

Tomorrow. Spruce Power is a leading owner and operator of distributed solar energy assets across the United States. By offering subscription-based services to over 52,000 customers, Spruce is able to make renewable energy more accessible to everyone.

How big is spruce solar?

Spruce’s total portfolio grows to over 75,000 home solar assets and contracts, representing almost 50% growth in less than a year since the Company’s transition into a pure play owner and operator of residential rooftop solar assets in 2022.

How has spruce power grown?

According to XL Fleet, Spruce Power has grown by acquiring portfolios of residential solar systems from other companies and investors rather than selling individual systems to homeowners through a direct-to-consumer salesforce – an approach that has allowed it to keep its customer acquisition costs low and generate consistent earnings.

What happened to spruce power 4?

The acquisition closed on March 23, 2023. The Spruce Power 4 Portfolio features the customer payment streams from approximately 22,500 residential solar contracts under which customers purchase the clean electricity generated by rooftop solar home power systems.

What did spruce do before the acquisition?

Prior to the acquisition, Spruce was the third-party services solution provider for the portfolio, which allows for efficient, low-cost integration into Spruce’s existing portfolio of home solar assets and contracts.

Why did spruce acquire power 5?

The acquisition of the Spruce Power 5 Portfolio meaningfully expands Spruce’s presence within New Jersey, now representing the Company’s second largest geographic presence with approximately 16,000 customers. During 2024, Spruce executed the roll-out of its first in-market field services organization in New Jersey.