OneRoof Energy simultaneously revealed that it had obtained US$50 million in financing and has launched its new residential solar leasing program, the SolarSelect Lease. Customers who take part in the new solar lease program will be able to install solar on their homes with no upfront costs and make a monthly lease payment for the system, which is stated by OneRoof Energy as being typically lower than a customer’s existing electric bill.
Series A financing for OneRoof Energy was led by Hanwha International, part of the Hanwha Group, which holds a controlling interest in Hanwha SolarOne. Hanwha will hold a major non-controlling stake in OneRoof Energy with its investment intended to allow OneRoof to realize its rapid growth plan for the residential solar leasing market.
“OneRoof Energy represents a great opportunity for us,” said Simon Lee, CEO of Hanwha International. “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.”
OneRoof energy closed its first fund for the financing of residential solar projects under a partnership with Black Coral Capital and with a subsidiary of US Bancorp. The fund offers capital for OneRoof’s lease financing program so that homeowners can install solar on their roofs with no incremental costs.