Kilowatt Financial and Clean Power Finance announce that Kilowatt has financed more than $250 million in already-operating U.S. residential solar projects using the CPF platform. Together, the companies are bringing solar power to more U.S. homeowners who not have previously qualified for solar financing.
It’s been a good week for residential solar financing, that crucial ingredient for deploying more solar on rooftops across the nation. Earlier this week, Google and SunPower announced $250 million in financing for residential solar projects. That seems to be the week’s magic number.
Yesterday, we learned that Kilowatt Financial, a clean energy consumer finance company, has financed more than $250 million in already-operating U.S. residential solar projects, using the Clean Power Finance Market platform.
The CPF platform connected Kilowatt with a national network of qualified solar partners who offered its finance products to homeowners. That mean that Kilowatt could benefit from high deal flow volume at low customer acquisition cost.
While some solar companies have been turning to vertical integration, the CPF platform provides an alternative model. Both CPF and its participants can focus on their core areas of expertise in the solar value chain.
In addition to focusing on what it does best, Kilowatt avoided the fixed infrastructure investments of vertically integrated residential solar finance companies.
“CPF’s investment in its channel partner network and technology allows Kilowatt to focus on our core competency — delivering affordable clean energy financing products to responsible homeowners,” said Dan Pillemer, CEO of Kilowatt Financial. “CPF’s platform provides an efficient delivery channel for our solar power purchase agreement and lease products, and has helped Kilowatt become one of the largest financiers of residential solar. We look forward to continued growth of our relationship with CPF.”
Kilowatt provides extra value to the residential solar industry with its consumer credit and risk analytic expertise, which enables the company to quickly qualify customers. That includes finding potential solar customers who may not seem like good prospects if identified only by their FICO score, but who may still be low-risk for solar acquisition. And that broadens the residential solar market.
“This quarter billion dollar milestone is a testament to Kilowatt’s consumer credit expertise and to the scale of the CPF network,” said Nat Kreamer, CEO of Clean Power Finance. “Kilowatt’s products expand the addressable market for residential solar finance, and our platform enables Kilowatt to bring those products to market. Together, we’ve empowered thousands of U.S. homeowners who wouldn’t previously have qualified for access to clean, affordable solar power.”