Investments from Morgan Stanley, Truist Bank and Other Prominent Financial
Palmetto, a software company enabling consumer adoption of climate technology products and services, announced that it has raised over $1.2 billion in capital to support 2024 and 2025 Palmetto LightReach residential clean energy plans, in partnership with prominent financial institutions and corporate partners.
Palmetto’s LightReach energy plans enable homeowners to install rooftop solar and storage systems with $0 upfront investment and stable monthly payments. These plans offer savings over local utility rates within the first year, with no interest, dealer fees, or lifetime maintenance costs. Palmetto LightReach energy leases are part of the Company’s broader effort to make it easier and more affordable for consumers to switch to clean energy sources, and are available through the Company’s website or any of Palmetto’s network of over 600 small- and medium-sized businesses and enterprise partners.
Since 2010, Palmetto has been building the technology underpinnings of the new American clean energy ecosystem with a focus on superior customer experience. Palmetto’s proprietary technology platform leverages AI to provide homeowners with personalized energy recommendations and interactive tools to better understand their energy usage and spending. Through Palmetto’s marketplace, customers can explore custom-tailored solutions like solar panels, battery systems, EV chargers, protection plans, and smart energy devices, while financing some of these products directly through Palmetto LightReach. This streamlined experience empowers homeowners to reduce utility costs, lower their environmental impact, and make informed energy choices — all in a seamless and intuitive shopping experience.
Palmetto began quietly offering Palmetto LightReach energy plans towards the end of 2023 after listening to consumers regarding the limitations of existing financing options. Palmetto LightReach energy plans are now on track for an average adoption of 300 households per day in 30 states and counting. To date, over 20,000 households have adopted solar energy through a Palmetto LightReach solar lease or PPA energy plan.
“We launched Palmetto LightReach to improve the consumer experience; in our sector, we have seen consumer issues emerge with legacy financial product providers and an antiquated go-to-market motion that can confuse consumers and create a bad name for the clean tech industry,” said Chris Kemper, Founder, CEO and Chairman of Palmetto. “We invested over $200m over the past 8 years in our operating systems, which first scaled a singular product, solar power, and now extended to a far broader product catalogue. Consumer financing, alongside other additional strategic growth areas, leverage our tech-enabled scaling capabilities. We will continue to grow and service our consumer base at a rapid rate; Palmetto LightReach is a great example of what we’re capable of executing.”
The changing residential clean energy landscape
In the U.S., low-income families now devote nearly 18 percent of their take home pay to energy, with energy costs having risen by 30 percent in the last four years. In addition, the widespread adoption of AI and the power demands of data centers needed to run AI models, some analysts predict a further increase in energy costs of up to 20%. These rising costs are a driving force behind the increasing popularity of whole home electrification, as homeowners are seeking more cost-effective alternatives such as switching to electric appliances and heating systems, which are more energy efficient, especially when paired with renewable sources like solar power.
With solar power expected to grow substantially over the next six years, access to financing for affordable power will play an increasingly stabilizing role in households across the country. According to IEA’s The Renewables 2024 report, renewable energy sources are on course to meet almost half of global electricity demand by the end of this decade, and solar PV alone is forecast to account for a massive 80% of the growth in global renewable capacity between now and 2030 – the result of the construction of new large solar power plants as well as an increase in rooftop solar installations by companies and households. Palmetto LightReach plans empower consumers to harness solar energy affordably, reducing emissions from residential energy use, which accounts for 42% of U.S. energy-related emissions.
For more information on Lightreach energy plans, please visit: https://palmetto.com/products/lightreach.
