Spruce Finance is an American

consumer finance Personal finance is the financial management that an individual or a family unit performs to budget, save, and spend monetary resources in a controlled manner, taking into account various financial risks and future life events. When planning ...

company specializing in the residential solar finance and efficiency

home improvement The concept of home improvement, home renovation or remodeling is the process of renovating, making improvements or making additions to one's home. Home improvement can consist of projects that upgrade an existing home interior (such as electr ...

sectors in the U.S. The company operates its efficiency business in 50 states and its solar business in 25 states: Arizona, California, Colorado, Connecticut, Delaware, Florida, Hawaii, Louisiana, Maryland, Massachusetts, Minnesota,

Missouri Missouri (''see #Etymology and pronunciation, pronunciation'') is a U.S. state, state in the Midwestern United States, Midwestern region of the United States. Ranking List of U.S. states and territories by area, 21st in land area, it border ...

, Nevada, New Mexico, New Hampshire, New Jersey, New York, Oregon, Pennsylvania, Rhode Island, South Carolina, Texas, Utah, Vermont and Washington.

History

The company was founded in 2015 when

Clean Power Finance Clean Power Finance, headquartered in San Francisco, California, is a financial services and software company for the residential solar industry. Clean Power Finance operates the CPF Market, an online business-to-business platform that connects ...

merged with Kilowatt Financial and is led by CEO Nat Kreamer, co-founder of

Sunrun Sunrun Inc. is an American provider of photovoltaic systems and battery energy storage products, primarily for residential customers. The company was established in 2007 and is headquartered in San Francisco, California. Since its inception, ...

Controversies

Spruce has bought several leasing contracts from companies that either sold their holdings or went out of business. When this occurs, their customer service is very weak. Billing mistakes, poor communication, and loss of service with the panels is common. Spruce has dozens of complaints with the Better Business Bureau of Houston and is one of the worst reviewed solar energy companies in the market today. They claim that they are in a transition period but this has been going on for over two years now (as of the fall of 2022).

Investors

Spruce is a private company backed by investors that include

Kleiner Perkins Caufield & Byers Kleiner Perkins, formerly Kleiner Perkins Caufield & Byers (KPCB), is an American venture capital firm which specializes in investing in incubation, early stage and growth companies. Since its founding in 1972, the firm has backed entrepreneur ...

, Google Ventures ( GV),

Duke Energy Duke Energy Corporation is an American electric power and natural gas holding company headquartered in Charlotte, North Carolina. The company ranked as the 141st largest company in the United States in 2024 – its highest-ever placement on the ...

(),

Edison International Edison International is a public utility A public utility company (usually just utility) is an organization that maintains the infrastructure for a public service (often also providing a service using that infrastructure). Public utilit ...

(),

Dominion Resources Dominion Energy, Inc., commonly referred to as Dominion, is an American energy company headquartered in Richmond, Virginia that supplies electricity in parts of Virginia, North Carolina, and South Carolina and supplies natural gas to parts of Ut ...

(), and Claremont Creek Ventures.Eckhouse, Brian (May 25, 2016)
"Spruce Arranges $120 Million Financing for Rooftop Solar".
''

Bloomberg News Bloomberg News (originally Bloomberg Business News) is an international news agency headquartered in New York City and a division of Bloomberg L.P. Content produced by Bloomberg News is disseminated through Bloomberg Terminals, Bloomberg T ...

''.

References

{{Reflist Financial services companies based in California Companies based in San Francisco 2015 establishments in California