Charlotte-based clean energy software company Palmetto has successfully raised $1.2 billion in new capital to expand its residential solar financing initiatives through 2025. This significant investment, backed by prominent institutions including Morgan Stanley and Truist Bank, is dedicated to fueling the growth of the company’s LightReach platform, which aims to make solar energy more accessible for American homeowners.
Palmetto Secures $1.2B to Advance Residential Clean Energy: Expanding Access with Innovative Financing
The capital infusion directly supports the Palmetto LightReach program, a solar lease and power purchase agreement (PPA) platform launched in late 2023. Designed to eliminate the primary barrier to solar adoption—high upfront costs—LightReach allows homeowners to install rooftop solar panels and energy storage systems for a $0 initial investment. Instead, customers benefit from stable, predictable monthly payments, often leading to immediate savings on their utility bills without the burden of interest or lifetime maintenance fees.
Impressive Growth and Market Response
The LightReach model has seen rapid adoption, demonstrating a strong market appetite for accessible renewable energy solutions amidst rising energy costs. To date, more than 20,000 households across over 30 states have transitioned to solar power through the program. The platform is currently adding approximately 300 new customers each day, highlighting a significant shift in consumer behavior toward sustainable energy.
A Technology-Driven Approach to a Clean Energy Future
Palmetto leverages its advanced, AI-powered software platform to streamline the process for homeowners. The technology provides personalized energy recommendations for solar systems, battery storage, and EV chargers, empowering consumers to make informed decisions tailored to their specific needs. This significant round of funding not only validates Palmetto’s innovative financing model but also reinforces its position as a key player in accelerating the nationwide transition to a clean energy economy. As energy demand grows, accessible financing options like LightReach are becoming increasingly vital for building a sustainable future.
Sources
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