Sungevity is one step closer to its goal of bringing solar to the masses after announcing an agreement earlier this week to partner with home improvement retail giant Lowes.
Sungevity, a solar leasing agency that installs solar photovoltaic arrays on rooftops with little to no upfront costs to the roof owner, has had a big year and has seen a lot of growth, said founder and CEO Danny Kennedy.
“It’s very exciting because we’re entering a new phase,” Kennedy said. “We always operated with this vision of making solar easy and affordable, and here we are stepping up and saying, ‘ok, we’ve done that, now let’s bring solar power to the masses.’”
Sungevity owns, operates, installs and insures solar residential and commercial solar systems. The homeowners pay a flat lease rate for the equipment under a 20-year contract in most cases and benefit from the power the system generates. Sungevity benefits from any tax incentives or utility payouts, while the homeowner enjoys a flat, predictable energy bill that is typically lower than it was before the solar, Kennedy said.
The company will open its branded iQuote kiosks this summer in Lowes stores in the states where Sungevity does business, including Arizona, California, Colorado, Delaware, Maryland, Massachusetts, New Jersey and New York.
The iQuote uses satellite images and geographically-accurate maps to generate accurate quotes for solar installation without having to send an agent to the client’s home, Kennedy said.
The process is significantly more convenient for customers and more cost-effective for Sungevity.
“The solar associates n most Lowes stores will be able to help customers with any questions they have going through the process,” Kennedy said.
Once customers get a quote and decide to go forward with a solar installation, they’ll go through Sungevity’s standard procedure and will sign a solar lease online, Kennedy said.
“We want to make sure the customer has a really positive experience going solar,” Kennedy said.
“This is a really exciting validation of what we’ve been doing so far,” Kennedy said. “And it’s a great next step toward making solar a lifestyle choice. We have the potential now to touch a lot of lives and help them make a big difference in the world and to save money.”
In addition to partnering with Sungevity, Lowes made a major equity investment in the company, according to a press release.