Topics: Barack Obama, Solar energy, Democratic Party Pages: 1 (340 words) Published: March 31, 2013
Sungevity is a solar electricity company based in Oakland, California. Founded in 2007, it was the first American solar company to design residential solar energy systems remotely over the Internet, using satellite imagery. Sungevity was founded in 2007 by Danny Kennedy (President), Andrew Birch (CEO), and Alec Guettel (Chairman of the Board). On September 22, 2009, Sungevity announced that it had raised $6 million to expand its services to Southern California and California's Central Valley. On May 1, 2010, Sungevity partnered with US Bank and launched its Solar Lease program. In December 2010, Sungevity raised an additional $15 million toward its Series C funding round, led by existing investors including Greener Capital and Firelake Capital, and with new investor Brightpath Capital Partners, an OaklandImpact investment fund. In 2011, Sungevity established partnerships with U.S. Bancorp, Rabobank, and Citigroup to fund residential solar installations. Also in 2011, Lowe's, the world’s second-largest home-improvement retailer, purchased a stake in Sungevity. This Remote Solar Design (RSD) strategy allows Sungevity to offer price quotes within 24 hours, without needing to send a representative to the location.[1] The company designs home solar systems; finances new systems with its Solar Lease program; and manages system installation, maintenance, and performance. In 2010, Sungevity developed its Solar Lease payment option to further its vision of making solar energy as affordable as possible for consumers. The lease allows homeowners to go solar with no upfront cost—the price of the solar panels and system are paid back over twenty years. Before lease financing was applied to the solar industry, most customers experienced a return on their investment in solar-energy equipment only after many years. Leases allow customers to experience an immediate return on this investment. In April 2010, Sungevity introduced the Solar on the White House campaign, Globama,...
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