Spruce Finance

Spruce Finance, headquartered in San Francisco, California is a consumer finance company specializing in the residential solar finance and efficiency home improvement sectors in the U.S.[1] The company was founded in 2015 when Clean Power Finance merged with Kilowatt Financial[2] and is led by CEO Nat Kreamer, co-founder of Sunrun.[3]

Spruce Finance
TypePrivate
IndustrySolar energy and energy efficiency
Founded2015 (2015)
Headquarters201 Mission Street, 11th Floor San Francisco, 94105 US
Area served
Nationwide
Key people
Nat Kreamer
Jeff Loebbaka
Steve Olszewski
Nick Mack
Leslie Cariani
Darren Thompson
Websitewww.sprucefinance.com

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, Nevada, New Mexico, New Hampshire, New Jersey, New York, Oregon, Pennsylvania, Rhode Island, South Carolina, Texas, Utah, Vermont and Washington.[4]

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, Google Ventures (GV), Duke Energy (NYSE: DUK), Edison International (NYSE: EIX), Dominion Resources (NYSE: D), and Claremont Creek Ventures.[5]

References
  1. Meyers, Glenn(January 15, 2015)Newly Branded Spruce Finance Offers Renewable Energy Financing. Cleantechnica.com.
  2. Wesoff, Eric (July 15, 2015) "Clean Power Finance and Kilowatt Financial Are Merging". Greentech Media.
  3. Olson, Syanne (September 6, 2011). "Clean Power Finance closes US$25M investment from KPCB, names new CEO, three board members". PV-Tech.org.
  4. Stromsa, Karl-Erik (March 1, 2016). "5 MINUTES with Nat Kreamer, CEO of Spruce Finance". Rechargenews.com.
  5. Eckhouse, Brian (May 25, 2016). "Spruce Arranges $120 Million Financing for Rooftop Solar". Bloomberg News.
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