Palmetto, a software company focused on promoting consumer adoption of climate technology, announced today that it has raised over $1.2 billion in funding to support its Palmetto LightReach residential clean energy plans for 2024 and 2025. The funding comes from leading financial institutions and corporate partners.
The Palmetto LightReach plans allow homeowners to install rooftop solar and storage systems with no upfront costs and predictable monthly payments. These plans offer immediate savings on utility bills, with no interest, dealer fees, or lifetime maintenance expenses. Homeowners can access these energy leases through Palmetto’s website or its network of over 600 small- and medium-sized business and enterprise partners.
“We launched Palmetto LightReach to improve the consumer experience; in our sector, we have seen consumer issues emerge with legacy financial product providers and an antiquated go-to-market motion that can confuse consumers and create a bad name for the clean tech industry,” mentioned Chris Kemper, Founder, CEO and Chairman of Palmetto.
He further added, “We invested over $200m over the past 8 years in our operating systems, which first scaled a singular product, solar power, and now extended to a far broader product catalogue. Consumer financing, alongside other additional strategic growth areas, leverage our tech-enabled scaling capabilities. We will continue to grow and service our consumer base at a rapid rate; Palmetto LightReach is a great example of what we’re capable of executing.”
Since its founding in 2010, Palmetto has been developing innovative technologies to simplify clean energy adoption. Its AI-powered platform provides personalized energy recommendations, tools to track energy use, and a marketplace for solar panels, battery systems, EV chargers, and other smart energy products. Financing options, including Palmetto LightReach, are integrated into the platform, making it easy for homeowners to reduce utility costs and embrace sustainable energy solutions.
Palmetto began rolling out LightReach plans in late 2023, addressing consumer concerns about traditional financing options. Adoption has grown rapidly, with an average of 300 households per day in 30 states opting for these plans. To date, more than 20,000 households have switched to solar energy using Palmetto LightReach leases or power purchase agreements (PPAs).
