Climate Insider Brief:
- Palmetto has raised $1.2 billion to expand LightReach, offering $0 upfront rooftop solar and storage with immediate savings and lifetime maintenance included.
- Palmetto’s AI platform offers personalized energy solutions, providing access to solar, batteries, and EV chargers with flexible financing.
- Amid a 30% rise in energy prices, Palmetto LightReach helps consumers access affordable solar power, reaching over 20,000 households across 30 states.
CHARLOTTE, N.C., Jan. 17, 2025 — Palmetto, a software company driving consumer adoption of climate technology, announced today that it has raised over $1.2 billion in capital to support its 2024 and 2025 Palmetto LightReach residential clean energy plans. The funding, secured in collaboration with leading financial institutions and corporate partners, will accelerate the rollout of the company’s innovative solar energy solutions.
Palmetto’s LightReach energy plans enable homeowners to install rooftop solar and storage systems with no upfront costs and stable monthly payments. These plans guarantee savings compared to local utility rates within the first year and eliminate interest charges, dealer fees, and maintenance costs for life. Available through Palmetto’s website and a vast network of over 600 partners, LightReach energy plans are designed to make clean energy accessible and affordable.
Since its inception in 2010, Palmetto has built a reputation for leveraging technology to simplify the transition to renewable energy. The company’s proprietary platform uses AI to provide homeowners with tailored energy recommendations and interactive tools to track energy usage and costs. Through Palmetto’s marketplace, customers can explore products like solar panels, battery systems, EV chargers, and smart energy devices, financing many of these through LightReach.
“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,” said Chris Kemper, Founder, CEO, and Chairman of Palmetto.
Kemper highlighted the company’s substantial investment in its operating systems: “We invested over $200 million over the past eight years to scale our offerings, starting with solar power and expanding into a broader product catalog. LightReach showcases how our tech-enabled scaling capabilities drive growth and service for our consumer base at a rapid rate.”
The Growing Need for Residential Clean Energy
In the U.S., rising energy costs continue to burden households, with low-income families now spending nearly 18% of their income on energy. With energy prices having risen 30% over the past four years—and the increasing power demands of AI data centers projected to drive costs up by an additional 20%—consumers are turning to cost-effective solutions like home electrification and renewable energy.
Solar energy adoption, in particular, is expected to surge. According to the International Energy Agency’s Renewables 2024 report, solar PV will account for 80% of global renewable energy growth by 2030, driven by large-scale solar projects and an increase in rooftop installations. Palmetto LightReach plans are well-positioned to address this growing demand by making solar energy affordable and accessible, helping households reduce emissions and combat rising energy costs.
Since launching LightReach at the end of 2023, Palmetto has seen significant traction, averaging 300 new household adoptions daily across 30 states. To date, over 20,000 households have transitioned to solar energy through Palmetto’s LightReach solar leases or power purchase agreements (PPAs).
A Mission to Democratize Clean Energy
Palmetto’s impact extends beyond technology and financing. The company’s Get Solar, Give Solar program funds initiatives to bring renewable energy to underserved communities, aligning with its triple-bottom-line commitment to people, planet, and profit.
For more information on Palmetto LightReach energy plans, visit Palmetto’s website.
About Palmetto
Palmetto is a leading clean tech company dedicated to accelerating the global transition to renewable energy. Its innovative technology platform simplifies renewable energy adoption for homeowners while supporting clean tech entrepreneurs and businesses. With offerings such as the Clean Energy Operating Platform and LightReach Energy Plans, Palmetto delivers scalable solutions that drive environmental impact and economic value.
For media inquiries, contact: [email protected]
Source: PR Newswire
Featured Image: Credit: Palmetto
