Spruce Finance
| Company type | Private |
|---|---|
| Industry | Consumer finance |
| Founded | 2015 |
| Headquarters | San Francisco , United States |
Area served | United States (solar financing in 25 states; efficiency services nationwide) |
Key people | Nat Kreamer (CEO) |
| Products | Financing solutions for residential solar installations and home efficiency improvements |
| Owner | Private investors including Kleiner Perkins Caufield & Byers, Google Ventures, Duke Energy, Edison International, Dominion Resources, Claremont Creek Ventures |
Spruce Finance is a U.S.-based company in the consumer finance industry, focusing on financing solutions for residential solar installations and home efficiency improvements throughout the United States.
Its efficiency services are available nationwide, while its solar financing operations extend to 25 states, such as Arizona, California, Colorado, Connecticut, Florida, Hawaii, Maryland, Massachusetts, Minnesota, Missouri, Nevada, New York, Oregon, Pennsylvania, South Carolina, Texas, Utah, Vermont, and Washington.
History
Established in 2015 as a result of the merger between Clean Power Finance and Kilowatt Financial, Spruce Finance is under the leadership of CEO Nat Kreamer, who also co-founded Sunrun.
Controversies
Spruce has taken over leasing agreements from firms that either sold their portfolios or ceased business activities. Throughout these handovers, customers have reported issues including inaccurate billing, inadequate communication, and interruptions in service. The company has accumulated multiple complaints with the Better Business Bureau of Houston and ranks among the lower-rated providers in the solar energy sector. Despite Spruce attributing these challenges to an ongoing transition phase, such problems have continued for more than two years as of late 2022.
Investors
As a privately held entity, Spruce Finance receives financial backing from investors such as Kleiner Perkins Caufield & Byers, Google Ventures (GV), Duke Energy (), Edison International (), Dominion Resources (), and Claremont Creek Ventures.