OneRoof Solar is offering a new twist on the solar lease: when you replace your roof, you can get integrated solar panels with no incremental cost.
The company today announced it raised a $50 million series A round led by the solar arm of Korean conglomerate Hanwha Group. The company also said it has secured the funding to finance solar installations at residential customers.
Solar leases, which are available in about 20 states now, have quickly become a popular way to have solar photovoltaic panels installed. Instead of purchasing the panels, homeowners pay a monthly fee and the solar installer or bank owns the panels. With the monthly fee and lower electricity bills from the solar panels' production, consumers pay a lower amount than they were paying before panels were installed.
Rather than offer the financing package through solar installers, OneRoof Solar is offering the solar lease through roofing companies, which the company says will simplify the process. The product is different than typical flat-plate panels, too. Instead, solar cells are integrated into the roofing materials so that they are flush with the roof line.
The solar lease and roof combination could appeal to consumers who would rather have roof-integrated photovoltaics than panels for aesthetic reasons. Having roofing companies involved in solar creates another channel for both photovoltaics and leases.
In partnership with venture company Black Coral Capital, OneRoof Solar also secured the money needed to finance the solar lease offer with $554 million in tax equity from a subsidiary of U.S. BankCorp.