Spruce Finance
- Company typePrivate
- Founded2010
- HeadquartersSan Francisco, United States
- Headcount251–500
- GTM typeB2B and B2C
- OfferingServices
Spruce Finance firmographics
Firmographics- Name
- Spruce Finance
- Legal name
- Solar Service Experts, LLC
- Website
- https://sprucepower.com
- Company type
- Private
- Founded year
- 2010
- Operating status
- Operating
- Headcount range
- 251–500 employees
- Ownership category
- akta.pro rank
Spruce Finance industry classification
Industry- Product category
- Residential Solar Services
- NAICS
- Solar Electric Power Generation (221114)
- SIC
- Electric Services (4911)
- akta.pro primary industry
- Solar Project Development & IPP (Utility-Scale & Rooftop) (EUAMABAA)
- akta.pro secondary industries
- Operations, Maintenance & Asset Management (O&M, Vegetation, Spares, SCADA) (EUACAGAH), Retail & Community PPAs (Community Solar/Shared Renewables) (EUAGADAC), Distributed Generation (DG) Solar & Small Wind (EUAMAJAD)
Keywords
Where Spruce Finance is headquartered
LocationHeadquarters
- HQ city
- San Francisco
- HQ country
- United States
- HQ region
- North America
Offices3 records
Markets served
Spruce Finance business model
Business model- GTM type
- B2B and B2C
- Offering type
- Services
- Cost components
- Operations, Infrastructure, Personnel, Technology or R&D, Marketing or Sales, Supply Chain
Revenue model
- Residential Solar Leases: Monthly lease payments from homeowners for solar systems. Customers pay a set amount each month as outlined in their Agreement for all energy the system produces. Monthly payment may increase annually by a set percentage.
- Power Purchase Agreements (PPAs): Homeowners purchase solar energy at a set dollar per kWh rate. Monthly payment equals monthly kWh production multiplied by the current price per kWh, plus applicable taxes and fees.
- Spruce PRO Servicing: Comprehensive end-to-end solar servicing, financial reporting, and SREC monetization for 3rd party owned solar portfolios including financial institutions, investment firms, and asset owners.
- SREC Marketplace: Environmental Commodities Markets (ECM) assisting companies in sourcing credits, maximizing SREC revenue, and limiting future exposure to volatility in environmental commodities.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Transaction based/ take rate | Pay-as-you-go | Home Filing Service Charges |
| Transaction based/ take rate | Pay-as-you-go | Refinance/HELOC Charges |
| Transaction based/ take rate | Pay-as-you-go | System Buyout Charges |
| Subscription | Monthly | Monthly Billing Charges |
| Transaction based/ take rate | Pay-as-you-go | Service and Maintenance Charges |
Go-to-market motion2 records
Distribution channels4 records
Marketing channels5 records
Spruce Finance product offering
Product offeringCore offering
Spruce Power owns, operates, and services distributed residential solar energy assets across the United States under solar leases and Power Purchase Agreements (PPAs), giving homeowners affordable access to renewable energy with monthly subscription or per-kWh payments. Through its Spruce PRO platform, it extends the same purpose-built servicing capabilities—financial asset management, billing/collections, asset operations, SREC monetization, contact center, account services, and servicing IT—to third-party owners of residential and C&I solar portfolios.
Product overview
Spruce Power operates as a distributed solar energy asset owner and operator offering a platform-plus-modules architecture. The core Spruce Power platform provides residential solar leasing and power purchase agreements, while the Spruce PRO module extends comprehensive managed services to third-party solar portfolio owners including financial asset management, billing/collections, asset operations, SREC marketplace trading, contact center support, account services, and servicing IT. Customers interact through separate Customer Portal and Billing Portal sub-products for self-service account management, with Life Events Services handling home sales, refinancing, lease amendments, and system purchases.
Differentiator
Problem solved
Functional benefit
Brands
- Spruce PRO: A premier full-scope managed services platform for third-party owned solar portfolios offering comprehensive end-to-end solar servicing, financial reporting, and SREC monetization.
Products and services
- Spruce Power Residential Solar Leases & PPAs Core consumer offering through which Spruce Power owns and operates distributed residential solar energy systems on homeowner properties under long-term solar leases and Power Purchase Agreements (PPAs). Homeowners pay a fixed monthly amount (lease) or a per-kWh rate multiplied by monthly production (PPA), gaining access to renewable energy without owning the system, while Spruce retains ownership, monitoring, and maintenance responsibility.
- Spruce PRO Managed Services Platform Full-scope managed services platform offered to third-party owners of residential and C&I solar portfolios, providing end-to-end solar servicing, financial reporting, SREC monetization, and backup servicing capabilities. Services encompass financial asset management, billing/collections, asset operations, contact center, account services, and servicing IT. Target buyers are global financial institutions, investment firms, cleantech venture funds, asset owners & operators, and utilities.
- Life Events Services for Solar Homeowners Suite of homeowner transition services including escrow-facilitated and non-escrow home sale transfers, refinance/HELOC assistance, solar agreement amendments, FNMA addendums, subordination processing, and system purchase/prepayment requests. Designed to manage the lifecycle events of homeowners with Spruce-owned solar systems, including buyout options and associated service/rush charges.
- SREC Marketplace (Environmental Commodities Markets) Environmental commodities trading service within Spruce PRO that helps companies source SREC credits, maximize SREC revenue, and limit exposure to volatility in environmental commodities markets. Offered both for Spruce's own residential solar portfolio and for third-party institutional portfolio owners.
Quantifiable outcome
- ~2.2 billion kWh of lifetime renewable energy generated
- +2 more outcomes
Companies that use Spruce Finance
Customer profileNamed customers1 record
Segments3 records
Ideal customer profiles2 records
Spruce Finance technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration3 records
Feature4 records
Spruce Finance partnerships and signals
Strategic signalScale indicators10 records
Recent moves6 records
Expansion highlights6 records
Spruce Finance competitors and assessment
Company assessmentDirect peers
- Vivint Solar: Residential solar installer/owner-operator offering leases and PPAs (acquired by Sunrun in 2020). Operates an adjacent business model to Spruce with strong installer-to-owner integration.
- SunPower: Residential and commercial solar provider offering leases, PPAs, and cash purchases. Direct competitor in residential rooftop solar ownership and servicing.
- Sunnova Energy International: US residential solar and storage service provider offering leases, PPAs, and loan products. Closely comparable to Spruce's owned-asset residential solar model with a growing third-party servicing overlay.
- Sunrun: Largest US residential solar lease/PPA owner-operator with ~800,000+ customers. Competes directly with Spruce in residential solar financing, ownership, and battery storage attach.
- Tesla Energy: Operates Tesla Solar (formerly SolarCity) residential solar lease and PPA business alongside Powerwall storage. Competes head-to-head with Spruce for residential solar customers and battery attach.
- Mosaic (now Solar Mosaic): Residential and C&I solar financing platform offering loans and PPAs. Direct historical competitor to Spruce in homeowner solar financing and originated-loan servicing.
- GoodLeap (formerly Loanpal): Point-of-sale residential solar and home improvement financing platform. Competes with Spruce's lending and lease products on homeowner financing economics.
Emerging players
- Altus Power: Commercial, industrial, and community solar owner-operator with a managed-portfolio model. Smaller-scale owner-operator peer with overlap in C&I and storage expansion strategy.
Broad incumbents
- Clearway Energy: Publicly traded renewable energy IPP with utility-scale and distributed solar assets. Comparable in solar asset ownership and project finance discipline, though much larger and utility-scale focused.
- Hannon Armstrong (HASI): Climate solutions investor providing debt and equity financing for renewable energy and energy efficiency assets. Comparable as a financier/servicer of distributed solar cash flows similar to those backing Spruce's portfolio.
Market position
Strengths4 records
Weaknesses4 records
Competitive moat5 records
Key risks6 records
Key highlights6 records
Customer concentration
Spruce Finance social profiles
Digital presenceSpruce Finance compliance and trust
Trust signalCompliance1 record
Spruce Finance financial estimates
Financial estimateRevenue estimate
Valuation estimate
Spruce Finance leadership team
Management profileNumber of profiles
Profiles11 records
Spruce Finance subsidiaries and ownership
Company hierarchySubsidiaries4 records
Spruce Finance funding detail
Funding detailFunding overview
Funding rounds6 records
Investors6 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Spruce Finance M&A and investment
M&A and investmentM&A2 records
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Spruce Finance
What does Spruce Finance do?
Spruce Power owns, operates, and services distributed residential solar energy assets across the United States under solar leases and Power Purchase Agreements (PPAs), giving homeowners affordable access to renewable energy with monthly subscription or per-kWh payments. Through its Spruce PRO platform, it extends the same purpose-built servicing capabilities—financial asset management, billing/collections, asset operations, SREC monetization, contact center, account services, and servicing IT—to third-party owners of residential and C&I solar portfolios.
Is Spruce Finance a public or private company?
Spruce Finance is a private company. It is classified as venture growth investor backed and is currently operating.
When was Spruce Finance founded?
Spruce Finance was founded in 2010. It employs 251 to 500 people.
Where is Spruce Finance based?
Spruce Finance is headquartered in San Francisco, United States, in the North America region.
How does Spruce Finance make money?
Four revenue lines are on record. Residential Solar Leases are the primary driver. The others are power Purchase Agreements (PPAs), spruce PRO Servicing and SREC Marketplace.
Who are Spruce Finance's main competitors?
Direct peers on record are Vivint Solar, SunPower, Sunnova Energy International, Sunrun, Tesla Energy, Mosaic (now Solar Mosaic) and GoodLeap (formerly Loanpal). Altus Power is listed as an emerging player. Broad incumbents are Clearway Energy and Hannon Armstrong (HASI).
Does Spruce Finance have an API?
No public API is recorded for Spruce Finance.
What industry is Spruce Finance in?
Spruce Finance's product category is Residential Solar Services. Its primary akta.pro industry code is EUAMABAA, Solar Project Development & IPP (Utility-Scale & Rooftop), with a secondary code of EUACAGAH, Operations, Maintenance & Asset Management (O&M, Vegetation, Spares, SCADA). Its NAICS code is 221114 and its SIC code is 4911.