Sungevity Company Overview
- Founded in 2007
- Headquarters: Oakland, CA
- Founders: Andrew Birch, CEO
- Danny Kennedy, Executive Vice-President
- Alec Guettel, Board Founder and Board Director
- No. of employees: 400+ (as of 2013)
Two years after its founding in 2007, Sungevity’s founders announced they would be expanding their services into California’s Central Valley and southern region. In May 2010, the company launched its Solar Lease program after establishing a partnership with US Bank. During the following year, the company funded residential installations by forming partnerships with Citigroup, Rabobank and US Bancorp.
Sungevity has the distinction of being the first American solar company to use satellite imagery to design residential solar power systems. Its Remote Solar Design (RSD) strategy lets the company design a system and quote a price without having to visit the residence. The company designs, installs and maintains solar systems, and they provide a number of financing options.
Sungevity Service availability
Sungevity’s services are currently available in the District of Columbia and 12 states: Arizona, California, Colorado, Connecticut, Delaware, Maryland, Massachusetts, New Jersey, New Mexico, New York, North Carolina and Vermont.
Solar power plans offered
Sungevity offers four types of finance plans: buying a system outright, lease, loan, and a Power Purchase Agreement (PPA).
When a customer buys the system outright, they either pay for it in full or finance it themselves with a personal or home equity line of credit. They are eligible for any available tax credits or rebates.
The customer may also finance the system with a solar loan. The customer owns the system and will therefore also be eligible for any available rebates or tax credits. As with any loan, the customer makes a monthly payment until the loan is paid off.
In a lease, the solar company owns the system, and they are the ones who are eligible for any rebates or tax credits. The homeowner makes a monthly payment to the lease provider, and they monitor, maintain and repair the system. If the homeowner moves, Sungevity helps them transfer the lease to the person who bought their original house.
A Power Purchase Agreement or PPA is a contract in which the homeowner promises to buy the electricity generated by the solar panels. As with a lease, another party own the system, but the customer pays only for the power produced by the system. That payment is set in advance, so the client is protected from any future rate increases.
Regardless of how the customer pays for the system, it comes with a 20-year warranty. Similarly, all of the various financing plans last for 20 years. At the end of those 20 years, the customer may renew their plan or have the system removed.
Sungevity Solar Reviews
BBB Rating: A+
Sungevity solar reviews have generally been favorable rated 3.5 stars out of 5 by Yelp and 3.4 stars out of 5 by SolarReviews.com.