OneRoof Energy, a San Diego, CA-based residential solar leasing company that works directly with roofers to sell and install its systems, has secured $3m in additional financing from clean-tech investment firm Black Coral Capital.
The company intends to use the funding to expand current markets and launch new markets this year.
Led by President and CEO David Field, in September 2011, OneRoof Energy received $50m in financing from Black Coral, Hanwha International, and a U.S. Bancorp subsidiary (read here) to create the SolarSelect® Lease, a lease program that allows homeowners the ability to integrate solar onto their roof with little to no upfront payment. Customers make a monthly lease payment for the system, which when combined with their new, lower electric bill, is lower than their existing bill without solar.
The company, which intends to close its second fund later in 2012, is also hiring and expanding into Hawaii, Arizona, Colorado and beyond.