OneRoof Energy, a U.S. residential solar leasing company to work directly with roofers to sell and install its systems, has secured $3 million in additional financing from clean-tech investment firm Black Coral Capital.
The company will use the funds to expand current markets and launch new markets this year. Black Coral Capital backs innovative companies in the clean technology and renewable energy sector.
In September 2011, OneRoof Energy received $50 million in financing from Black Coral, Hanwha International, and a U.S. Bancorp subsidiary to create the SolarSelect® Lease. The simple lease program 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. OneRoof Energy intends to close its second fund later in 2012.
Rising solar demand and the SolarSelect Lease program has led to the company’s extraordinary growth. OneRoof Energy is creating more than 100 new green jobs this year as well expanding into Hawaii, Arizona, Colorado and beyond.