Spruce Finance
{{Short description|American consumer finance company}}
{{Use mdy dates|date=June 2016}}
{{Infobox company
| name = Spruce Finance
| logo_size =
| logo = Spruce_Logo.jpg
| type = Private
| industry = Solar electricity funding
| founded = {{Start date and age|2015}}
| area_served = United States
| key_people = Nat Kreamer (CEO)
Jeff Loebbaka
Steve Olszewski
Nick Mack
Leslie Cariani
Darren Thompson
| location_city = San Francisco
| location_country = United States
| products = Residential solar finance, home improvement finance
| homepage = {{website |http://www.sprucefinance.com/}}
}}
Spruce Finance is an American consumer finance company specializing in the residential solar finance and efficiency home improvement sectors in the U.S.Meyers, Glenn(January 15, 2015)[http://cleantechnica.com/2016/01/15/newly-branded-spruce-finance-offers-renewable-energy-financing/ Newly Branded Spruce Finance Offers Renewable Energy Financing.] Cleantechnica.com.
The company operates its efficiency business in 50 states and its solar business in 25 states: Arizona, California, Colorado, Connecticut, Delaware, Florida, Hawaii, Louisiana, Maryland, Massachusetts, Minnesota, Missouri, Nevada, New Mexico, New Hampshire, New Jersey, New York, Oregon, Pennsylvania, Rhode Island, South Carolina, Texas, Utah, Vermont and Washington.Stromsa, Karl-Erik (March 1, 2016). [http://www.rechargenews.com/solar/1425468/its-costing-a-lot-to-educate-the-us-consumer-about-solar/ "5 MINUTES with Nat Kreamer, CEO of Spruce Finance".] Rechargenews.com.
History
The company was founded in 2015 when Clean Power Finance merged with Kilowatt FinancialWesoff, Eric (July 15, 2015) [http://www.greentechmedia.com/articles/read/Clean-Power-Finance-and-Kilowatt-Financial-Are-Merging/ "Clean Power Finance and Kilowatt Financial Are Merging".] Greentech Media. and is led by CEO Nat Kreamer, co-founder of Sunrun.Olson, Syanne (September 6, 2011). [http://www.pv-tech.org/news/clean_power_finance_closes_us25m_investment_from_kpcb_names_new_ceo_three_b/ "Clean Power Finance closes US$25M investment from KPCB, names new CEO, three board members".] PV-Tech.org.
Controversies
Spruce has bought several leasing contracts from companies that either sold their holdings or went out of business. When this occurs, their customer service is very weak. Billing mistakes, poor communication, and loss of service with the panels is common. Spruce has dozens of complaints with the Better Business Bureau of Houston and is one of the worst reviewed solar energy companies in the market today. They claim that they are in a transition period but this has been going on for over two years now (as of the fall of 2022).
Investors
Spruce is a private company backed by investors that include Kleiner Perkins Caufield & Byers, Google Ventures (GV), Duke Energy ({{nyse|DUK}}), Edison International ({{nyse|EIX}}), Dominion Resources ({{nyse|D}}), and Claremont Creek Ventures.Eckhouse, Brian (May 25, 2016). [https://www.bloomberg.com/news/articles/2016-05-23/spruce-arranges-120-million-financing-for-rooftop-solar/ "Spruce Arranges $120 Million Financing for Rooftop Solar".] Bloomberg News.