North American Power subsidiary North American Solar partnered with Clean Power Finance (CPF) to add a residential solar financing option for its customers. North American Power has more than 320,000 electric and gas customers across the U.S. making it one of the top 15 retail electric service providers. Through this partnership it will offer its customers financing through the CPF Market.
CPF is a quiet financing partner that white labels its offerings for solar and other renewable energy and sustainable energy sources, allowing the solar installer or energy company to offer the products as their own. As such it connects solar companies with institutional investors and offers CPF Tools, which is a solar as a service sales platform. The company has raised more than $1 billion in third-party financing since it launched in 2006. Investors have included power companies and financial institutions, among others.
North American Power said the partnership will differentiate the retail provider in competitive marketplaces. “As a leading platform for solar capital and services, CPF is a natural partner for us,” said Kerry Breitbart, chairman of North American Power. “We give consumers the products and tools to make a real financial impact on their lives. Selling solar is a natural extension of our mission to bring superior, environmentally sound electric services to our customer base.”
“CPF is excited to partner with one of the fastest-growing and most innovative retail energy providers in the U.S.,” said Clean Power Finance CEO Nat Kreamer. “North American Solar knows how to sell energy to homeowners. North American Power has distinguished itself in retail energy with high-volume, cost-effective customer acquisition practices it can quickly transfer to residential solar.”
Though North American Power offers services throughout all 50 states, it’s only a licensed provider in some of them, primarily in deregulated markets where consumers can choose from a number of utilities to provide electric and or gas services. It is licensed in Connecticut, Georgia, Illinois, Maryland, New Hampshire, Maine, New York, New Jersey, Ohio, Pennsylvania, Rhode Island and Texas. Those are likely the first markets where homeowners can get solar panels throughout he partnership, though the company plans to add more markets this year.
“Every customer that switches to North American Power automatically chooses 25 percent renewable energy and has the choice to upgrade to 100 percent renewable energy,” The company said. However, people from across the country can participate in its American Wind, product to green the grid by investing in wind turbines.Tweet