California solar firm Sungevity is exactly the kind of firm that support for renewable energies was supposed to create - founded by former environmental activist Danny Kennedy, the three-year old company is in the top 5 in U.S. solar residential sales, reports Bloomberg.
Revenue is on track to pass $25 million, up from only $3 million last year.
It's success is partly down to to a customer leasing option, which is made possible by financing from U.S. Bancorp. The bank created a $24 million tax equity fund which lets Sungevity offer 10-year, no-money-down leases that make solar electricity a relatively cheap and risk-free proposition.
'It's good business at so many levels, from a PR level to a return-on-risk level,' Darren Van't Hof, the bank’s director of renewable energy investments, told Bloomberg News. 'In my own personal view, residential solar development will eclipse commercial and utility scale in a matter of two or three years.'
Indeed, during 2009 - a grim year for construction and real estate - the market for residential solar installations in the U.S. doubled, according to the Solar Energy Industries Association.
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California solar firm Sungevity is exactly the kind of firm that support for renewable energies was supposed to create - founded by former environmental activist Danny Kennedy, the three-year old company is in the top 5 in U.S. solar residential sales, reports 
