June 24, 2024, ST. PETERSBURG, FL – Water Tower Research (www.watertowerresearch.com) has published an Initiation of Coverage Report on Spruce Power Holding Corporation (NYSE: SPRU) titled, “Initiating Coverage: Competitive Servicing “Moat” Supports Residential Rooftop Solar Acquisition Strategy”. The report can be accessed here.

Spruce Power is a leading owner-operator of residential rooftop solar systems and one of the largest third-party owners (TPO). Spruce owns the cash flow from approximately 75,000 residential solar systems representing 425 MW of capacity across 18 states. The company’s portfolios consist of residential power purchase agreements (PPAs) and solar lease agreements (SLAs).

Spruce is not an installer of residential rooftop systems, and its strategy is to grow through the acquisition of mature portfolios of cash flowing, residential solar assets. The company believes this offers a lower customer acquisition cost (CAC) versus its peers who install systems and incur sizable expenses tied to marketing and sign-up of solar customers.

The company offers a “Power-as-a-Service” business model and has its own in-house solar servicing platform. The company provides comprehensive home energy solutions, for example in battery storage and EV charging. While at present these are not significant drivers of revenue, these could be future growth drivers given the company’s growing base of customers.

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