With $50M Deal, San Diego Company Combines PV Solar, Financing, and New Roof

9/23/11Follow @bvbigelow

One of South Korea’s largest conglomerates led a $50 million Series A financing for OneRoof Energy, a San Diego company with a leasing program that enables homeowners to install photovoltaic (PV) solar tiles on their roofs without paying upfront costs.

The company says Hanwha International, part of the Seoul-based Hanwha Group, is getting a “significant, non-controlling stake” in the San Diego company. The Hanwha Group operates 59 affiliated companies, including Hanwha SolarOne, a global solar manufacturing company. OneRoof says Hanwha’s equity investment will enable the company to fund its rapid-growth plan, which calls for developing the residential solar leasing market by working with local roofing contractors and homebuilders.

OneRoof said it also has closed on an unspecified fund to finance these residential solar projects with Black Coral Capital, a Boston-based cleantech investment firm, and a subsidiary of U.S. Bancorp. “We’re excited about the company as we think their approach of working closely with roofers is the next big step forward in lowering the cost of residential solar,” Black Coral VP Nikhil Garg wrote in an e-mail to Xconomy Boston.

San Diego’s OneRoof says it’s focused on installing PV solar tiles during new home construction or replacement roofs. OneRoof finances the solar installation, arranging a power purchase agreement, so homeowners pay no upfront costs. Instead, they make monthly lease payments to OneRoof. A homeowner’s monthly solar PV lease payment— combined with the promise of a significantly reduced electric utility bill—is intended to be lower than the homeowner’s monthly utility bill prior to the PV solar installation.

The new venture, if successful, appears to provide a new channel for Hanwha SolarOne to sell its PV solar tiles into the American residential market.

Bruce V. Bigelow is the editor of Xconomy San Diego. You can e-mail him at bbigelow@xconomy.com or call (619) 669-8788 Follow @bvbigelow

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  • http://www.calldunrite.com Akron Roofing

    One of the largest problems we’ve seen in our many years of being an Akron roofer is that people want the payoff of photovoltaic solar tiles but don’t understand the upfront costs involved or the savings over time. I would love to see a program like the one you describe work it’s way to the midwest.

  • http://singleplyreroof.com David

    A plus roofing and solar a division of A plus quality construction san Diego ca (619)726-8108 web site aplusmetalbuildings.com has worked on many solar project throughout California mostly fair grounds Delmar fair grounds san Diego one mega watt, alameda county fairgrounds a mega watt , Santa Maria county fairgrounds 500 kw, bakers field county fairgrounds 500kw. Over three mega watts in Mexico.
    YouTube http://www.NewRoofSanDiego.com/

  • Scarlett Perry

    Note that this company is an upstart – there are dozens of local firms who have installed thousands of systems in San Diego.

    Yeah they got great coverage, but too bad it is inaccurate.

    This company specializes in chinese modules and these types of modules are NOT the first in the country. Hundreds of these systems exist in San Diego, let alone the nation.

    It’s easy to say you are going to hire 100 people, much different to do so.

  • http://www.xconomy.com/author/bbigelow/ Bruce V. Bigelow

    Thanks for your insight Scarlett. I would just note that I reported in today’s brief that the company demonstrated its first completed project in San Diego.

  • samayrageorge

    I would like to say that A plus Roofing and a solar division of A plus quality construction is good and effective and i would love to see a program like the one you describe work it’s way to the midwest.