5/16/2011

MOORESVILLE, NC and OAKLAND, C

Lowe’s, the world’s second largest home improvement retailer, and Sungevity, the nation’s fastest growing residential solar company today announced a new agreement that will offer homeowners the easiest and most affordable solar solutions in the marketplace, marking a significant step in the mainstream adoption of residential solar. Through the agreement, Lowe’s will provide consumers with Sungevity’s quick, easy and proprietary iQuote, a process that utilizes satellite images and aerial photography to calculate a same-day, firm installation estimate, eliminating the need for a home visit. As part of the interactive, in-store experience, consumers will be able to view a rendering of the proposed installation and get a firm understanding of the cost-savings related to Sungevity’s innovative solar lease program. Customers typically experience an immediate savings on their electricity bills through Sungevity’s solar lease, which includes monitoring, maintenance, repairs, insurance, and a money-back performance guarantee. Additionally, as part of the agreement, Lowe’s has taken an equity position in Sungevity.

“I am thrilled about the potential of reaching Lowe’s 15 million weekly customers at their more than 1,750 retail locations, with Sungevity’s services,” said Andrew Birch, chief executive officer, Sungevity. “This partnership marks a major acceleration point in our mission to make solar power easily accessible and affordable to homeowners nationwide.”

“Lowe’s has always delivered innovative energy solutions for our customers and we are seeing an increased demand for solar solutions,” explained Patti Price, senior vice-president, merchandising, Lowe’s. “Lowe’s new partnership with Sungevity responds to customer demand by providing a convenient and affordable process for going solar.”

The partnership will commence with interactive Sungevity branded displays in select Lowe’s stores, beginning Summer 2011, and continue to roll-out at all Lowe’s stores in states where Sungevity provides services. Sungevity currently operates in eight states, including Arizona, California, Colorado, Delaware, Maryland, Massachusetts, New Jersey and New York.

About Lowe’s
With fiscal year 2010 sales of $48.8 billion, Lowe’s Companies, Inc. is a FORTUNE® 50 company that serves approximately 15 million customers a week at more than 1,750 home improvement stores in the United States, Canada and Mexico. The U.S. Environmental Protection Agency (EPA) has named Lowe’s winner of the ENERGY STAR® Sustained Excellence Award in Retail for the second consecutive year, the ninth ENERGY STAR honor for the company’s industry-leading commitment to energy efficiency. Founded in 1946 and based in Mooresville, N.C., Lowe’s is the second-largest home improvement retailer in the world. For more information, visit Lowes.com.

ABOUT SUNGEVITY
Sungevity, Inc. is a technology-driven solutions provider, offering exceptional service and choice to residential and commercial solar energy customers. Sungevity’s asset-light business model focuses on value-added in-house services for software platform development, project management and customer experience; this focus is enabled by a strong, scalable network of third-party providers for asset-intensive and/or lower margin provision of hardware, installation services and financing. Sungevity’s disruptive and competitive model delivers greater value directly to customers and, for stockholders, captures immediate financial value at the time of sale.

CONTACT:

John Ordoña
Sungevity, Inc.
(510) 496-5673
jordona@sungevity.com

Posted by Sungevity