Sungevity, the Oakland-based solar leasing firm, announced a deal Monday with Lowe’s, the big box home improvement company that operates more than 1,725 stores in the United States, Canada and Mexico.
The deal gives Lowe’s an undisclosed equity stake in Sungevity believed to be worth at least $5 million. Lowe’s did not immediately return calls for comment.
Under the agreement, Lowe’s will provide Sungevity’s “iQuote” to customers in its stores. The iQuote uses satellite imagery to give homeowners an aerial view of how solar panels will look on their roofs, a firm price quote and financing options — all without the need for a home visit.
Sungevity-branded displays will be visible in 30 Lowe’s stores in California starting this summer and will then roll-out to all eight states where Sungevity provides services. Besides California, Sungevity currently operates in Arizona, Colorado, Delaware, Maryland, Massachusetts, New Jersey and New York.
“It’s exciting to get in front of all of that foot traffic,” said Sungevity founder Danny Kennedy said in an interview. “Our goal at Sungevity is to bring solar to the mainstream, and Lowe’s is a mainstream retail outlet that is very focused on the customer experience. This sets the stage for solar’s mass adoption.”
In 2009, Lowe’s announced a plan to sell do-it-yourself solar systems from Akeena Solar, but it never caught traction with customers.
Contact Dana Hull at 408-920-2706. Follow her at Twitter.com/danahull.
