Spruce Power partners with EnerWealth for first NC solar lease program

DENVER - Spruce Power Holding Corporation (NYSE:SPRU), a $27.11 million market cap renewable energy company whose stock has seen a strong 2% return over the past week despite a challenging year, has formed a partnership with North Carolina-based EnerWealth Solutions to launch the state’s first residential solar plus storage lease program, the company announced Thursday. According to InvestingPro analysis, the company appears undervalued at its current price of $1.52.

The program aims to provide North Carolina homeowners with solar energy access without upfront costs or credit checks. The lease model includes a production guarantee with maintenance and on-site battery storage for reliability.

Under the agreement, Spruce will provide operational infrastructure through its Spruce PRO channel, including billing, collections, homeowner support, and remote monitoring. This support will allow EnerWealth to focus on expanding its solar origination efforts.

"This new Spruce PRO customer win leveraged our decade-plus experience in management of our wholly owned residential solar assets," said Chris Hayes, Chief Executive Officer of Spruce. "The agreement is a great example of how our strength in servicing reduces project risk and helps secure financial backing for project development."

Ajulo Othow, CEO and Founder of EnerWealth Solutions, noted that the company is "committed to bringing clean energy opportunities to homeowners through our offering of the first solar plus storage lease in North Carolina."

Spruce Power currently manages approximately 145,000 residential solar assets nationwide and owns cash flows from about 85,000 home solar assets and contracts across the United States.

The partnership is expected to create a pipeline of solar and storage projects throughout North Carolina, according to the company’s press release statement.

In other recent news, Spruce Power Holding Corp reported its second-quarter 2025 earnings, highlighting significant revenue growth. The company noted improvements in its financial metrics, although it recorded a net loss for the quarter. These developments came amid the company’s ongoing strategic initiatives and operational efficiencies. Analysts have been closely monitoring these changes, with some firms providing insights into the company’s future prospects. The earnings report reflects Spruce Power’s efforts to strengthen its financial position despite the challenges. While the company did face a net loss, the focus on revenue growth remains a positive aspect for investors. The company’s strategic moves continue to be a point of interest in the industry.

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