Palmetto enters New York residential solar market, adds PlugPV as a subsidiary

Palmetto

Clean energy marketplace Palmetto is entering the New York State residential energy market. Currently ranked 11th, the New York market typically ranks among the top ten U.S. solar markets, according to the Solar Energy Industries Association.

In New York State, $7.7 billion has been invested in solar (as of quarter 4, 2021) and to date, over 150,000 residential solar installations have been completed. This contributes towards New York State’s goal to use 70% renewable energy by 2030.

Palmetto’s platform is customer-driven. Interested clean energy customers get quotes and solar installers in their network get the leads, but Palmetto retains the customer relationship. Palmetto says its approach reduces soft costs and drives demand by offering lower prices and better service to consumers.

To accelerate its market penetration in the New York market, Palmetto joined up with New York-based operator PlugPV, now a Palmetto subsidiary. The company will be offering residential solar pricing and providing the option for electric vehicle charger installation. PlugPV’s leadership team will continue to operate autonomously in their operations while integrating Palmetto’s software capabilities.

“We are reaching a point whereby we’re extremely geographically diversified, which brings many benefits to our platform model,” said Chris Kemper, Palmetto Chairman, Founder, and CEO. “The solar market is a fluid policy environment, which can be difficult for operators without diversification. We welcome the expansion to New York which helps us take one more step towards a well-designed, diversified portfolio of geographical market distribution.”

“When we looked at market and product expansion, we found a tremendous synergy with one of the best-in-class operators, PlugPV, which we expect to maintain and support as a wholly-owned subsidiary and key partner in a handful of markets, including New York,” Kemper contonies. “It’s a meaningful partnership with best-in-class operations that can help us scale and deliver a better consumer experience.”

“We’re excited to join forces with Palmetto to bring best-in-class renewables to consumers across the country,” said Shane Nolan, PlugPV CFO & Co-founder. “Shifting the energy paradigm in the United States will take companies like Palmetto and ours working together to accelerate the transition to clean energy.”

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