Portfolio Growth and Acquisition
Spruce Power increased its portfolio to approximately 85,000 home solar assets and customer contracts across 18 states, including the acquisition of a residential solar portfolio from NJR Clean Energy Ventures, adding 9,800 systems and expanding presence in New Jersey.
Operational Efficiency Improvements
Spruce reconnected 4,800 systems, reduced ticket cycle times, cleared 10,000 backlog service tickets, and improved customer satisfaction scores to 83% in 2024, up from 74% in 2023.
Launch of Third-Party Servicing Channel
Spruce successfully launched Spruce Pro, a third-party solar servicing platform, gaining a significant servicing agreement with ADT Solar covering approximately 60,000 systems.
Financial Stability and Cash Flow
Spruce Power continues to generate stable, predictable cash flows due to its unique business model focused on existing solar assets, with a total cash balance of approximately $109.1 million at the end of the fourth quarter.