Why We Invested in Palmetto
Making Reliable, Affordable Energy Accessible to Every Home
At Greensoil PropTech Ventures, we invest in transformative companies that digitize and decarbonize the built environment.
Palmetto is taking on one of the defining challenges of the decade: making clean, reliable, and affordable energy accessible to ordinary homeowners. As electricity demand climbs and household energy bills rise, the way families power their homes is being rewritten, yet for most, the upfront cost and complexity of going solar have long kept it out of reach. Palmetto is changing that.
Founded in 2010 and headquartered in Charlotte, North Carolina, Palmetto has built one of the leading consumer energy platforms in the United States. Through a digital-first, software-enabled marketplace, it connects homeowners with a curated network of certified local installers and offers a full suite of home-electrification products - solar, battery storage, HVAC, heat pumps, and more, with no upfront cost to the consumer. Today the platform serves more than a million customer accounts across 20-plus states and works with national partners including Lowe’s, Rocket Mortgage, and Carrier. The result is a simple, transparent, and genuinely affordable path to lower energy bills.
But Palmetto is far more than a solar company. It is becoming the operating system for home energy - a platform that owns the customer relationship across the entire lifecycle, from discovery and financing to installation and decades of ongoing service. For us, backing Palmetto means backing a future where clean energy is the easy, obvious, and affordable choice for every household.
A Market at an Inflection Point
The way homeowners power their homes is undergoing a structural shift, and Palmetto sits at the center of it, powered by several strong tailwinds:
1. Rising electricity demand and rates. After decades of flat consumption, U.S. electricity demand is climbing sharply - driven by the electrification of heating, cooling and transport, reshoring, and the build-out of AI and data centers. At the same time, residential rates keep rising, and the home becomes a hub for generating, storing, and managing power.
2. A shift toward subscription models. Market and policy changes are accelerating the move away from large upfront purchases toward subscription-style models in which homeowners pay nothing upfront.
3. A consolidating, under-penetrated market. Residential solar penetration remains in the single digits, leaving an enormous runway, even as the field of credible national platforms has narrowed.
4. Large adjacent markets. Beyond solar, the residential HVAC and heat-pump market is many times larger - a natural extension of Palmetto’s platform and existing customer base.
Palmetto meets this moment by giving homeowners a single, accountable partner for the entire home-energy journey, and by giving installers and manufacturers a powerful, low-friction channel to reach them.
Navigating a Shifting Policy Landscape
Recent federal legislation reshaped the economics of residential clean energy: the credit that subsidized homeowners who buy a system outright has been wound down, while support for the subscription-style models that Palmetto specializes in was largely preserved. The near-term effect plays directly to Palmetto’s strengths, accelerating the shift toward the no-upfront-cost model, as it has pushed several purchase-focused competitors onto the back foot.
Rather than treating today’s favorable rules as permanent, Palmetto has moved early to lock in eligibility and equipment economics for a large pipeline of future projects ahead of the changes. In parallel, it is broadening its mix across more states and into adjacent products such as HVAC and storage that stand on their own economics, and it has set a clear goal of becoming subsidy-independent.
Technology as the Differentiator
At the core of Palmetto’s platform is a proprietary technology stack that is its true competitive moat. An open, API-first architecture lets the company onboard new sales, design, and installer partners in weeks rather than months, and a configurable pricing engine lets it respond to local markets and incentives in real time. This is what allows Palmetto to operate with a remarkably lean, capital-efficient cost structure and to scale far faster than vertically integrated competitors.
Just as importantly, Palmetto’s growing base of connected, monitored assets generates a continuous stream of real-world energy data. That data powers better system design, proactive service, and a personalized app experience for homeowners, and it compounds over time, deepening the company’s advantage and opening the door to a widening set of products and services it can offer the customers it already serves.
A Proven Operator in a Demanding Market
What gives us conviction is execution. Palmetto has scaled rapidly into a clear category leader while keeping its operating model strikingly lean. It has earned strong industry recognition for product quality and customer service, and it has attracted a roster of blue-chip backers and capital partners, including TPG Rise Climate, Social Capital, Greycroft, ArcTern Ventures, Shell Ventures, and Generac, alongside leading financial institutions. That combination of growth, discipline, and institutional support is rare, and it is exactly what we look for.
Why It Matters
Decarbonizing the built environment is one of the most important levers we have against climate change, and residential energy sits in the critical path.
According to Palmetto’s 2025 Annual Shareholder Letter, in 2025 alone, the company produced 1,134 GWh of clean electricity, and avoided an estimated 1.68 billion pounds of carbon emissions. Distributed residential energy of this kind does more than cut a single household's bill. It reduces transmission losses, eases strain on an aging grid, and puts clean, affordable power within reach of more American homes. That is precisely the kind of climate outcome we look to back.
We’re proud to welcome Palmetto to our growing portfolio and excited to support the team as they scale into their next phase of growth.
Gideon Soesman is a Co-Founder and Managing Partner and Dana Goldman Szekely is a Partner at Greensoil PropTech Ventures (“GSPV”), a Toronto-based venture capital firm investing at the intersection of technology and the built environment. GSPV is proud to be an investor in Palmetto and to support the company on its path to becoming the consumer energy platform for every home