Hometree is a residential energy services business combining hardware installation, financing, repairs and ongoing maintenance on a single platform. It operates a network of products and services under three business divisions (Installation, Financing, Service and Maintenance) to support the full lifecycle of sustainable homeownership. The company plans to use new capital to finance solar panels, batteries and heat pumps in 35,000 UK homes. With the funding in place, Hometree is focusing on financing its own installations and working with companies across the energy supply chain to make it easier for homeowners to choose renewable energy options. It is partnering with renewable installers, energy utilities and hardware manufacturers and has agreed terms with Project Solar, So Energy and myenergi. Hometree is based in London, UK. Hometree, founded by Simon Phelan who has a private equity background and expertise in engineering and finance, helps homeowners accelerate the transition to net-zero. The company offers zero-deposit leases and low-interest, long-term loans for solar panels and battery systems, with heat pump options due during the summer. Payment plans can run up to 25 years for solar panels and are structured so customers can often “pay as they save.” Leases include an ongoing service and maintenance guarantee as standard. Hometree aims to install over 28,000 renewable energy systems in the next two years to meet surging consumer demand. It recently secured a £250 million debt financing from Barclays to scale its lease and loan products and fund installations. Hometree aims to make heat‑pump installation, boiler care and replacement as easy as booking an Uber. The company offers installation and in‑life repair and maintenance services alongside financing products and insurance services. It claims a network of more than 5,000 installers while owning seven installer businesses after recent acquisitions. Hometree has bought North Shields‑based Geowarmth and Kent‑based The Little Green Energy Company, which together have installed around 12,500 renewable systems over the last 10 years, employ 55 people and report combined revenues of £15 million. The business says the acquisitions and its financing capabilities will let it scale quickly through M&A to support homeowners in decarbonising their homes. Hometree positions itself to challenge incumbents such as Homeserve and British Gas as the UK market for heat pumps expands. The company cites the UK target of installing 600,000 heat pumps a year by 2028 while noting recent installation rates remain far below that level. Hometree operates as a residential energy services challenger, originally active in the home emergency insurance/home cover market providing emergency heating, plumbing and electrical repairs. The company has shifted to supporting the lifecycle of sustainable homeownership, helping homeowners install, manage and finance renewable energy solutions to run their homes in a carbon-neutral way. Hometree raised $46M in a Series B to fund expansion and broaden its business reach. The business is led by Founder and CEO Simon Phelan. As part of its growth strategy the company acquired BeWarm, a green home improvement financing platform. BeWarm partners with local installers to offer Heat Lease Plans, mortgage further advances, and Green Home Loans to homeowners. Hometree is a tech-first home services company that began in the home heating market and has expanded into home cover/home emergency insurance. The company offers challenger home cover products marketed with a “No Claims, No Price Hikes” message and has struck exclusive partnerships with Good Energy, Pure Planet and So Energy. Demand accelerated during the COVID-19 lockdown, the business says, and it expects year-on-year growth in 2020 to be greater than 300%. Hometree reports few customers cancelling direct debits during lockdown and that its engineers were classified as key workers to attend emergencies. The company plans to harness IoT and smart-home hardware to move from a reactive to a proactive customer experience. Founder & CEO Simon Phelan has said the objective over the next 2–3 years is to become the leading challenger brand in the home cover market.

Total raised

$464M

Funding rounds

8

Latest round

Debt Financing

Latest activity

Oct 2024