Project Solar Raises $23 Million Series A to Expand its Low-Cost Digital Solar Offering
LEHI, Utah, Aug. 5, 2022 /PRNewswire/ -- Project Solar, the leading e-commerce brand for solar installations, today announced the close of a $23M Series A financing round led by Left Lane Capital, with additional support from strategics within the industry.
The investment represents the first institutional capital for the company and will help them scale their digital-first, direct-to-consumer offering in additional markets. The company will also further invest in the development of its solar installation technology stack that sits across the entire solar process - from automated quoting to project management.
Founders Trevor Hiltbrand and Matthew Smith, with backgrounds in e-commerce and tech startups, set out to disrupt the solar industry by cutting out commissioned sales reps from the solar business model and increasing transparency and efficiency in the process. With just a few inputs from customers, Project Solar instantly calculates your needed system size and corresponding price for your home's current electrical usage, all without talking to a sales rep.
Back in 2021 when the company launched, Project Solar targeted do-it-yourselfers with their DIY solar kits, but quickly pivoted their focus to full installation by creating an installer network covering 20 solar-friendly states. The installers within the network are vetted and fully managed by Project Solar, offering the customer the benefit of local labor and serviceability, while maintaining the warranty benefits, scale, and pricing advantages of a large national brand.
"At our pricing, solar is an amazing investment for nearly every homeowner in the United States. Nationally, our customers see an average ROI of 18% in the first year," says Trevor Hiltbrand, CEO and Co-Founder of Project Solar.
By cutting out the commissioned sales representatives, who often make anywhere from $0.30-$1.00/watt, Project Solar is able to offer dramatically lower prices to consumers in a transparent and upfront manner. Project Solar sells at an average of $2.20/watt while the national average sale price for residential solar hovers around $3.90/watt (source NREL).
The Series A funding follows the recent announcement from President Biden about a two year pause on panel import tariffs from Cambodia, Thailand, Malaysia and Vietnam, which is a huge win for the solar industry and solar shoppers alike. Federal incentives further drive down the cost of going solar with a current 2022 federal tax credit equal to 26% of the project cost.
"Solar has never been more attractive from an investment perspective, nor more needed from an environmental perspective," says Matthew Smith, President and Co-Founder of Project Solar. "Our online model allows us to offer top tier equipment, with warrantied professional installation, for industry leading low prices," Smith adds.
"We are thrilled to partner with the entire Project Solar team. The company's growth over the last year speaks for itself. With rising energy costs and more awareness of our climate impact, it has never been better for the consumer to consider solar as a complete energy solution for their home. Project Solar has adopted technology across the entire organization which has allowed the business to scale rapidly across the entire country," says Derek Urben, investor at Left Lane Capital.
Project Solar is on track to having 30 megawatts of solar installed this year, with the goal of installing 150 megawatts during 2023. With this additional funding and the continued trust that customers put into the brand, Project Solar is on its way to becoming the most trusted household brand in solar energy.
About Project Solar: Project Solar is a commission free solar sales, design, permitting and procurement company offering a digitally powered automated solar quoting and checkout experience, paired with full installation services through their proprietary network of contractors. With a mission to drive green energy adoption through substantial homeowner financial savings, Project Solar offers top tier solar equipment and installation directly to consumers at a fraction of the average cost. For more information, please visit https://projectsolar.io/.
About Left Lane Capital: Left Lane Capital is a leading New York-based global venture capital firm investing in high-growth internet and consumer technology companies. Left Lane's mission is to partner with extraordinary entrepreneurs creating category-defining businesses fundamental to the human condition and spirit. Previous investments include GoStudent, Masterworks, M1 Finance, Tovala, FightCamp, Wayflyer, Blank Street, and more. For more information, please visit www.leftlanecap.com.
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SOURCE Project Solar
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