Project Solar Raises $23 Million Series A For Digital Solar Offering Expansion

Project Solar, a US based and America focused firm for solar installations, has shared that it has concluded a $23M Series A financing round. New-York based capital venture firm, Left Lane Capital, led the round along with strategics from the industry.

The investment will be the first institutional capital for Project Solar that will be used to expand its digital solar offering. The company will be making an investment towards a solar installation technology stack, right from automated quoting to project management.

The company claims that it can immediately arrive at the needed system size and suitable price for a home’s current electrical usage, without a sales rep. Launched in 2021, the installers are vetted and managed by the company, says Project Solar while also adding that the customer offering gets the advantage of local labor and serviceability, while being able to retain 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.

As per NREL (National Renewable Energy Laboratory), Project Solar makes an average of $2.20/watt (as against the national average sale price for residential solar around $3.90/watt), a reality.

The Series A funding comes close on the heels of the recent news from President Biden about a two-year pause on panel import tariffs from CambodiaThailandMalaysia and Vietnam. The solar industry stands to gain from this announcement.

“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 boasts of having 30 megawatts of solar installed in 2022 so far. It is currently eyeing the target of installing 150 megawatts in the following year.

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