ImpactAlpha, August 8 — Nearly half of American homeowners want to install solar panels in their homes, but high upfront costs are prohibitive. Lehi, Utah-based online solar startup Project Solar launched last year to offer a cheaper option by cutting out commissioned sales representatives.
The company supplies a network of installers in 20 U.S. markets with solar panels, which come with an app that reports data to help homeowners manage their systems. The company says the model cuts the price of solar installation by half. “Nationally, our customers see an average ROI of 18% in the first year,” said Project Solar’s Trevor Hiltbrand.
Project Solar will use the investment to expand its business in the South and Midwest. “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,” said Derek Urben of Left Lane Capital, which led the Series A round.