LEHI, Utah, August 5, 2022 — Project Solar, the top online retailer for solar installations, announced the completion of a USD 23 million Series A financing round led by Left Lane Capital and included additional backing from influential business people.
The company’s first institutional capital funding will enable it to expand its direct-to-consumer, digital-first offering in new markets. The business will also continue to invest in advancing the technological stack for solar installation, which spans the entire solar process from automated bidding to project management.
According to Matthew Smith, president, and co-founder of Project Solar:
“Solar has never been more appealing from an investment viewpoint, nor more necessary from an environmental perspective. Our online business approach enables us to provide premium equipment with guaranteed professional installation at competitive pricing.”
Derek Urben, an investor at Left Lane Capital:
“With the entire Project Solar team, we are pleased to collaborate. The expansion of the business during the previous year speaks for itself. It has never been more advantageous for the consumer to consider solar as a comprehensive energy solution for their house due to growing energy bills and increased awareness of our influence on the environment. The adoption of technology by Project Solar has helped the company increase across the entire nation.”
More about the startup:
A commission-free solar sales, design, permitting, and procurement firm, Project Solar also provides complete installation services through its network of contractors in addition to an automated, digital solar quote and checkout process. Project Solar provides top-tier solar equipment and installation directly to consumers for a fraction of the average cost to accelerate the adoption of green energy through significant homeowner financial savings.
With experience in e-commerce and tech businesses, the founders Trevor Hiltbrand and Matthew Smith set out to disrupt the solar sector by eliminating commission-based sales representatives from the solar business model while enhancing transparency and efficiency. Customers only need to enter a few details, and Project Solar will determine the required system size and associated cost for your home’s current electrical usage
Project Solar can provide significantly reduced costs to customers openly and honestly by eliminating the commission-based salespeople, who frequently earn between USD 0.30 and USD 1.00/watt. While the national average sale price for residential solar energy stands around USD 3.90/watt, Project Solar sells on average for USD 2.20/watt.
The recent statement from President Biden about a two-year suspension of import taxes on panels from Cambodia, Thailand, Malaysia, and Vietnam, which is a big success for the solar industry and solar consumers alike, is followed by the Series A funding. With a current federal tax credit for 2022 equal to 26% of the project cost, federal incentives significantly reduce the cost of going solar.
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