Sungevity, the nation’s fast growing supplier of residential solar installations, declared that it has canvassed for an added $15 million for its Series C funds directed by current investors such as Firelake Capital, Greener Capital and the new Brightpath Capital Partners. The total amount raised exceeds $25 million and this would support its goal of spreading reasonably priced solar for homeowners all over the nation the next year.
George Battle, a board member of Sungevity, who also is on the board of other companies such as LinkedIn, Netflix and OpenTable, stated that Sungevity’s highly efficient and unique internet business representation is validated by the sustained support from both new and old investors. Widespread resources would facilitate the company to provide an explosive market for solar leases, which would help US homeowners to benefit from solar systems without paying the full cost of the systems. IDC Energy Insights has released a new report stating that the number of solar installations in the North American region is expected to be double in 2011 and the market share would be increased by almost 50% for companies providing solar leases and power purchase agreements to commercial property and residential owners.
Sungevity has sold more than ten-fold of kilowatts in 2010 as it provided solar leases to customers and its market position grew from 0.4% to 2.9%. To facilitate this growth Sungevity has increased its staff and also created several indirect jobs for its solar installer network. According to Sungevity’s Founder, Danny Kennedy, the company had provided an easy and cost-effective solution for the typical homeowner to change to solar. The company was unique as it was the only company to supply a solid quote inside 24 hours without a visit to the site and thus has eliminated obstacles to mass adoption of solar power in the US.
Sungevity has entered into new markets in Arizona, Southern California and Colorado regions helping around 1000 homes to adopt solar technology. Sungevity was also the main force behind President Obama’s endeavor to install solar in the White House and also influenced President Mohamed Nasheed of Maldives, who invited Sungevity to install solar units on his white house. The benefits reaped every year by the solar systems installed would offset 4824 tons of CO2, and the planting of 28.6 thousand trees.