Project Solar Raises $23 Million in Series A Financing; Plans to Further Develop its Solar Installation Technology and Expand Digital Offerings

A human skill-set tends to boast many valuable elements, and yet nothing in there can claim to be more important than our tendency of getting better on a consistent basis. You see, when you can improve under each and every situation, you become more and more likely to hit upon some huge milestones along the way. This dynamic is well-represented by a wide assortment of things that we have already achieved, with one notable demonstration coming from an idea called technology. Technology enjoys such a notable place in our lives mainly because of its outright unprecedented approach. However, it also talks to the manner in which the stated approach was executed, as that was really what realized a spectrum-wide presence for the creation. Interestingly enough, even after taking over the entire scene, technology will continue to scale up the picture in one capacity or the other. This dynamic, looking at one recent funding, should only get a tad stronger moving forward.

Project Solar, the leading e-commerce brand for solar installations, has successfully secured over $23 million in Series A financing. The round, which was led by Left Lane Capital, will look to finance the company’s bid of expanding its digital direct-to-consumer offerings. Apart from it, the newly-raised cash here will also be dedicated towards further development of the company’s solar installation technology stack that is used across the entire solar process. Since starting out in 2021, Project Solar has been all-about cutting back on the unnecessary middleman and automating majority of the ordering, design and installation procedures. By doing so, it allows itself to offer “dramatically lower” prices. To give a bit of context, Project Solar charges just $2.20 per watt on average for installations, and as low as $1.63 after federal incentives. These numbers, according to the Solar Energy Industries Association, are almost 25% cheaper than the market price. In case it’s still not economical enough for someone, the company also offers highly-feasible DIY packages for them.

“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.

While Project Solar has already made many significant strides, it is showing no signs of slowing down. Going by the company’s claims, it is well on the path to install 30 megawatts of solar this year, mostly in California and Texas. This, if done right, will have a say in realizing Project Solar’s ambition to top its 2022 installation figure by a factor of five in 2023.

“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, an investor at Left Lane Capital.

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