The Lehi, Utah-based residential solar industry youngster plans to bring 30 Megawatts online in 2022, then grow its deployment rate 5X in 2023 to 150MW, with a focus on price-conscious homeowners yet zero sales professionals
After most Utahns had gone home last Friday, Lehi, Utah-based Project Solar announced it had closed a $23 million round of Series A funding.
According to the company news release, the financing was led by Left Lane Capital, with additional participation from unnamed strategic investors in the solar industry.
The unique go-to-market strategy of the two-year-old residential solar company is via ecommerce versus door-to-door sales people, as the firm “set(s) out to disrupt the solar industry by cutting out commissioned sales reps from the solar business model.”
Project Solar claims that its direct-to-consumer ecommerce approach allows it to offer residential solar prices at an average of $2.20/watt versus the national average sale price of ~$3.90/watt.
"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.
In addition to taking a DTC/ecommerce-only sales approach, Project Solar also allows interested homeowners to lower their residential solar costs even further by agreeing to install their own solar panels.
Project Solar has also chosen to not have its own installation employees, but relies instead on partner organizations or homeowners to handle the installation.
"Our online model allows us to offer top tier equipment, with warrantied professional installation, for industry leading low prices,” said Matthew Smith, president and co-founder of Project Solar.
Project Solar defines itself as "a commission free solar sales, design, permitting and procurement company offering a digitally powered automated solar quoting and checkout experience, paired with full installation services through (its) proprietary network of contractors."