In the closing of Series C funding, SunRun received $55 million for their renewable energy alternative for homeowner’s electricity. The financing round was led by Sequoia Capital and included Accel Partners and Foundation Capital. Series C funding followed SunRun and PG&E’s $100 million tax equity project financing agreement for SunRun installation in over 3,500 homes.
“For cleantech energy to become mainstream, it has to come with both financing and service,” said Warren Hogarth, a partner at Sequoia Capital. “SunRun is the company creating and leading this opportunity for residential solar. Their unique model puts solar within reach of the average American home owner.”
SunRun’s customer base has grown 400% in the past year, with over 4,500 home owners using the company for their solar electricity needs. SunRun owns the solar panels for its customers and takes on all responsibilities for the panels, including full maintenance, monitoring, repairs, insurance and a money-back performance guarantee. Additionally, its customers can look for more predictable monthly payments for the solar power and can control the rates they pay for their solar electricity over the next eighteen years.