Project Solar Raises $23 Million Series A to Expand its Low-Cost Digital Solar Offering

Project Solar announced the close of a $23M Series A financing round led by Left Lane Capital, with additional support from strategics within the industry. 

The investment represents the first institutional capital for the company and will help them scale their digital-first, direct-to-consumer offering in additional markets.

The company will also further invest in the development of its solar installation technology stack that sits across the entire solar process - from automated quoting to project management.

Founders Trevor Hiltbrand and Matthew Smith, with backgrounds in e-commerce and tech startups, set out to disrupt the solar industry by cutting out commissioned sales reps from the solar business model and increasing transparency and efficiency in the process.

With just a few inputs from customers, Project Solar instantly calculates your needed system size and corresponding price for your home's current electrical usage, all without talking to a sales rep. 

"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. 

"Solar has never been more attractive from an investment perspective, nor more needed from an environmental perspective," says Matthew Smith, President and Co-Founder of Project Solar. "Our online model allows us to offer top tier equipment, with warrantied professional installation, for industry leading low prices," Smith adds. 

"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, investor at Left Lane Capital.