Residential solar company SunRun closed a Series B round of funding for $18 million led by Accel Partners and joined by existing investor, Foundation Capital.
The San Francisco-based company, founded in 2007, said it plans to use the funding to expand into new markets.
SunRun expanded its solar-as-a-service business to Massachusetts and Arizona in early 2009.
SunRun provides turnkey residential solar systems with minimal
start-up costs as low as $1,000. Customers do not own the systems, but
instead buy the electricity at a fixed rate from SunRun.
This funding round follows U.S. Bancorp’s (NYSE: USB) commitment in November 2008 for project financing for up to $105 million in solar facilities and a $12 million Series A financing led by Foundation Capital in June 2008.
Accel Partners is also an investor in the popular social-networking
site Facebook, and it is expected that Accel will assist SunRun in
online marketing efforts.
"Getting solar is one of the most important things homeowners can do to make a positive impact on their local environment and monthly expenses," said Ed Fenster, CEO of SunRun. "Most people don’t have $30,000 to spend on solar equipment or want to worry about taking care of a $50,000 asset. SunRun makes solar a reality for people who wouldn’t otherwise have considered it."
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