One Block Off the Grid (1BOG), the nation’s largest solar group discount company and consumer advocate has closed a $5 million round of Series A financing from venture capital firm New Enterprise Associates (NEA).
Since late 2008, 1BOG’s innovative model to provide group discounts and vendor-agnostic advice, have helped bridge the gap between homeowners and solar installers. The company is responsible for the installation of around 600 residential solar electric systems to date. The financing will support 1BOG’s national expansion strategy to rapidly boost US adoption of residential solar.
For every regional campaign, 1BOG selects an ideal installer partner,
based on their pricing, track record of quality installations, reliable
warranties, premium products and a viable business model. 1BOG
organizes interested homeowners into a large solar buying group to
negotiate lowest solar group discount rates from the installer partner
so that community members can enjoy the best deal for solar power
without having to become solar experts themselves. 1BOG was founded in
2008 in San Francisco, California and was incubated at Virgance.
"1BOG’s team has applied a unique yet simple approach to solving the solar market’s incumbent challenges, one that taps into the power of community and makes solar more accessible for American homeowners," said Ravi Viswanathan, General Partner at NEA. "We believe this company provides the solar industry’s missing link; scaling 1BOG’s model will create a tipping point for mass adoption of residential solar energy."
1BOG says that by providing unbiased support for homeowners interested in solar, it empowers people to make sound investments in money- and energy-saving technology.
"The financial and environmental benefits of solar are well documented, but residential adoption is still less than 1%. By simply applying transparency to pricing and process, 1BOG has the potential to modernize, and turbo-charge the solar industry," said Dave Llorens, CEO 1BOG. "Our ability to secure Series A funding in a tepid economic climate is testament to our sound strategy to meet consumer demand for clean energy while strengthening overall public perception and support of solar."
New Enterprise Associates, Inc. (NEA) (www.nea.com) has approximately $11 billion in committed capital. The firm invests in information technology, healthcare and energy technology companies at all stages in a company’s lifecycle.
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