The startup argues that it can shake up the residential solar business by steering clear of sales reps and automating parts of the ordering, design and installation process.
Backed by $23 million in fresh Series A funding led by Left Lane Capital, Project Solar says it is on track to install 30megawatts of solar this year, mostly in California and Texas. The startup wants to have an installation figure of five in three years.
It was only a matter of time beforeTesla saw its marketshare slump. Sunrun has more than 100 sales jobs listed on its website and is the top residential solar brand. Project Solar isn't as active as the industry leader, so why would they cut out salespeople?
The selling comes down to price. After federal incentives, the startup charges as little as $1.63 per watt for installations. It is 25% cheaper than the national average of $2.94 per watt in 2021. The startup characterizes it as "dramatically lower", but it's more of an opinion than a fact. Project Solar has cheaper options for people who are handy.
Marking up equipment prices is one of the ways Project Solar makes money. The company says it can cut time needed for things like system design, permitting and coordinating contractors by using in-house software. There are about 40 hours of work involved in the back-end process for each sale. There is a tool in the firm's software that has reduced engineering time from 3 hours to 30 minutes.
The Series A will be used to expand in the Midwest and South. Project Solar wouldn't say who contributed to the funding round, but said they were strategic in the industry.
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