Amidst the rapidly evolving energy sector in the UK, Sunsave, a solar subscription company, is poised to capitalize on a growing demand for renewable solutions. With a significant infusion of capital, the organization aims to widen the deployment of its unique solar service model. This initiative not only addresses the financial barriers that have long hindered the adoption of solar technology but also aligns with broader trends towards sustainable energy consumption. As the UK market shows a heightened interest in solar alternatives, Sunsave’s efforts could mark a pivotal step in making solar accessible to a broader audience.
In a notable development in the past, Sunsave announced its initial foray into the solar market with a promising £0 upfront subscription model, which served as a key differentiator against traditional solar panel acquisition methods. Previously, solar adoption was stifed due to installation costs often exceeding £10,000, making Sunsave’s offering particularly appealing. The subscription service has seen widespread acceptance and has contributed to reducing household energy expenses. This positions Sunsave at the forefront of a market leaning towards eliminating the financial hurdles associated with solar energy.
How Will Sunsave Utilize the New Funding?
The recently secured £113M consists of a £13M Series A equity round led by investors including Norrsken VC and a substantial £100M debt facility from Crédit Agricole CIB. This financing is earmarked for expanding Sunsave’s rooftop solar service in England and Wales, particularly through its Sunsave Plus model. The company intends to develop an integrated platform combining software, hardware, and financial resources, aimed at enhancing household energy management.
“Sunsave was founded to make solar and battery storage accessible to all UK households,” said Alick Dru, co-founder and CEO.
What Does Sunsave’s Subscription Offer Involve?
Sunsave’s unique service eliminates upfront costs for solar installation, replacing them with a monthly subscription fee starting at £69. Customers benefit from immediate energy savings, with most experiencing net savings of over £685 annually. Unlike leasing models, Sunsave Plus ensures full ownership of the solar system by the customer from the point of installation, overlaid with 20 years of comprehensive monitoring, maintenance, and replacement services.
The service is reported to have achieved over 32% month-on-month growth since its inception in January 2024. Sunsave holds certifications from various bodies including MCS, Flexi-Orb, and TrustMark, which underpin its credibility in the renewable energy domain. As it stands, the company operates with 40 employees from its London base.
The strategic funding round and the associated expansion of services underline Sunsave’s mission to redefine energy consumption in UK households. The company’s commitment to offering economic solar solutions aligns with the ongoing shift towards renewable resources, amidst fluctuating energy costs.
The recent influx of capital positions Sunsave to significantly contribute to the renewable energy landscape, aiming for robust growth and broad accessibility. As the UK’s first FCA-authorized solar subscription service, it sets a precedent for innovative energy solutions in the region.
