Project Solar is an online-only residential solar seller that avoids door-to-door sales and uses software to automate ordering, design and coordination with contractors. The company does not manufacture panels or employ installation crews; instead it marks up equipment (using volume discounts) and coordinates third-party installers. Project Solar says its software reduces engineering/CAD time from three hours to 30 minutes and claims cutting out salespeople saves as much as $1 per watt. It reports charging about $2.20 per watt on average and as low as $1.63 after federal incentives. The startup is on track to install 30 megawatts this year and aims to exceed its 2022 installation figure by a factor of five in 2023. Revenue comes primarily from equipment markups and operational efficiencies enabled by its in-house tools. Project Solar plans to use the Series A proceeds to expand into the Midwest and South and to continue developing its software.

Total raised

$23M

Funding rounds

1

Latest round

Series A

Latest activity

Aug 2022