Sunsave, a UK-based solar subscription service, says it has raised £113 million to scale its platform. The Series A funding round was led by Norrsken VC and IPGL and included a £100m debt facility from Crédit Agricole CIB to fund customer installations.
Other investors include Clearance Capital and early employees from Wise. Returning investors include Lord Michael Spencer (founder of ICAP), Lord Stuart Rose (Non-Executive Director, and former Chairman of Asda), and Roland Rudd (founder and Chairman of FGS Global).
The funding round was said to be oversubscribed, with existing investors participating in the follow-on or even increasing their holdings.
The company states that it is the first of its kind to gain Financial Conduct Authority (FCA) approval.
Sunsave aims to supply UK households with rooftop solar panels. A turn-key operation, Sunsave says it provides software, hardware, and financing to help homes become more energy self-sufficient. Going forward, the intent is to add EV chargers, heat pumps, and more to generate more business.
Sunsave was founded in 2022 by Alick Dru and Ben Graves. It was launched based on the premise that approximately 70% of households would consider installing solar panels, but the holdback is the cost.
Sunsave reports that it has grown over 32% month-on-month since launching its subscription service in January 2024. Fixed payments currently start at £69 per month. Estimated net savings on energy bills are around £685 a year. Customers are said to have full ownership of their system upon installation.
COO Graves says their progress indicates there is massive pent-up demand for their service. Addressing the up-front cost has aided their growth.
“Our customers don’t just want solar for the environmental benefits. Going solar can save you real money and help protect you from volatile energy bills. This funding validates our vision of making clean energy accessible and cheap to every UK household. We’re not just selling solar panels – we’re rebuilding the relationship between households and energy, making it more affordable, sustainable, and customer-centric.”
Agate Freimane, General Partner at Norrsken VC, states, “Sunsave has cracked the code on making affordable solar a reality for the mainstream.”