Sunsave, based in the UK, has successfully raised £5.4 million in seed funding to launch the UK’s first solar subscription service. This round, led by Europe’s leading impact venture capital fund Norrsken, known for its investments in Northvolt, Material Evolution, and Granular Energy, marks a significant step towards making solar energy more accessible to UK households.
Despite the growing interest in solar energy among UK households, the high initial costs have limited the installations to only 4% of homes. The average cost of installing such a energy system is over £10,000, a challenging figure considering nearly 50% of UK households have less than £5,000 in savings. Sunsave’s innovative subscription model aims to overcome this barrier.
Sunsave’s Vision and Funding Details
Founded in 2022 by Oxford University alumni Alick Dru and Ben Graves, the startup intends to use the funds for commercializing its subscription model and product development. This model allows for additional savings to be generated from demand flexibility. The round also saw participation from angel investors, including Stuart Rose (Chairman of Asda), Michael Spencer (Founder of Nex Group/ICAP), Roland Rudd (Founder of Finsbury), and Bill Nussey (Author of ‘Freeing Energy’).
Expanding the Team and Enhancing the Service
The Company plans to grow its team with experts from the energy and personal finance sector. Recent additions include marketing director Russell Smith (formerly of Monzo and Wise), chief of staff Alfie Ireland (formerly OVO Energy), and product manager Helen Taylour (early team member of Bulb).
The Subscription Model: A Long-Term Solution
Sunsave’s subscription model offers a 20-year guarantee, covering ongoing monitoring and maintenance. This approach addresses critical gaps in the renewable energy market, such as financing, installation quality, and aftercare. Customers can enjoy hassle-free installation, immediate energy savings, and monthly payments starting from £69 without any upfront costs.
Founders’ Statements on the Mission
Alick Dru, co-founder at Sunsave, emphasized that their model demonstrates to UK consumers that being green doesn’t have to be a choice between the environment and one’s pocket. Ben Graves, co-founder at Sunsave, expressed their ambition to help the country get to net zero by revolutionizing green finance and making renewable power accessible to all UK households.
Agate Freimane, founding General Partner at Norrsken VC, praised the new offering for removing the cost barrier in the green transition. Bill Nussey, an industry leader, also recognized the pent-up demand for rooftop systems in the UK and Sunsave’s unique position to unlock this opportunity.
Paving the Way for Sustainable Energy
The significant investment round and the launch of the UK’s first subscription service mark a pivotal moment in the country’s journey towards sustainable energy. This innovative model is set to make renewable power more accessible and affordable, contributing to the UK’s path to a cleaner, more sustainable future.