Vivint Solar Raises $540 Million
Vivint Solar has raised $540 million in funding to help funding residential solar projects in the U.S. Based in Provo, Utah, Vivint Solar is the second largest residential solar installer in the U.S. Vivint Solar designs, monitors, and installs solar systems without upfront costs to home owners.
One of the major reasons why the solar market has not been embraced by everyday consumers is because of the upfront costs for buying, installing, and maintaining solar projects. Some of Vivint Solar’s competitors include Sunrun and SolarCity.
This past August, Vivint raised $200 million in tax equity financing in August. Vivint Solar competitor Sunrun raised $630 million this past June. And SolarCity raised $455 million before going public this past December.
Vivint Solar has operations in California, Hawaii, New Jersey, New York, Washington D.C., Massachusetts, and Maryland. Vivint Solar is a part of a larger home automation company called Vivint.
Vivint sold over 50% to Blackstone Group earlier this year for $2 billion. Vivint launched their solar program in 2012 and has a goal of hitting 10,000 solar managed homes by 2013.