- Omnidian, the only nationwide provider of residential and C&I solar system protection plans and performance guarantees, announced it raised $15 million
Omnidian is the only nationwide provider of residential and C&I solar system protection plans and performance guarantees. Recently, Omnidian announced it closed $15 million in funding. This round of funding was led by New York-based insurtech venture capital firm IA Capital.
The additional investors in the round include the venture capital arms of major utilities Evergy, National Grid (National Grid Partners) and Avista Corp. And Blue Bear Capital, Congruent Ventures and City Light Capital also joined this round.
With this round of funding, Omnidian is going to continue to support its multiple Fortune 1000 clients’ residential lease portfolios and grow its Elite Dealer Program. The Elite Dealer Program enables residential solar dealers to include Omnidian’s comprehensive system protection and cash-back performance guarantees all cash and loan customers for only $300 for the first year.
“We know that risks associated with solar systems underperforming can keep potential solar purchasers from taking the plunge,” said Omnidian CEO Mark Liffmann. “Home and business owners want the assurance that solar will deliver as promised, and Omnidian’s performance guarantee gives consumers that peace of mind. We look forward to working with our investors and leading dealers across the U.S. to accelerate the adoption of solar as it moves into mainstream markets.”
As the service is bundled, Elite Dealers is able to differentiate themselves in the market and offer customers cash-in-hand protection for any unexpected dips in annual system performance. And homeowners are able to renew their subscription to the program for under $13 per month.
In recent years, solar loans have emerged as the predominant financing solution for residential solar systems. And now nearly 70% of all solar purchases are made through cash and loan payments, according to Wood Mackenzie Power & Renewables. Plus Omnidian’s new Dealer Program fills a major gap in the modern solar market by providing professional 24/7 monitoring, service alerts, and a cash-back performance guarantee to new solar homeowners.
This round of funding will help accelerate Omnidian into new geographic across the country including New York and California. And it will expand the company’s reach to dealers representing over 75% of the U.S. solar market.
“As the utility business model continues to evolve, we see major business opportunities for companies that are helping to smooth the transition to a smart, distributed grid,” added Evergy Ventures managing director Ashwin Shashindranath. “Omnidian is playing an important role in the growth of distributed solar energy as customers increasingly seek to control their energy futures. Firms like Omnidian that are able to de-risk these new smart energy solutions for homeowners will have a distinct advantage in the market.”
Omnidian is also serving the residential lease portfolios of its Fortune 1000 clients nationwide and set up more than 75,000 residential solar systems today.
“Omnidian has the market insight to recognize that asset management solutions are necessary for solar to reach the mainstream,” explained National Grid Partners VP of Incubation Dillon McDonald. “At National Grid, we strive to stay a step ahead of emerging trends in distributed generation expansion and information technology, and we see the opportunity for management solutions like Omnidian’s to contribute to a more well-balanced and efficient grid in the long-term.”
It’s also worth mentioning that Omnidian is supported by the DOE SunShot Program, which is known for accelerating the development of highly impactful solar technologies.
“IA Capital sees tremendous value in Omnidian’s team and technology platform. We believe they’re poised to not only become the dominant solar performance assurance provider in the United States, but also expand their services to disrupt market verticals outside of solar,” noted IA Capital partner Rick Viton. “We look forward to leveraging our insurtech expertise and relationships to help them grow their business in the coming years.”
Solar dealers can contact Omnidian’s VP of strategic alliances Tom Staples (tstaples@omnidian.com) if they are interested in protection plans for their solar customers.
