Sunsave is a UK-based energy startup that aims to make solar panels and battery storage accessible and affordable for UK households. The company’s primary offering is a unique solar power subscription service, known as Sunsave Plus, which removes the significant upfront costs typically associated with installing solar systems. Sunsave recently raised £113 million in new funding.
Sunsave’s “Sunsave Plus” subscription service directly tackles this by offering:
— Zero upfront cost – Eliminated the significant initial investment for homeowners.
— Fixed monthly payments – Makes solar energy costs predictable and protects against volatile energy price fluctuations.
— Comprehensive package – Includes the design, supply, installation, 20 years of monitoring, maintenance, replacement parts, and insurance.
— Full system ownership – Customers own the system from day one, unlike some traditional lease schemes.
— Immediate savings – Customers are expected to save on their energy bills from the moment the system is active, with monthly savings often exceeding their subscription payments.
— Retaining export earnings – Homeowners keep 100% of the income generated from selling excess energy back to the grid.
The funding is structured as follows:
— £13 million in Series A equity funding: This round was co-led by Norrsken VC and IPGL, with additional backing from investors like Clearance Capital and early employees from fintech unicorn Wise. Existing investors also increased their commitments.
— £100 million debt facility from Crédit Agricole CIB: This debt facility is specifically designed to support the rollout of Sunsave’s solar subscription model to tens of thousands of households.
The debt financing was designed to directly fund the installation of Sunsave’s solar and battery systems for tens of thousands of households.
Sunsave was founded in 2022 by Oxford alumni Alick Dru and Ben Graves. The company has already seen rapid adoption since launching its subscription service in January 2024, reporting over 32% month-on-month growth.
How the funding will be used: This funding will enable Sunsave to meet rapidly growing demand for its “Sunsave Plus” solar subscription service, which offers solar panels and battery storage with no upfront cost in the UK. And the company also plans to expand its offerings into other home energy solutions like EV chargers, heat pumps, and advanced energy management software, moving towards its vision of becoming an all-in-one home energy platform.
With this new funding round, Sunsave is not just looking to expand its solar subscription service. And its long-term ambition is to become the UK’s first all-in-one home energy platform. This expansion roadmap includes integrating:
— EV chargers
— Heat pumps
— Advanced smart home energy management software to optimize energy tariffs and help balance the national grid.
