Solar startup raises $21 million

Solaruse

A company that caught our eye recently is SolarCity, which just received $21 million during a third round of funding, bringing its total to just over $31M.

SolarCity, based in Foster City, CA near the Bay Area, provides solar power to homes and small-to-medium businesses at reduced prices compared to competitors. They do it by signing up a large number of residents at once and then contracting out the actual installation of the panels. VentureBeat calls them the “Swiss arms dealer” of the solar industry, in that they essentially take advantage of economies of scale.

The recent green movement has brought a lot of attention to energy-saving products. Solar power has been around for decades, and while it has yet to really take off, its usage numbers have been steadily rising: the demand for solar power has risen around 20-25% annually over the last 20 years. Much of this growth has been due to dropping technology costs and improvement in manufacturing methods. Perhaps this latest push to go green will be what causes solar power to become more popular. Regardless, startups like SolarCity are definitely helping the cause.

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