SunRun, Inc., a San Francisco, CA-based home solar company, closed a $55m Series C funding.
The round was led by Sequoia Capital, with participation from existing investors Accel Partners and Foundation Capital.
The company, which currently has over 4,500 home solar customers across five states – Arizona, California, Colorado, Massachusetts and New Jersey, will use the new capital to expand into new U.S. markets.
SunRun provides a service that allows homeowners to switch to solar electricity paying monthly and locking in low rates for 18-20 years. The company takes on the responsibilities of owning solar panels, including full maintenance, monitoring, repairs, insurance and a money-back performance guarantee for every customer. Customers control the rates that they’ll pay for home solar electricity over the next 18 years to avoid costly utility rate increases in the future.
This round follows an announcement by SunRun and PG&E Corporation earlier this month of a $100m tax equity project financing agreement to fund the company’s installation of more than 3,500 new home solar installations across the nation.