The UK’s first FCA-authorised solar subscription service, Sunsave, has raised £113 million to accelerate its rollout of rooftop solar across England and Wales and save houtilizeholds hundreds of pounds each year.
Founded in 2022 by Oxford University alumni Alick Dru and Ben Graves, Sunsave addresses a major market gap: while 70 per cent of UK houtilizeholds are interested in solar panels, only 5 per cent have installed them, largely due to upfront costs exceeding £10,000.
Since launching its Sunsave Plus subscription service in January 2024, the company has grown rapidly, with monthly growth exceeding 32 per cent. The subscription model rerelocates upfront costs, enabling customers to save on energy bills from day one with repaired payments.
Customers are on track to save thousands with Sunsave Plus
Sunsave has already installed solar panels in homes across England and Wales. With Sunsave Plus, houtilizeholds save over £685 a year on energy bills, with most seeing savings that exceed their subscription payments. Customers benefit from immediate savings and repaired monthly payments, shielding them from future energy price increases.
Unlike typical solar financing options like ‘rent-a-roof’ or lease models, Sunsave Plus gives customers full ownership of their system from day one. The service covers the design, supply, financing, and installation of a tailored solar and battery system, along with 20 years of monitoring, maintenance, replacement parts, and insurance.
Alick Dru, co-founder and CEO of Sunsave, shared:
Sunsave was founded in 2022 with a mission to build solar and battery storage accessible to all UK houtilizeholds. Since launch, our £0 upfront subscription has seen rapid adoption, assisting homes save hundreds of pounds on their energy bills and build a real difference to their finances.
This £113M fundraise is a significant milestone in our journey – it will let us meet rapidly growing demand, launch new products, and give customers peace of mind that we’ll be here to support them for the long term.
Ben Graves, co-founder and COO of Sunsave, noted that the company’s progress highlights the strong demand for solar energy once the main obstacle, high upfront costs, is eliminated:
Our customers don’t just want solar for the environmental benefits. Going solar can save you real money and assist protect you from volatile energy bills. This funding validates our vision of building clean energy accessible and cheap to every UK houtilizehold. We’re not just selling solar panels – we’re rebuilding the relationship between houtilizeholds and energy, building it more affordable, sustainable, and customer-centric.
The round includes £13 million in Series A equity funding co-led by Norrsken VC and IPGL. It also features a £100 million debt facility from Crédit Agricole CIB to scale their quick-growing solar subscription service, assisting tens of thousands of British houtilizeholds install rooftop solar panels in the coming years.
New investors in the equity round include Clearance Capital and early employees from Wise, with returning investors Lord Michael Spencer (founder of ICAP), Lord Stuart Rose (Non-Executive Director, and former Chairman of Asda) and Roland Rudd (founder and Chairman of FGS Global). The round was pre-empted and oversubscribed, with all major investors following on or increasing their stakes.
Agate Freimane, General Partner at Norrsken VC, stated:
Sunsave has cracked the code on building affordable solar a reality for the mainstream, reshifting the upfront cost that’s long held houtilizeholds back from building the switch. In just a short period of time, they’ve revealn outstanding traction, solid unit economics, and secured strategic partnerships that set them apart. With the UK solar market on the brink of major growth, Sunsave is perfectly positioned to become a category-defining force in the energy transition.
Jérôme Michel, Managing Director at Crédit Agricole CIB, expressed enthusiasm for backing Sunsave in its goal to build solar energy more accessible to houtilizeholds across the UK:
This £100m private securitisation warehoutilize, structured by our Distributed Generation franchise that associates Project Finance and Securitisation team members, will support the roll out of Sunsave’s first of its kind solar subscription model to tens of thousands of houtilizeholds, underlining our commitment to the green transition.
Sunsave’s long-term goal is to become the UK’s first all-in-one home energy platform, combining software, hardware, and financing to assist houtilizeholds save money and increase energy indepconcludeence.
In the future, the company plans to utilize the funding to expand beyond solar subscriptions, adding services like EV chargers, heat pumps, and smart software to optimise energy tariffs and support grid balancing.
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