According to SunRun, the funding round was led by Sequoia Capital and joined by Accel Partners and Foundation Capital. The company plans to use the funds to expand into new U.S. markets and to meet the increased demand it has seen for its services.
SunRun offers homeowners a program where the company maintains ownership of the solar panels they install on their rooftops. This gives the homeowners a reliable and affordable source of clean energy while avoiding repairs and other maintenance costs.
"For cleantech energy to become mainstream, it has to come with both financing and service," said Warren Hogarth, a partner at Sequoia Capital. "SunRun is the company creating and leading this opportunity for residential solar. Their unique model puts solar within reach of the average American home owner."
The company added that its customer base has already grown 400 percent over the past year, with more than 4,500 customers in five states - New Jersey, Massachusetts, California, Arizona and Colorado. This particular round of funding would allow 3,500 solar arrays to be installed.
