San Francisco, United States [RenewableEnergyWorld.com] One Block Off the Grid (1BOG) this week announced that the company has closed a US $5 million round of Series A financing from New Enterprise Associates (NEA). The financing will support 1BOG’s national expansion strategy to rapidly boost US adoption of residential solar.
Since late 2008, 1BOG’s innovative model to provide group discounts and vendor-agnostic advice, have helped bridge the gap between homeowners and solar installers. The company is responsible for the installation of around 600 residential solar electric systems to date.
NEA is a global venture capital firm with more than $11 billion in committed capital and a 30-year track record of successful investing.
“1BOG’s team has applied a unique yet simple approach to solving the solar market’s incumbent challenges, one that taps into the power of community and makes solar more accessible for American homeowners,” said Ravi Viswanathan, general partner at NEA. “We believe this company provides the solar industry’s missing link; scaling 1BOG’s model will create a tipping point for mass adoption of residential solar energy.”