One Block Off the Grid (1BOG), a San Francisco-based solar group discount company, announced today that the company has closed a $5 million round of Series A financing from the venture capital firm New Enterprise Associates (NEA).
1BOG, which was incubated by Virgance, organizes homeowners into large solar buying groups to obtain discounted rates from installers. Since its founding in 2008, 1BOG is responsible for the installation of approximately 600 residential solar electric systems. The financing announced today will support 1BOG's national expansion strategy to rapidly boost US adoption of residential solar.
"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."
"The financial and environmental benefits of solar are well documented, but residential adoption is still less than one percent. By simply applying transparency to pricing and process, 1BOG has the potential to modernize, and turbo-charge the solar industry," said Dave Llorens, CEO 1BOG. "Our ability to secure Series A funding in a tepid economic climate is testament to our sound strategy to meet consumer demand for clean energy while strengthening overall public perception and support of solar."
1BOG was incubated by Virgance, a company which creates and builds mission-driven businesses.