Lord Rose, a former chief executive of M&S, is one of several investors injecting £5.4 million into what is billed as the first solar power subscription platform in the United Kingdom.
Lord Rose, the former CEO of Marks & Spencer, and Lord Spencer, the founder of ICAP, are among the notable angel investors who have taken an interest in the solar energy subscription service Sunsave.
The two individuals contributed to a preliminary funding round of £5.4 million for Sunsave, an organisation recently granted permission by the Financial Conduct Authority to sell solar batteries and panels on a recurring payment basis.
Later this week, the company anticipates making the funding round public.
Additional Support from Impact Investor
An additional investor supporting what purports to be the inaugural service of its kind in the United Kingdom is Norrsken, an impact investor known for its investments in Northvolt and Olio, among others.
Additionally, Plug and Play, a PayPal early adopter invests in Sunsave, a company whose monthly savings estimate is £45 for the average family.
Sunsave’s comprehensive package, which comprises installation, insurance, monitoring, and maintenance, is anticipated to appeal to consumers with fluctuating energy and rising living expenses.
Affordable Alternatives for Households
It contends that its monthly packages, beginning at £69, will provide households with an affordable alternative to solar energy systems, given that the average installation fee is £10,270.
Last year, Alick Dru and Ben Graves, whom they met at Oxford University, established the organisation.
Mru stated, “We are proving to consumers in the United Kingdom that being environmentally conscious does not have to mean sacrificing some financial savings to be green.”
Green and Cost-Effective Solutions
With a solar subscription from Sunsave, you can immediately go green and save money. For the foreseeable future, anticipating that energy prices will remain elevated makes this more essential than ever.
According to research cited by the company, 70% of households in the United Kingdom desire to install solar energy, but only 4% have.
Sunsave has now amassed over £9 million in funding from investors.
Norrsken VC’s founding general partner, Agate Freimane, remarked, “Sunsave’s new offering eliminates the most significant entry barrier for individuals undergoing the green transition: cost.
Each year, this FCA-approved subscription service transforms the landscape by allowing thousands of additional householders to harness the benefits of renewable, cost-effective solar energy.