Founded in 2022 by Oxford University alumni Alick Dru and Ben Graves, Sunsave aims to simplify and make affordable the solar industry, especially relevant in the context of rising energy costs and the cost-of-living crisis. The company has achieved a significant milestone by being authorised and regulated by the Financial Conduct Authority (FCA) to offer solar panels and batteries via a subscription model, eliminating the need for a large upfront payment.

With energy prices expected to remain high until the late 2030s and Ofgem's recent 5% increase to the January price cap, the demand for alternative, more affordable energy sources is evident. Despite a high interest in solar energy among UK households, the reality of high initial costs and a complex market has led to only 4% of homes having solar installations. The average cost of installing a solar energy system is £10,270, a challenging figure considering that half of UK households have less than £5,000 in savings.

Sunsave's subscription model offers a long-term solution with a 20-year guarantee, covering ongoing monitoring and maintenance. This model addresses significant barriers in the renewable energy market, such as financing, installation quality, and aftercare. Customers can expect hassle-free installation, immediate energy savings, and monthly payments starting from £69, with no upfront costs.

The seed round was led by Norrsken VC, with participation from previous investors IPGL, Plug and Play, and angel investors including Stuart Rose, Michael Spencer, Roland Rudd, and Bill Nussey. The total funding raised since the company's inception 18 months ago is £9.2 million.

The funds will be used for product development, including the commercialization of the solar subscription model and development of additional savings through demand flexibility. The team is also expanding with experienced professionals from the energy and personal finance sectors. Recent hires include Marketing Director Russell Smith, Chief of Staff Alfie Ireland, and Product Manager Helen Taylour.

Alick Dru, Co-Founder of Sunsave, stated: “We're demonstrating to UK consumers that being green doesn't have to be a choice between doing what’s right for the environment or doing what’s best for your pocket. With Sunsave’s solar subscription you can go green and save money immediately. With energy prices expected to remain elevated for the foreseeable future, this is more important than ever.”

Ben Graves, Co-Founder of Sunsave, added: “We have an enormous ambition to help the country get to net zero through revolutionising green finance and making the power of solar accessible to all UK households. This significant investment round, combined with our recent FCA approval, provide a strong platform for our mission.”

Agate Freimane, founding General Partner at Norrsken VC, commented: “Sunsave's new offering removes the biggest barrier to entry for people in the green transition: cost. This FCA-approved subscription service is a gamechanger, enabling thousands more homeowners to unlock the potential of renewable, cost-efficient solar energy every year. We're thrilled to back Alick, Ben and the team as they help build the UK’s path to a cleaner, more sustainable future.”

Bill Nussey, an industry expert, and author, noted: “There is enormous pent-up demand for rooftop solar in the UK. Sunsave has assembled a world-class team that is uniquely positioned to unlock the opportunity.”