Prominent angel investors including Lord Rose, the former Marks & Spencer boss, and the ICAP founder Lord Spencer have taken a shine to Sunsave, a solar energy subscription service.
Sky News understands that the pair have participated in a £5.4m seed funding round for Sunsave, which has just won authorisation from the Financial Conduct Authority to offer solar batteries and panels using a regular payment plan.
The funding round is expected to be announced publicly later this week.
Among the other investors backing what claims to be the first UK service of its kind are Norrsken, an impact investor which has invested in companies such as Northvolt and Olio.
Plug and Play, an early backer of PayPal, is also investing in Sunsave, which says its service could save a typical family home £45 each month.
Sunsave’s offering includes installation, insurance, monitoring and maintenance, and is expected to draw interest from consumers grappling with volatile energy bills and the broader cost-of-living crisis.
It will provide packages costing from £69-a-month, which it argues will provide an affordable option to households given that the average solar energy system costs £10,270 to install.
The company was founded last year by Alick Dru and Ben Graves, who met at Oxford University.
“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,” Mr Dru said.
“With Sunsave’s solar subscription you can go green and save money immediately, and with energy prices expected to remain elevated for the foreseeable future, this is more important than ever.”
Research cited by the company found that 70% of UK households would like to install solar power, but just 4% have done so.
In total, Sunsave has now raised more than £9m from investors.
Agate Freimane, founding general partner at Norrsken VC, said: “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.”
