Funding to expand solar security to 75% of US residential consumers

Solar system protection planning provider Omnidian has secured $15 million in Series A capital to expand its services to over 75% of US residential solar consumers.

The funding has been provided by IA Capital and venture arms of utilities including Evergy, National Grid and Avista Corp.

Blue Bear Capital, Congruent Ventures and City Light Capital also participated.

Omnidian will expand its residential lease portfolios and its Elite Dealer programme.

The Elite Dealer initiative includes consumers paying $300 during the first year for comprehensive system protection 24/7, service alerts and cash-back performance guarantees.

Residential consumers will only pay $13 a month to receive cash-in-hand for any unexpected dips in annual system performance.

Ominidian will use the funding to expand its services in other US states including New York and California, following starting its services for over 75,000 residential solar systems.

The development comes at a time nearly 70% of all solar purchases are made through cash and loan payments according to Wood Mackenzie Power & Renewables

“We know that risks associated with solar systems underperforming can keep potential solar purchasers from taking the plunge,” said Mark Liffmann, CEO at Omnidian.

“As the utility business model continues to evolve, we see major business opportunities for companies that are helping to smooth the transition to a smart, distributed grid,” said Ashwin Shashindranath, managing director for Evergy Ventures. “