Good Capital, Chris Sacca’s Lowercarbon help India’s SolarSquare

Share your love
SolarSquare

Even though India is progressively adding the capacity to generate electricity from solar(India’s SolarSquare) power as a model for other developing countries There’s a significant portion in the South Asian nation that is yet to get on the clean energy revolution: Indian households.

A mere 1% of Indian homes have rooftop solar panels. The slow adoption of solar panels could limit the prime minister Narendra Modi’s ambitious goal to reduce carbon emissions. SolarSquare is the startup which is trying to sell the installation and assist individuals to finance solar modules, is hoping to make a difference.

This past Friday, a handful of investors announced that they were investing in SolarSquare’s future. SolarSquare is raising $4 million from an investment that was led by Good Capital. Chris Sacca’s Lowercarbon Capital also invested in SolarSquare, the company’s first investment in India.

Symphony Asia, Rainmatter, Better Capital, Climate Angels and other operators, including Maninder Gulati of OYO, Ashish Goel of Urban Ladder, and Amit Kumar Agarwal, Akhil Gupta, and Saurabh Garg from NoBroker as well as Saurabh Garg of NoBroker. round.

“The background of energy and power has been produced in heavily polluted coal power plants, which are hundreds of miles away from your house and in the distribution grid, it is delivered to your home. It’s polluting, it is costly and lots of energy is lost during transmission process,” explained Shreya Mishra the cofounder, chief executive and founder at SolarSquare during an interview.

“The future of distributed power, where each house has their individual solar panels. It’s cheaper than purchasing electricity from the grid and it’s also clean,” she said.

SolarSquare was founded in 2012 and began servicing the customer segment about a year and half ago following an efficient business that sold rooftop solar to corporate clients for a long time and has sold solar panels to more than 3,000 houses or apartments within South Asia. South Asian market.

“Our average home is saving up to $650 in electricity bill each year,” she claimed. SolarSquare’s solar systems and installation cost around $1,500 and have an estimated lifespan of 25 years. The math is easy according to Mishra who used to run an online company. “You receive free electricity throughout 21 years.SolarSquare)

India's SolarSquare

SolarSquare currently has its presence across Delhi NCR Maharashtra, Bengaluru, Telangana and Madhya Pradesh – installs its solar panels in just eight hours, as opposed to traditional companies that can require up to five days. In certain homes, based on the customers’ requests, they build an additional ramp to mount solar panels.

“Climate change ” issues are pressing and real. We have a commitment to work with the most innovative entrepreneurs that are solving the issues in this sector. We are thrilled to work along with Shreya, Neeraj and Nikhil in their quest to establish the top residential solar company within India,” said Rohan Malhotra who is the managing partner of Good Capital, in a statement.

Indian companies that are making progress with Indian homes will assist in achieving the South Asian nation’s renewables goal. Coal is currently the source of 70percent of the country’s power generation, however, Modi has stated that India will generate more energy through solar power and other renewables than its entire grid in 2030.

It has taken measures to aid startups like SolarSquare. New Delhi offers subsidies to homeowners who have solar panels on their roofs, which allows them to transfer their excess power to grids during the day, and then use grid at night to power their homes.

The company plans to use the new funds to grow its operations in India as well as to build an application of technology for customers to assist them monitor their solar efficiency in real time.

Mishra believes that India will see a similar type of acceptance in rooftop systems, as it has with mobile phones and the internet.

“India is currently the third biggest consumers of electricity globally and is expected to increase capacity to Europe’s size within the next 20 years to keep pace with the demand. Solar Square will help power this growth by providing single-day solar rooftop installations which is already making energy less expensive and more stable for the thousands of Indian households,” said Clay Dumas the General Partner of Lowercarbon in a statement.

Read More…

Share your love

Leave a Reply

Your email address will not be published.