Solar financing and installation startup Solar Universe has raised $7 million in a second round of funding, led by RockPort Capital.
The news comes as other companies in the rooftop solar service field are maturing and looking to expand, fueled by successes and a popular panel-leasing model. SolarCity announced yesterday it has acquired a solar installer and will expand to the East Coast next month, and Sungevity recently raised $15 million in a third round of financing and is also eyeing the Northeast.
In addition to its funding news, Solar Universe has also announced new executive hires, including executive vice president of operations Kevin Daugherty, formerly vice president of operations at SolarCity — one of the top players in the field in which Solar Universe is looking to cement a foothold.
Solar has seen healthy growth worldwide and in the U.S. lately, and in some areas, state and federal subsidies and incentives allow startups to offer homeowners rooftop-generated solar power at competitive prices. Solar Universe’s model offers a lease-to-own solar option in addition to the solar leasing widely offered by its competitors. The company describes itself as a network of several independently run installation and service operators.