'Solar as a service' outfit lands $12m

You can’t keep a good buzzword down. Ladies and gentlemen, Greenbang presents the latest in green PR word play ‘solar as a service’, brought to you courtesy of residential solar provider SunRun.

Greenbang might not be too impressed with SunRun’s wordage, but she can’t fault its business model: homeowners get solar panels through SunRun. They don’t pay for the gear itself – SunRun owns and maintains the panels – but instead just pay for the solar electricity they use and SunRun pays for any maintenance and repairs the solar equipment may need.

The service looks like it’s already got its fans: SunRun has just closed a $12 million funding round led by Foundation Capital.

SunRun said the investment will “accelerate our ability to deliver SunRun Solar Service to our rapidly growing market”, which isn’t exactly illuminating as strategy announcements go.