Common Energy said it raised $16.5 million to scale its community solar software platform.
The Series A round was supported by S2G Ventures, the direct investment team of Builders Vision, an impact platform dedicated to building a humane and healthy planet.
Common Energy's cloud-based Software as a Service (SaaS) platform connects community solar developers to subscribers while financial reporting and accounting for projects.
Former Secretary of Energy Ernest Moniz is an advisor for Common Energy.
“Community solar plays a valuable part in the United States' national energy strategy because it advances clean energy deployment in a way that allows many households to promote solar energy while reducing energy costs," Moniz said in a statement.
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Common Energy currently operates in nine states -- Illinois, Massachusetts, Maryland, Maine, Minnesota, New Jersey, New York, Oregon, Rhode Island -- and manages 300 MW of community solar capacity.
The Biden administration wants 5 million homes to be powered by community solar projects by 2025, representing a 700% increase from 2021 capacity.
In February, energy research consultancy Wood-Mackenzie raised its 5-year forecast for community solar capacity in the U.S. to 4.5 GW, up by 9% from its earlier outlooks. The revision was due to expanded community solar programs in New York, New Jersey, and Illinois, as well as new programs in Delaware and New Mexico.
