The cost of energy is on the rise, especially in the hot summer weather. Solar panels are the equipment of the future for providing energy. Bright, a solar panel installation and distribution startup, has raised $4 million to provide free installation for solar energy in the developing world.

Last year, Bright began installing solar panels in Mexico. Specifically in Mexico, energy is expensive and involves a complicated process. According to the Mexican Federal Electric Commission, energy can cost upwards of $4,000 MXD ($240 USD) in the hot summer months.

This is a cost that most individuals cannot afford. There is a program in Mexico that subsidizes the energy costs for the poorest citizens, but it does not cover everyone.

This is where Jonah Greenberger, former Chevron executive and founder of Bright, saw the potential for solar panels.

Greenberger explains: “Solar is the path forward. Specifically, it’s a solution that doesn’t need to be centrally controlled and distributed (i.e. it can sit on roofs instead of in one large location in the desert), which means we can be independent from a totally government controlled situation.”

Bright will install solar panels for free and then provide a subscription service, a system which is similar to cable television in the United States.

Bright is able to have private investors cover the initial cost, and, over time, the private investors are paid back by the individuals paying for the subscription. The funding comes from a number of firms and investors including First Round Capital, Felicis Ventures, Max Levchin, Patrick Collison and several YC partners.

With the funding, Greenberger plans to hire and grow the team “so that we can tackle one of the largest and most significant challenges of out lifetime–delivering clean energy to a planet of over 7 billion people.”

To avoid higher costs, Bright does not build its own solar panels. Instead, Bright hires Mexican contractors to install ready made solar panels. This tactic decreases the cost to private investors, which eventually decreases the cost to individuals in the program. It also creates jobs to local contractors.

Although Bright is only active in Mexico now, they hope to take the same model to other countries where is believes it can do better than the government energy programs.

Bright is also working on improving their financial and solar software that would allow startup partners to sell, approve, install and verify installations. This would make Bright solar equipment available to more parts of the world.

Bright is paving the way for a more affordable and cleaner way to provide energy to the world. With this program, not only will people have access to affordable energy, but pollution will also decrease in the developing world.

– Kerri Szulak

Sources: Founder World, TechCrunch
Photo: TechCrunch