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Renovation projects can be a hassle for homeowners, from finding contractors to determining fair prices. Many startups have emerged to assist with electrification projects like installing solar panels and replacing gas furnaces with heat pumps, but the cost remains a major obstacle in acquiring customers.
Pearl Edison believes that utilities hold the key to solving this issue. By leveraging the brand equity and trust of utilities, the startup aims to facilitate energy retrofit projects for customers. Investors have shown confidence in this idea, with a $3.3 million seed round raised from New System Ventures and Commonweal Ventures.
Working closely with utilities, Pearl Edison identifies customers who can benefit from energy efficiency upgrades and provides a white-labeled website for the utility to run campaigns. The company uses various data sources to design and price the projects, offering guaranteed prices to customers. After verifying the plans in the field, vetted contractors complete the installation.
Currently, Pearl Edison has partnerships with utilities like DT Energy in Michigan, Duquesne Light in Pittsburgh, and the city of Ann Arbor in Michigan, with plans to add two more utilities this year. By streamlining the process and reducing customer acquisition costs, the startup aims to make home efficiency upgrades more affordable for homeowners while providing value to its utility partners.
