Rank no. 323 – Solar Universe – US
Products & Services: Solar panel sales & installation
Number of Locations: 41
Total Investment: $118.5K – 319K
Began Franchising: 2008
About Solar Universe
In 2008, Quiznos franchisee Joe Bono sold his sandwich shops and started Solar Universe, a solar panel installation franchise headquartered in Livermore, California. Franchisees help residential and commercial clients understand and navigate state and federal rebates and tax credits, as well as utility company regulations, before installing solar panels.
Startup Costs, Ongoing Fees and Financing
Franchise Fee: $25,000 – $150,000
Ongoing Royalty Fee: 4%
Term of Franchise Agreement: Term of agreement renewable
Net Worth: $300,000
Liquid Cash Available: $150,000 – $300,000
Franchise Ranking History
|Key people||Joseph Bono, President, CEO, Founder
Steven Yeffa, CFO
Suleman Kahn, Vice President
Solar Universe is an American solar electricity company, serving homeowners, businesses and government/non-profit organizations with professional installation, design and permits, maintenance, and financing options for solar energy systems.
Solar Universe is headquartered in Livermore, California but the company uses a franchise model in which it provides a national network of locally owned and operated solar installers with training and support. The franchise has over 32 locations in 9 states.
Solar Universe was founded in 2007 by Joseph Bono, the company’s current CEO, after he spent several years as a successful Quiznos franchisee in the Bay Area and saw a need for a comprehensive franchising application in the solar installation industry. After an initial investment of $1 million, the company received $7 million in series B funding in 2011 fromRockPort Capital Management. Just two years after its founding, Solar Universe was one of the top 10 solar installers in California. In 2012 Entrepreneur Magazine ranked Solar Universe one of the 50 best new franchise concepts and selected it for the prestigious “Franchise 500," alongside such industry leaders as Subway, 7-Eleven Inc., and McDonalds. Alluding to Bono’s former affiliations and the company’s rapid expansion, Greentech Media once referred to Solar Universe as “the Quizno’s of solar installation."