The first solar panel in a smart home is about to get a much better price.
SolarCity announced Wednesday that it has completed the first-ever round of financing from a consortium of venture capitalists led by Andreessen Horowitz and the Founders Fund.
The funding will be used to build an $80 million factory in North Carolina that will make solar-panel panels for residential and commercial applications.
The factory will be built in conjunction with the companies SunPower, First Solar and SolarCity.
SolarCity will supply panels to a number of companies including Amazon, Costco and Whole Foods.
The company’s solar panel technology is based on an array of panels that are attached to a device called a photovoltaic module.
It’s an alternative to traditional solar panels that require solar energy to be stored on a roof to produce electricity.
The technology has been used in home appliances, televisions, cell phones and the solar farm.
The company’s first solar panels are expected to be on sale in the second quarter of 2018.
SolarCo, which is based in North Dakota, was founded in 2003 and currently has factories in California, Oregon, Nevada and Texas.
It has also partnered with a number to produce solar panels for homes and commercial customers.