Please note this is not a question about online/hosted SVN services.
I am working on a home based, solo developer, project that now has commercial significance and it is time to think about remote source code backup. There is no need for file level check in/out, all I need is once a day or once a week directory level snapshot to remote storage. Automatic encryption would be a bonus to protect my IP.
What I have in mind is some sort of GUI interface app that will squirt a source code snapshot off to an Amazon S3 bucket on an automatic schedule.
(My development PC runs on MS Windows.)
There are a number of encrypted backup solutions that use S3. Perhaps the best known is Jungledisk. I would highly recommend using a version control system with a private repository, however; you'll be glad you did the first time you realize you need to recover some code from 2 revisions ago, or need to reproduce a bug that occurred in a previous release of your software. Github offer private git repositories starting at an extremely reasonable price; you have full access control. There's a good overview of private SVN repositories here.
Also, you don't need to 'protect your IP' - your IP is protected by copyright law. You might need or want to protect the confidentiality of your source, but if I was given the choice between using source control and using encryption, I personally would choose source control in a heartbeat, then choose a private repository host that I trust not to compromise my data.