With the launch of Promise Energy we have developed a complete business model to provide a scalable solution for the commercial solar hot water market.
Sonoma, CA (PRWEB) February 01, 2012
Adam Capital Clean Energy Asset Finance LLC, a leader in the clean energy lending space, today announced the launch of Promise Energy, an affiliated solar hot water development company, to provide full-service design, engineering, installation and financing for commercial solar water heating projects in California and Arizona.
Despite California providing solar water heating rebates of up to $500,000 for multifamily and commercial properties, the program has had few applicants from apartment buildings, hotels, hospitals, or other commercial property owners. The primary barriers to wider adoption of solar hot water are the lack of financing options to cover the upfront installation cost; and the lack of an integrated business model that can combine bulk purchasing power with streamlined design and installation to reduce overall costs, and increase solar savings to tenants and building owners.
With the launch of Promise Energy, Adam Capital has created a business to solve both these challenges, providing a scalable solution to the commercial solar hot water market.
First, there are little to no upfront costs. With Promise Energy’s solar hot water power purchase agreement (PPA), commercial and non-profit apartment building owners and condominium associations can now install solar water heating with little or no upfront cost—and still save thousands of dollars on their annual gas utility bills.
Second, to streamline installation and improve performance, Promise Energy has negotiated contracts with leading solar hot water equipment manufacturers, and pre-engineered solar thermal systems for easy installation in a variety of standard sizes. Now, installations on most commercial buildings are simple, code-compliant, and quick. For example, trained installers contracted through Promise Energy will typically be able to install a 24-panel solar thermal system on a 40 unit apartment building in 5 days or less.
“With the launch of Promise Energy we have developed a complete business model including top tier equipment, standardized system kits, and PPA financing to provide a scalable solution for the commercial solar hot water market,” said Adam Boucher, CEO of Adam Capital.
“We’re very proud to be partnering with Adam Capital to launch Promise Energy and make it easy for California apartment complexes, nursing homes and hotels to go solar and save money,” said Kevin Pickett, Director of Sales and Marketing for Promise Energy. “Promise Energy offers building owners a simple, turnkey solution to going solar – providing immediate and long-lasting savings on their gas utility bills without tying up their capital.”
“California is offering millions of dollars in incentives to help building owners and tenants save money with solar water heating, but until now the market has been limited by lack of financing, one-off designs, and high installation costs,” adds Larry Farris, head of Strategic Operations for Adam Capital. “Promise Energy solves these challenges by combining industry-leading engineering and design experience with Adam Capital's financing expertise to provide building owners a simple, affordable path to clean, renewable solar water heating.”
“We’ve chosen high-quality solar thermal equipment for Promise Energy’s financing package, and pre-engineered a series of standardized system kits for easy installation, operation and maintenance,” said Boucher, “Apartment building owners are going to be very happy when they see their new gas utility bills.”
About Adam Capital:
Adam Capital Clean Energy Asset Finance LLC is a leading private investment fund in the rooftop-scale clean energy sector. We extend collateralized loans under $10 million, an important niche in clean energy financing that is largely overlooked by banks, bond markets or venture capitalists. Adam Capital was one of the first asset-based lenders in the country to leverage ITC cash grant payments and other local incentive rebates as collateral, and we continue to be an innovator in community-scale clean energy finance. We have funded hundreds of projects in multiple states and utility districts, serving the needs of individuals, schools, non-profits, and businesses. With the launch of Promise Energy, we are bringing our proven success and expertise to the commercial solar hot water market.
About Promise Energy:
Promise Energy is a full-service solar hot water development company dedicated to scaling the commercial solar water heating market. Founded by the leadership team at Adam Capital, Inc to overcome market barriers in solar hot water, Promise Energy combines standardized system design and no-money-down financing to provide qualified building owners a turnkey solution to saving money with solar water heating. By partnering with leading equipment suppliers; experienced system design and engineering firms; and a network of licensed solar hot water installers, Promise Energy is bringing scale and reliability to this important renewable energy market.
For additional information contact:
Kevin Pickett – Director of Marketing and Sales, Promise Energy
Andrew Mannle – Communications Director, Adam Capital