Our model allows energy efficiency vendors to bring project financing in-house, providing them with new decision making power over which projects receive funding and exponentially expanding their project pipelines.
Bedford Hills, NY (PRWEB) March 12, 2014
Joule Assets Inc., an energy efficiency and demand response financier, today announced that it has approved financing for Ener.co, a New York-based firm which counts heavy commercial HVAC users including the New York Blood Center, NYU, and the NYC Parks Department as customers. Ener.co can now offer in-house project financing for its flagship HVAC product NanoSure, which is proven to reduce HVAC energy consumption and carbon emissions in existing buildings. Joule Assets’ novel financing model enables small to mid-size energy efficiency vendors like Ener.co to move forward on nearly $1M of approved projects, previously stalled because of a lack of financing.
Existing buildings consume more than 60 percent of the nation’s electricity, but initial project costs have served as barriers to energy efficiency. Commercial buildings with heavy indoor air conditioning needs are a particularly ripe market for energy efficiency measures, and Ener.co’s NanoSure has proven to dramatically improve energy efficiency of HVAC systems while also prolonging the life of the existing HVAC units. With the help of Joule Assets, Ener.co is able to improve commercial buildings at their core.
“Despite the large demand for NanoSure, we were in a vicious cycle in which building managers saw the benefits, but were hamstrung by upfront costs and budget issues,” said Ener.co CEO, Patrick Rathje. “The in-house financing ability that Joule Assets affords us accelerates the sales cycle and allows us to green light more projects for our customers who will make a a low monthly payment out of savings and incur no upfront costs.”
Joule Assets provides energy efficiency technology vendors with a template to determine specific project eligibility based on pre-approved project types. The actual pool of funded projects is determined by the vendors that have been selected for financing by Joule Assets. Because of this model, Joule Assets is able to bypass servicing and project costs and provide project insurance. To be selected for financing, vendors must meet two primary criteria: fill a critical need in the small to mid-size market by offering an energy efficiency product that has measurable results, and demonstrate a fiscal model based on cost and payoff time that makes the deal attractive for all parties.
"Our model allows energy efficiency vendors to bring project financing in-house, providing them with new decision making power over which projects receive funding and exponentially expanding their project pipelines," said Joule Assets CEO, Mike Gordon. “We selected Ener.co because it continues to demonstrate impressive energy efficiency results, has a long pipeline of approved projects in need of financing and represents the kind of energy efficiency projects that we believe will reap large financial and energy savings rewards across the board.”
About Joule Assets
Joule Assets delivers financing solutions backed by performance insurance for energy efficiency (EE) and demand response (DR) initiatives and projects. We create Energy Reduction Assets (ERA) by integrating simple financing and insurance options with untapped revenue streams from our market analysis software tools like ERA-DR. Leveraging our proprietary database, software and extensive industry expertise, our mission is to expand commerce and reduce barriers in these complicated markets by creating transparency and providing financing solutions.