Green Solar Technologies Founder Says Company Is Generating Over $50 Million Annually From Solar Markets That Barely Existed Two Years Ago

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Green Solar Technologies Founder Nicki Zvik is bullish on the future of the solar company that he founded - touting the entrance of Green Solar Technologies into solar markets that barely existed two years ago.

Nicki Zvik, Founder of Green Solar

"In this era where there is so much information that is open to the public, we must utilize our knowledge of the market and gather intelligence from other sources.” - Nicki Zvik

Nicki Zvik, in a strategy memo issued on Thursday to staff at another venture founded by him, Spectrum Properties, attributed the success of Green Solar to its ability to recognize opportunity and move quickly to capitalize on it.

Green Solar Technologies announced in January that during the end of 2017 and the first half of 2018 the company had entered Illinois, Wisconsin, Wyoming, and Minnesota - a move that resulted in over $30 million in revenue from those markets. These midwest and mountain region markets were largely overlooked by other leading national solar companies including Vivint, Sunrun, and Tesla Solar (previously called SolarCity).

“I’ve recently seen national companies following Green Solar’s lead and entering these markets, which validates what their analysts had discovered as the immense opportunity in the middle of the country that was still untapped,” Zvik wrote, adding, “Competition is a great indicator of a healthy market, and Green Solar Technologies is prepared to dominate the markets it entered first.”

Last year,Green Solar Technologies generated approximately $70 million in total revenue. Of that, approximately $60 million came from residential solar systems utilizing Mission Solar or LG solar panels and Solaredge or Enphase inverters. The remaining revenue came from commercial projects that utilized REC solar panels.

“As the solar industry has matured, the consumer has become more knowledgeable and thus demands higher quality products,” Zvik wrote. “Green Solar has been excellent at understanding their customers and partnering with other companies who share the same values and focus on consumer satisfaction.”

The success of Green Solar Technologies, according to Zvik’s memo, serves as a valuable lesson for the future of Spectrum Properties, a real estate acquisition and development company in Los Angeles. Spectrum specializes in value-add single family housing which it acquires and on which it constructs ADUs (additional dwelling units). Most often detached garages are converted into “granny flats” with separate addresses which creates two income-producing properties.

Spectrum Properties was in the forefront of this booming industry, beginning operations immediately after the new ordinance was announced in 2016. In 2018, it acquired over 20 properties and is on track to double that in 2019.

“Green Solar saw the opportunity in renewables before most companies and as one of the only national companies that remains privately held, it can adjust operations and expand faster than the competition, which as large publicly held companies, are not as nimble because of their size,” said Zvik in a recent podcast interview.

“The company was one of the first to utilize technology to address the changing nature of the industry and the consumer. When solar companies were still using print, radio and television to reach their consumers, Green Solar Technologies switched to digital marketing through Facebook, Google, Youtube, Linkedin, Twitter, Yelp, and Bing campaigns,” Zvik continued, “In addition, they have been creating very interesting grass-roots campaigns that utilize independent national referrers through an app for their Green Solar Ambassador program. A company that wants to remain on top must not get complacent. It must always have its eye on the next thing so as to stay one step ahead of the competition.”

Spectrum Properties is already a leader in the ADU market in Los Angeles but that does not seem to have slowed down Zvik or his company.

“This market, as with most where there’s money to be made, has become more competitive and so it is more difficult to acquire new properties than it used to be. In addition, permitting and construction rules and regulations have become more stringent and are constantly changing. Because of this, we must utilize different strategies and tools to find the right properties with the right attributes that will result in a high IRR. The days of relying on Redfin, Zillow, and Trulia are behind us. In this era where there is so much information that is open to the public, we must utilize our knowledge of the market and gather intelligence from other sources,” wrote Zvik.

“Green Solar Technologies was not satisfied with only being a strong local company in Los Angeles. It moved quickly and deliberately into new markets and because of that, has become a national leader in the renewable energy industry. We at Spectrum Properties understand that the housing crisis is not unique to Los Angeles. We can expect that similar ordinances will be passed in other cities, not only in California, but also nationally. Like Green Solar, our analysts are continuously researching new markets, and when we’ve identified them, we must move quickly,” Zvik concluded.

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Edward Harner
@greensoltech
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