Brightergy Announces Innovation in Energy Efficiency Financing
Kansas City, MO (PRWEB) June 30, 2014 -- The Solar Energy Industries Association (a trade group) announced recently that 74% of new electric generating capacity in the U.S. in Q1 2014 came from solar energy.
While the continuing decline in solar panel prices (95% in the last 30 years) has been a large contributing factor, it has been financial innovation that has removed the upfront capital outlay from solar projects and led to more widespread adoption.
Much like adding solar panels, an upgrade to more efficient technology results in significant savings - both cost savings and carbon emission savings. Lighting, space heating, cooling, and air conditioning alone are attributable for 60% of a commercial buildings’ energy use.
Making energy efficiency upgrades to a building also typically means an upfront cost before installation, with an extended payback.
Brightergy’s newly-closed fund - BrighterSavings™ - will provide greater access to energy efficiency projects through the same no-upfront cost financing seen in renewable energy.
How It Works
With full underwriting discretion, Brightergy plans to finance a wide variety of efficiency projects with public and private schools, municipalities, commercial businesses, and traditional non-profits.
Brightergy owns the energy-efficiency project they install at a building or campus, leasing to the building owner who either pays fixed monthly payments or a percentage of the energy savings. Energy savings for the building owner - as well as reduced maintenance time and costs - begin at installation. A typical BrighterSavings™ lease term is 5 years.
BrighterSavings™covers a wide variety of energy efficiency technologies, including high efficiency lighting. All financing for the project is first-party through Brightergy; there is no third party approval process.
“Similar to solar, the value proposition for our clients is very compelling: there are no upfront costs, the client saves money from day one, and there is no technology risk,” said Brightergy CEO, Adam Blake.
One of the company’s first clients to utilize this fund is John Knox Village, a continuing care retirement community in Lee’s Summit, Missouri. John Knox Village installed 146 kilowatts of solar power with Brightergy in 2012, through Brightergy’s no-upfront cost solar financing. The retirement community will be upgrading lighting at 15 of their existing buildings, and adding LED’s to a 56,000 square foot new build.
Brightergy has built its business to-date primarily through the financing, development, and installation of rooftop solar PV projects. With over 1,000 commercial projects, the volume Brightergy has seen has led them to become one of the largest commercial rooftop solar companies in the country.
From Brightergy’s perspective, the most important thing solar has done is introduce the idea to clients that it’s possible to think differently about their energy - that it is possible to have choice and control when it comes to energy. BrighterSavings™ further enables our clients to manage energy costs while also reducing their emissions footprint.
ABOUT BRIGHTERGY
Brightergy is a new kind of energy company, helping clients take control of their energy through on-site energy generation, energy efficiency, and smarter energy management. Brightergy focuses on being each client's long-term energy partner, offering transparency, simplicity, insight and verifiable measurement.
Technology changes all the time, while the need for energy never will. Brightergy envisions a world in which everyone thrives through energy independence.
The company has offices in Kansas City, St. Louis, and Boston, and offers coverage throughout the U.S. Their strategic alliance partner is Black & Veatch, an employee-owned global leader in building Critical Human Infrastructure™. Learn more at brightergy.com.
Rachel Simmons, Brightergy, http://brightergy.com, +1 (816) 866-0555, [email protected]
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