Bright Power and Ivy Energy today are collaborating to provide California multifamily property owners with a solution that profitably solves the split incentive challenges often associated with solar energy and centralized battery storage.
In this system, tenants are billed directly for their clean energy footprint. Through simplified bill management, both owners and tenants will have a clear understanding of how they consume electricity and how their actions can conserve energy, save more money, and be part of the 21st century energy grid.
Bright Power, a provider of energy and water management services, has 17 years of experience in renewable energy, energy efficiency, project management, and energy analysis. Serving as the owner’s representative, Bright Power manages the solar installer, optimizes the design, and ensures proper installation for maximum electricity production.
With Bright Power’s guidance, building owners can install large solar PV arrays that generate enough electricity to offset an entire property’s electricity consumption while managing operations and tenant allocations through Ivy Energy’s billing solution. Ivy eliminates the complexities of solar billing across multiple units; owners see an increase in net operating income while tenants benefit from electric utility savings. How Ivy makes it simple:
- Allocate and bill for monthly solar generation to units based on participation and electricity usage via Virtual Grid Platform
- Manage tenant billing operations and support enrollment in program
- Manage meter aggregation to streamline solar allocation enabling higher ROI when reducing unit utility costs
- Integrating solar billing accounts receivable into monthly rent ledger collection process
The Ivy platform has virtually 5.5 MWh’s of clean energy running through it every year that otherwise wouldn’t have been deployed. There are over 7,000,000 renting households in California and Ivy has ambitions to help enable clean energy access to all of them.
“Bright Power is committed to identifying the most innovative and impactful solutions for real estate owners and operators to increase their net operating income and reduce carbon emissions. We are excited to introduce the Ivy Energy billing solution to our customers considering integrating solar at their properties,” said Andrew Ulmer, Executive Vice President of Strategy and Growth for Bright Power.
“Our team is on a mission to evolve the way that shared buildings create, use, and think about energy. It’s taken nearly 10 years longer for multifamily buildings to adopt solar energy compared to other real estate sectors. Solving the split incentive problem using innovative technology and business model design was a big challenge that our team has been able to de-risk and provide to the multifamily community. We are excited to play our role in this partnership in helping the multifamily real estate sector adopt clean energy at greater scale and catch up to other sectors,” said Ivy Energy Founder, Dover Janis.
Together, Bright Power and Ivy Energy will create new opportunities for real estate owners to increase their net operating income with minimal risk and complexity. This collaboration will also create savings for tenants while benefiting the environment.
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