Community solar capital: Common Energy nets $16.5M investment from S2G Ventures
Common Energy received a $16.5 million investment by S2G Ventures this week, the direct investment team of Builders Vision. The new round of capital will be used to expand Common Energy’s community solar footprint across the country, scale its energy management platform, and grow its management and operating teams.
“Renewable energy is the foundation for solving global climate change because abundant clean electricity enables all other decarbonization solutions,” said Richard Keiser, CEO and Founder of Common Energy. “This investment will enable Common Energy to accelerate our efforts to bring clean energy to more households and communities across the country, and to further reduce greenhouse gas emissions.”
For project owners, Common Energy’s platform is a cloud-based SAAS that manages and monetizes these complex, multi-tenant solar projects. Common Energy’s software platform provides financial and collections visibility and can be customized to facilitate reporting and accounting.
“Community solar is an important option for broadening access to clean and cost-effective renewable energy across the US, and we are excited to be supporting the Common Energy team as they deploy their sophisticated platform to accelerate adoption of this resource,” said Dr. Francis O’Sullivan, Managing Director, S2G Ventures.
The community solar has big goals to achieve, as the Department of Energy wants to see 5 million American homes subscribed to community solar by 2025 — about 600% market growth. There is a lot of work to do to get there, but big investments like this as a good start.
Why community solar? There is enough solar installed to power 19 million households across the United States. Despite this unprecedented deployment, many Americans still lack access to affordable solar electricity, including many renters, homeowners who lack affordable financing options, and those without suitable roof conditions.
Community solar is a form of energy generation where members subscribe to a portion of a solar array, usually located near their community.
As the solar array produces energy, subscribers receive a portion of the revenue from the energy produced, typically as savings on their monthly electric bill — a critical factor for low-income and disadvantaged communities whose energy burden is three times higher than for non-low-income households.
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