Brightergy Branches Out to Provide Leasing for Energy Efficiency Projects

2392

Brightergy announces new financing solution for energy efficiency projects. A good combination with solar, this provides a no-upfront-cost solution to customers to encourage the more widespread adoption of energy efficiency systems.

It seems obvious to most people that investing in solar and energy efficiency should go hand-in-hand. Many solar companies, however, still choose to forgo energy efficiency services in favor of focusing exclusively on panel sales and installations. This can make sense from a business standpoint, but for the customer it does not provide all of the services they ideally should be getting.

Brightergy, a solar financing and installation company, is bucking this trend and looking to change how energy efficiency projects are financed. While the continuing decline in solar panel prices has been a large contributing factor in the growth of solar, it has been financial innovation that has removed the hurdle of an 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. Lighting, space heating, cooling, and air conditioning alone account for 60% of a commercial buildings’ energy use. Brightergy’s newly closed fund — BrighterSavings — will provide greater access to energy efficiency projects through the same no-upfront-cost financing seen in the solar industry.

Brightergy plans to finance projects with schools, municipalities, commercial businesses, and nonprofits. Brightergy owns the energy-efficiency project they install, 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, with a typical lease lasting five years.

BrighterSavings covers a wide variety of energy-efficiency technologies, including high-efficiency lighting, with all financing provided directly through Brightergy. “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.

Brightergy is not the only solar company looking to branch out and provide energy efficiency services. Other companies like Sunlight Contractors have chosen to focus on residential installations. Many homeowners, are unrinformed about how much energy efficiency can affect their solar installation’s usefulness. Let’s hope that with programs like these, this lack of awareness will become less common — and solar and energy efficiency will become more regular partners.