TIP Capital and Green Charge Networks announce a $10 million fund for zero-down financing for energy storage projects. The program makes intelligent energy storage more accessible and affordable for business owners.
As solar adoption increases, it’s being talked about more and more in conjunction with storage. The two go together to such a great extent that it’s partly because of the growth of solar PV that over 720 MW of distributed energy storage is expected to be deployed in the U.S. by 2020, according to GTM Research. That represents a 34% cumulative annual growth rate.
Till now, the high cost of storage technology has prevented widespread adoption, but that’s starting to change. And some new financing options are coming on the scene.
One of those is from TIP Capital, a provider of equipment finance and asset management solutions, and Green Charge Networks (GCN), a provider of intelligent customer-sited energy storage. The companies recently announced a program to offer $0 down financing for GCN’s retail, municipal, and industrial customers. The initial commitment will consist of an unprecedented $10 million fund dedicated to $0-down energy storage financing.
TIP Capital’s energy-efficiency financing program lets property owners earmark their utility savings for TIP Capital’s fixed-rate monthly financing payments for lighting retrofits, HVAC upgrades, energy storage, and other qualified energy-efficiency projects.
“With Green Charge Networks’ savings track record for their customers and pipeline of deals, TIP Capital is excited to be partnered with Green Charge Networks.” said Ross Reida, Vice President of National Accounts for TIP Capital. “Our flexible programs will allow Green Charge Networks’ customers to pay $0 down, provide energy savings above what they pay and protect against rising demand charges.”
Green Charge Networks previously received $12M in funding from the Department of Energy to pioneer power-efficiency agreements that enable businesses to cut their electricity bills by 50% or more using a combination of energy storage and predictive algorithms.
Much like zero-down solar leases unlocked solar for the masses, Green Charge Networks believes their power-efficiency leases will help take energy storage mainstream. They’ve already proven their model with customers like 7-Eleven, Walgreens, colleges, and municipalities. Now, thanks to this new $10 million fund, they can go even bigger.
“For buildings to be more power efficient and to optimize the potential for environmental benefits, intelligent energy storage must be financially affordable and accessible for business owners,” said Brian Asparro, CFO of Green Charge Networks. “Commercial buildings account for 18% of US CO2 emissions. Through GCN’s GreenStation, building owners can save 15% or more on their electric bills.”