Community solar provider Common Energy recently announced that it has raised a new round of funding, providing the business with additional capital to continue its expansion.
This new funding will support growth in existing markets, and expansion into emerging markets including California, New Mexico, Ohio and Pennsylvania. And Common Energy currently manages community solar projects in the nine largest state markets, for the majority of the industry’s largest project owners.
Common Energy also announced that it had achieved a new operational milestone, reaching 98% or higher collection rates on every project it manages, including those with a high percentage of low-income subscribers. And subscriber collection rates are the single most important driver of a community solar developer’s return on investment, and collection rates in the low-income segment are a significant challenge for the industry.
Common Energy manages community solar projects nationwide, with all major utilities. Its SAAS-based energy platform provides developers with industry-leading visibility on project performance, enabling higher project ROI. And over their operating lifetimes, community solar projects managed by Common Energy will prevent over 6 billion pounds of carbon emissions, and enable over $100 million dollars in savings for subscribers.
KEY QUOTES:
“Common Energy’s subscriber relationships and operating performance continue to support our growth and market share gains. Our track record of bringing both high-quality corporate subscribers and low-income subscribers is enabling higher ROI for our partners.”
— Richard Keiser, founder and CEO of Common Energy
“Our relentless focus on operational performance has resulted in high subscription rates, lower churn, and higher collection rates, benefiting all of our clients and our subscribers.”
— Christophe Charpentier, Common Energy’s COO
