Enact’s software platform is transforming how solar and energy storage projects are designed, deployed, and managed, with thousands of users in 20+ countries. Enact’s platform enables sales teams to design, price, and sell remotely, finalize contracts, and track project execution. End-customers can also leverage Enact’s platform to manage their solar and energy storage transition and track financial outcomes. Pulse 2.0 interviewed Enact CEO and co-founder Deep Chakraborty to learn more about the company.
Formation Of Enact
How did the idea for Enact come together? Chakraborty said:
“When we co-founded Enact, our single mission was, and still is, to simplify the consumer’s journey for solar. It’s an extremely complex process, involving managing various stakeholder partnerships over many months to deliver value for an expensive upfront investment.”
“We launched Enact to simplify this customer experience and accelerate the clean energy revolution. The Enact founding team has decades of solar industry experience across three continents, helping us to focus and understand the real problems.”
“Our award-winning platform now allows customers, both homeowners and businesses, to simplify their entire solar and energy storage purchase, designed through Enact and delivered by local solar professionals. Enact also enables thousands of solar professionals to design, deliver projects, and manage assets for long-term performance.”
Macroeconomic Climate
Has the current macroeconomic climate affected the company? Chakraborty acknowledged:
“Yes. Rising interest rates make it more challenging for consumer spending in general, both for home and business consumers. This is also why the financial ROI and savings of a project are even more important now than ever before.”
“Consumers know solar saves them money on their electric bills. This is why solar is one of the few industries that continues to grow rapidly, even in the current macroeconomic climate.”
“Enact’s platform makes it really easy to track such savings and ROI live and take additional measures to improve the financial ROI of their project.”
Core Products
What are Enact’s core products and features? Chakraborty explained:
“Enact’s software platform is transforming how solar and energy storage projects are designed, deployed, and managed, with thousands of users in over 20 countries. End customers can leverage Enact’s platform to manage their solar and energy storage transition and track financial outcomes.”
“Enact’s Installer platform enables sales teams to design, price, and sell remotely, finalize contracts and track project execution, all on the same platform.”
Significant Milestones
What have been some of Enact’s most significant milestones? Chakraborty cited:
“Enact’s platform won several awards (Red Herring Top 100 and New Economy Award) and two separate grants from the US Department of Energy that helped us develop the platform in its early days.”
“Through an acquisition in 2020, Enact added energy storage design and customer management capabilities to its platform. This positions us strongly in markets like California where the new net metering rules favor the addition of energy storage to make the economics work well.”
“Enact’s US success story was quickly replicated in several new markets, such as the UAE, South Africa, and South Asia. We just launched this year in Europe with customers in Germany and Italy so are now available in 20+ countries.”
Funding
Upon asking Chakraborty about the company’s funding, he revealed:
“Enact closed its Series A financing in August 2022, led by Energy Growth Momentum. Until Series A, much of our early growth was based on limited angel funding as well as grant funding from the US Department of Energy.”
Total Addressable Market
What total addressable market (TAM) size is Enact pursuing? Chakraborty assessed
“Enact’s unique two-sided platform addresses a large $1+ billion serviceable addressable market in the US alone, with both the end-consumer and the installer value proposition and revenue now proven in multiple markets.”
Differentiation From The Competition
What differentiates Enact from its competition? Chakraborty concluded:
“Enact’s biggest differentiation is its focus on the end-consumer outcome, in addition to offering tools to installers and developers. Enact is the only platform that tracks and optimizes end-consumer savings from solar and storage live, in currency terms, in addition to forecasting such savings on its design and proposal engine. Enact’s independent approach to developing and managing customer outcomes leads to a high level of trust.”
“Enact has now launched a consumer marketplace in California where hundreds of homeowners work directly with Enact’s team to complete their designs and proposals. Enact’s preferred installer partners then complete the physical installation, with their outcomes being measured on the Enact App live. So, it’s a full circle on the consumer purchase and ownership lifecycle, leveraging Enact’s platform alone.”
“Unlike large installers and developers like Tesla or Sunrun, Enact’s platform offers a wide choice of OEMs for solar panels or batteries. Every home is designed live using accurate usage data from their energy bills, with full transparency on pricing and savings.”
