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Bright Power and Ivy Energy Partner to Increase Net Operating Income for California Multifamily Owners

·4 min read

Tenants to Benefit from Clean, Renewable Solar Energy and Utility Savings

OAKLAND, Calif., September 16, 2021--(BUSINESS WIRE)--Bright Power, Inc. and Ivy Energy today announced their California-based collaboration to provide property owners software that profitably solves the split incentive challenges often associated with implementing solar energy and centralized battery storage. The collaboration opens access to clean energy for all energy consumers, regardless of if they own or rent their home; tenants are billed directly for their clean energy footprint. Through simplified bill management, both owners and tenants will have a clear understanding of how they consume electricity and how their actions can conserve energy, save more money, and be part of the 21st century energy grid.

With California’s commitment to 60% renewable energy by 2030 and 100% by 2050, all California property owners will need to decarbonize their properties.

Bright Power -- the premier provider of energy and water management services and trusted advisor for real estate owners, investors, and operators -- brings seventeen years of experience in renewable energy, energy efficiency, project management, and energy analysis. A leader in the identification of innovative technologies, Bright Power has improved building performance for more than 14,500 buildings and over 235,800 apartment units in California.

Serving as the owner’s representative, Bright Power is positioned to leverage their expertise to manage the solar installer, optimize the design, and ensure proper installation for maximum electricity production.

With Bright Power’s guidance, building owners can install large solar PV arrays that generate enough electricity to offset an entire property’s electricity consumption while managing operations and tenant allocations through Ivy Energy’s billing solution. Ivy eliminates the complexities of solar billing across multiple units; owners see an increase in net operating income while tenants benefit from electric utility savings. How Ivy makes it simple:

  • Allocate and bill for monthly solar generation to units based on participation and electricity usage via Virtual Grid Platform

  • Manage tenant billing operations and support enrollment in program

  • Manage meter aggregation to streamline solar allocation enabling higher ROI when reducing unit utility costs

  • Integrating solar billing accounts receivable into monthly rent ledger collection process

The Ivy platform has "virtually" 5.5 MWh’s of clean energy running through it every year that otherwise wouldn’t have been deployed. There are over 7,000,000 renting households in California and Ivy has ambitions to help enable clean energy access to all of them.

"Bright Power is committed to identifying the most innovative and impactful solutions for real estate owners and operators to increase their net operating income and reduce carbon emissions. We are excited to introduce the Ivy Energy billing solution to our customers considering integrating solar at their properties," said Andrew Ulmer, Executive Vice President of Strategy and Growth for Bright Power.

"Our team is on a mission to evolve the way that shared buildings create, use, and think about energy. It's taken nearly 10 years longer for multifamily buildings to adopt solar energy compared to other real estate sectors. Solving the split incentive problem using innovative technology and business model design was a big challenge that our team has been able to de-risk and provide to the multifamily community. We are excited to play our role in this partnership in helping the multifamily real estate sector adopt clean energy at greater scale and catch up to other sectors," said Ivy Energy Founder, Dover Janis.

Together, Bright Power and Ivy Energy will create new opportunities for real estate owners to increase their net operating income with minimal risk and complexity. This collaboration will also create savings for tenants while benefiting the environment.

About Bright Power

Bright Power provides strategic energy and water solutions to building owners and operators across the nation. Specializing in multifamily apartment buildings, Bright Power has worked with almost 2 million units that cover over 2 billion square feet. Bright Power’s energy management solutions include EnergyScoreCards benchmarking software, energy audits, energy procurement, on-site generation, green building design services, turnkey installation of energy improvements and ongoing energy management. For more information, please visit www.brightpower.com.

About Ivy Energy

Ivy’s software platform is delivered as a managed technology service comprised of intelligent energy monitoring, solar allocation management, community shared value ledger, and Virtual Grid algorithms that provide a turn-key solution for a real estate owner "Host" to transact with tenants "users" when using clean energy and sharing the benefits that come from onsite distributed energy systems. This platform provides a consumer-friendly structure that guarantees savings to tenants while providing owners with a predictable return on investment, adding new NOI to their property from an onsite solar (PV) investment. For more information on Virtual Grid & Ivy’s software platform features please visit https://www.ivy-energy.com/.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210916005027/en/

Contacts

Stephanie Driscoll
Chameleon Collective
781-535-8489
stephanie.driscoll@chameleon.co

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