Community solar provider Common Energy today announced that it has raised a new round of funding, providing the business with additional capital to continue its expansion. The new funding will support growth in existing markets, and expansion into emerging markets including California, New Mexico, Ohio and Pennsylvania. 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’s subscriber relationships and operating performance continue to support our growth and market share gains,” said Richard Keiser, founder and CEO of Common Energy. “Our track record of bringing both high-quality corporate subscribers and low-income subscribers is enabling higher ROI for our partners.”
In addition, Common Energy 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. 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.
“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,” said Christophe Charpentier, Common Energy’s COO.
Common Energy manages community solar projects across the country, with all major utilities. Its SAAS-based energy platform provides developers with industry-leading visibility on project performance, enabling higher project ROI. 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. Companies interested in partnering with Common Energy are encouraged to email partners@commonenergy.us.
About Common Energy
Common Energy is a leading community solar provider that services projects in all major community solar states in the country. Common Energy enables households and businesses to support local clean energy, lower emission in their communities, and save money on their electricity. There is no on-site installation and no change to how the subscriber receives their electricity. As such, the company’s platform is a key part of accelerating clean energy adoption. To join a community solar project, visit www.commonenergy.us.
View source version on businesswire.com: https://www.businesswire.com/news/home/20231115301285/en/