Energy storage for free? Yes, starting today
By: SGN Staff
Quick Take: Want to know the single thing most responsible for the surge in rooftop solar? No, not improved efficiency. No, not falling prices. Those things helped, of course, but the most important factor was the nothing-up-front financing model pioneered by companies such as Solar City.
Guess what? Somebody just launched a similar program for energy storage up to 15 MW. Watch for similar programs to crop up elsewhere. When they do, you can expect energy storage prices to gradually fall and installations to grow. - By Jesse Berst
Stem Inc. launches project finance fund with Clean Feet Investors
Energy storage industry’s first project finance fund accelerates adoption
MILLBRAE, Calif. - October 24, 2013 - Stem Inc., a leader in advanced energy storage systems, today announced it has secured funding to accelerate the adoption of its solution. With this project finance fund, commercial and industrial customers can deploy a Stem energy system at no upfront cost, and take advantage of immediate energy bill savings. The fund is backed by up to $5 million in investment from Clean Feet Investors I, LLC (CFI).
The new financing model, which Stem developed in collaboration with CFI, is designed to open access to a wider pool of customers by removing barriers to adoption, enabling up to 15 MW of energy storage to be deployed. With this financing capability, Stem is well positioned to parallel the dramatic growth trajectory pioneered by the third party ownership model in the solar industry, with the company targeting the bulk of these installations to occur over the next year.
Stem and CFI plan other innovative financing offers for customers including performance-based and shared savings financing solutions with the capital from this financing.