Follow The Money: Who Is Funding Energy Storage And Why
To understand how the energy storage in the United States – particularly California — is heating up, just follow the money.
Green Charge Networks, a Silicon Valley storage installer, announced Tuesday that it has lined up a $10 million fund from TIP Capital to finance projects. Green Charge installs lithium-ion batteries for businesses, who could forgo owning the storage equipment and pay for energy storage as a service via a long-term contract instead.
“Energy storage is what a lot of clean energy financing companies are working toward,” said Vic Shao, CEO of Green Charge Networks, which was founded in 2009. “Everybody realizes that this is what’s coming and they need to get on board.”
This leasing model has succeeded in expanding rooftop solar panel installations at homes and businesses, which could use solar electricity without paying tens of thousands of dollars upfront to own the equipment. Installers often market solar electricity as being cheaper than the electricity from utilities, though that saving usually isn’t guaranteed for the duration of the contract.
Storage installers tend to pitch their services to businesses and government agencies that want to reduce the so-called “demand charge.” A utility collects the fee to help pay for its readiness to generate and send power to meet its customers need, especially when demand is high. Cont'd
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