The problem has seldom been tackled directly, despite the significance of using clean energy in owned or rented homes. Ivy Energy is one of the frontrunners in the energy domain, mitigating the split incentives and other barriers to achieving energy efficiency in rental properties with its cloud-based Virtual Grid Platform.
The company’s Founder and CEO Dover Janis was motivated to create a solution based on concepts of distributed energy that allowed commercial and multi-family apartments to access shared solar power. The split transaction problem arising from the inability to combine data from tenants, owners, solar units, and utility companies was the biggest challenge, making it impossible to bill solar energy for apartments. Janis’s team finally cracked the code with their Virtual Grid Platform.
Ivy Energy does this by mirroring exact utility rates and passing on a portion of the community’s total monthly solar savings to the residents via a solar energy billing service that provides clarity and monthly insight on solar savings. All the residents are guaranteed to pay 10 to 15 percent less by participating in Ivy’s Virtual Grid.
“Our virtual grid software facilitates shared solar access that helps the rental community be a part of the clean energy revolution. It also generates cash flow for owners and creates net operating incomes (NOI) from solar use in their multi-tenant properties. It’s a win-win for all,” says Austin Young, marketing director of Ivy Energy.
How Does it Work?
The process starts with Ivy Energy’s team assessing a building’s overall energy usage and giving the owner a detailed report of the difference in energy and income if the energy source is replaced by solar. An Ivy-certified installer or the owner’s preferred installer then installs the solar + Virtual Grid for the community. The individual residents are onboarded to the Virtual Grid Platform without additional hardware. Ivy Energy then builds a customized implementation plan to gather data from every resident’s meter and optimize the community’s revenue potential and energy savings. Once implemented, the Virtual Grid uses smart grid logic to distribute the solar energy benefits of the entire community to tenants according to how much solar power is available and the price of energy in real-time. Monthly solar energy bills are generated using Ivy’s proprietary load algorithm to allocate those savings against what the tenants would have paid to the utility company.
Our virtual grid software facilitates shared solar access that helps the rental community be a part of the clean energy revolution. It also generates cash flow for owners and creates net operating incomes (NOI) from solar use in their multi-tenant properties. It’s a win-win for all
Both owners and residents prefer Ivy Energy because they deliver more than they promise. A case in point is a publicly traded company that wanted to go solar. Their intention to switch to solar was sustainable energy usage, and they weren’t looking to monetize the investment.
These values and services help Ivy Energy stand out in the industry, made possible by its young and diverse team. The company is steadily shaping and staying in the know about solar-related policies in California. The team’s mission is to evolve how shared buildings and complexes create, use, and think about renewable energy.