PowerMarket, a startup in the NYU Tandon School of Engineering cleantech incubator NYC ACRE, has partnered with Syncarpha Capital to deliver the benefits of community solar toMassachusetts. Syncarpha's two megawatt solar array, to be located on a former quarry site in the town of Bolton in central Massachusetts, will provide approximately 150 households with the ability to participate in Massachusetts' community solar program. Syncarpha is developing subsequent arrays to expand the program and improve access to this innovative solar solution in Massachusetts, New York, and other community solar states.
"Community solar is a way for customers, who might not have suitable roof space on their homes or who don't not own their home, to take advantage of the benefits of solar" stated CliffChapman, Managing Partner at Syncarpha. "A large, community-based solar 'farm' provides the benefit of lower-cost large-scale construction and applies it to reducing the higher electricity costs of residential customers."
Using PowerMarket' software, Syncarpha's community solar subscribers will be able to engage with their local community solar array to track their savings and the environmental benefits. The solar project is expected to become operational in the fall, and subscribed customers will see credits on their electricity bills almost immediately. The program requires no capital investment from customers who, instead, will be provided with discounted credits that offset their utility costs for twenty years.
"Managing the electricity generation from a solar farm and delivering energy credits to hundreds of customers through their utility bills creates a plethora of challenges not present in rooftop solar" said Chris Barrett, Managing Director of PowerMarket. "Our platform is specifically tailored to navigate these issues and allows Syncarpha, as the solar energy provider to deliver community solar programs at scale to residential customers."
"We are delighted that PowerMarket, an ACRE company, is able to make community solara reality. Their innovative business model provides everyone with the choice to "go solar" whether they own a roof or not. It is creative business models like this that will help to democratize solar and deploy renewables more widely," said Pat Sapinsley, Managing Director of the ACRE incubator.About Syncarpha
Founded in 2009, New York-based Syncarpha Capital is an investment company dedicated to developing, owning, and operating commercial and small-utility distributed generation solar photovoltaic ("PV") projects in North America. The company is committed to the widespread adoption of solar energy by utilities, commercial and government electricity buyers, as well as delivering community shared solar solutions for residential customers. Syncarpha works with a variety of organizations to finance and build on-site solar systems that reduce energy costs and ensure a cleaner, greener future. For more information, please visit www.syncarpha.com, and for more information about Syncarpha's community solar offerings, please contact firstname.lastname@example.org. About the Urban Future Lab/ NYC ACRE
Part of NYU's Tandon School of Engineering, the Urban Future Lab (UFL) is New York City's hub for smart cities, smart grid and clean energy and hosts several programs focused on educational, policy and market solutions to the issues of sustainability. NYC ACRE is the City's premier cleantech business incubator, housed at UFL. ACRE supports innovative startups that provide solutions to our most pressing climate and energy challenges, all while creating green jobs in the New York area. ACRE is dedicated to growing an ecosystem of mission-driven start ups that advance the city as a role model for a low-carbon future. For more information on NYC ACRE, visit www.ufl.nyc
, and on NYU Tandon incubators, visit engineering.nyu.edu/business/incubators