OAKLAND, Calif., Sept. 14, 2016 /PRNewswire/ -- PowerScout today announced it has secured $5.2 million in funding for technology that lowers the price of clean energy by predicting which homes are most likely to adopt it.
The funding was provided by a mix of private and public sources including the U.S. Department of Energy, which awarded PowerScout a total of $2.5 million in grants via its SunShot Initiative — an effort aimed at making solar cost competitive with traditional energy sources.
"We're excited to bring the same technologies that are revolutionizing the retail, transportation, and financial services industries to the residential energy market," said PowerScout CEO Attila Toth. "Today when you go solar through a traditional provider, you often end up paying more to cover marketing expenses than for the panels themselves. By pinpointing which homes are most likely to adopt solar we avoid wasteful spending and pass the savings on to the consumer."
The company's Foresight platform uses advanced image recognition technology, LIDAR data collected by planes, and in-depth consumer data to analyze entire neighborhoods at a time— tagging each home with over 1200 data points ranging from income and education levels to political affiliation and even the type of car an individual drives. The platform also analyzes which houses in the neighborhood already have solar and makes predictions about which others are likely to adopt it.
In addition to predictive analytics, PowerScout aims to expand the connected economy category by creating value around the process of shopping for and buying clean energy.
"It's surprising, but some of the world's largest clean energy companies still rely on the same high pressure tactics used to sell vacuum cleaners in the 1950's," said PowerScout Co-Founder Kumar Dhuvur. "That's costly for the provider and uncomfortable for the homeowner. We think people should be able to shop for clean energy the way they shop for other things: online and without pressure."
Homeowners can see how PowerScout rates their home's overall solar potential on PowerScout.com, a platform that also provides consumers with firm solar price quotes including installation by experienced regional installers. For added support, the company employs a team of subject matter experts known as PowerScout Concierges available by phone, video, and chat.
PowerScout is active in 15 states and is an official partner of Google's Project Sunroof, an initiative that leverages high resolution Google Maps to quantify a roof's solar savings potential. In addition to connecting consumers with high performance solar systems, financing, and installation, the company has plans to roll out additional clean energy options on its platform such as community solar, battery storage, electric vehicle charging infrastructure, and energy efficient large appliances.
The most recent award from the U.S. Department of Energy is earmarked specifically for developing a community solar offering for renters and those with shaded roofs. It was provided to PowerScout in the form of a SunShot Technology to Market award.
For those who are curious about clean energy, PowerScout is a new, better way to discover and buy it. For the seasoned local professionals who install PowerScout solutions, it's a way to grow their bottom lines. For cities, PowerScout helps strengthen the grid and support local economies. When you make clean, renewable energy as easy and seamless as traditional grid power, everyone benefits. At PowerScout, we're proud to connect the people who want better energy with the people who make it happen. Learn more at PowerScout.com.
About the SunShot Initiative
The U.S. Department of Energy SunShot Initiative is a collaborative national effort that aggressively drives innovation to make solar energy fully cost-competitive with traditional energy sources before the end of the decade. Through SunShot, the Energy Department supports efforts by private companies, universities, and national laboratories to drive down the cost of solar electricity to $0.06 per kilowatt-hour. Learn more at energy.gov/sunshot.
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