METHUEN, Mass., Dec. 19, 2019 /PRNewswire/ -- Arcadia, a clean energy technology company, is this month launching its first community solar project in Massachusetts with developer Madison Energy Investments. The project will offer residents in Methuen, MA the ability to choose renewable energy while also guaranteeing savings on their utility bills.
This project is part of the state's push to accelerate its transition to renewables. It also comes amid a nationwide surge in demand for solar and wind energy. The amount of renewable electricity being bought voluntary has increased nearly 300% since 2010. In 2018, the majority of Americans said that, if given the option, they would elect wind and solar over fossil fuel energy.
However, as many as 75% of American households are not candidates for rooftop solar for reasons including they are multi-family homes, are located in shaded areas, are structurally unsound, or the residents are unable to get a loan due to a low credit score. Community solar makes it possible for everyone, not just those with the ideal financial circumstances, to access affordable clean energy.
Arcadia's Methuen project is 230 kW DC and is big enough for about 50 subscribers, the majority of whom are low-income ratepayers. This project is the first of many for Arcadia and Madison Energy Investments in Massachusetts, with a pipeline of at least 15 projects all scheduled to come online in 2020. Additionally, Arcadia's Methuen project will be credited under the Massachusetts Department of Energy Resources (DOER) Solar Massachusetts Renewable Target (SMART) Program to grow the state's solar market and generate millions of dollars of investment in Massachusetts.
Traditionally, accessing community solar requires residents to fill out extensive paperwork, agree to lengthy contracts of 10 years or more, undergo a credit check, and pay an additional monthly electric bill. These standards pose a challenge for residents that want access to renewable energy, but are unable to meet the requirements. Arcadia eliminates these barriers to entry. The company connects members to community solar through a two-minute sign-up process at no cost, with no cancellation fees or credit requirements.
"The future of energy is people-powered, and we look forward to bringing Methuen households hassle-free guaranteed solar savings," said Kiran Bhatraju, CEO of Arcadia. "Community solar can, and should, be easy to access for everyone in the state of Massachusetts."
"Massachusetts is setting the stage for other markets on how to revolutionize the energy industry through community solar, prioritization of low-income customers and integration of battery storage with solar," said Steve Cunningham, Managing Partner of Madison Energy Investments. "The SMART program provides customers of all types with access to solar, and that is only possible through partnerships with organizations like Arcadia."
The launch, in a partnership between Arcadia and the Madison Energy Investments, is an important step in Arcadia's nationwide effort to reach a 100% renewable energy future. Madison Energy Investments provides the institutional capital needed for customers across the country to have access to stable, long-term clean energy assets.
Earlier this month, Arcadia announced a $30 million Series C to accelerate consumer access to renewable energy. The company saw 300 percent revenue growth in the last year and now manages 4.5 terawatt-hours of energy demand. In 2020, Arcadia has immediate plans to expand community solar access from four to eight states.
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Arcadia makes choosing clean energy easy. As the only nationwide tech company focused on consumer energy, Arcadia's software manages consumer utility accounts to bundle clean energy, energy efficiency tools, rate monitoring and more in a simplified, modern account experience. Founded in 2014, the company's platform now integrates with more than 125 utilities in all 50 states, manages 4.5 terawatt-hours of residential energy demand, is the largest residential energy broker in the country, and manages the most community solar subscribers in the U.S. For more information, visit www.arcadia.com and follow us on Facebook, Twitter, and Instagram.