BEDFORD HILLS, N.Y., Aug. 5, 2015 /PRNewswire/ -- Joule Assets Inc., the leading provider of financing solutions for the energy efficiency and demand management industries, today announced that it has partnered with Good Energy, a national consultant of large-scale community energy aggregation. As part of the strategic partnership, the two will manage the growing number of CCA programs across the state, many of which are modeled on the Public Service Commission-approved blueprint created by Joule's CEO, Mike Gordon.
New York becomes the 7th state in the country to allow for this type of energy aggregation for residents within a city or municipality. States like Massachusetts, Ohio, Illinois, and California have implemented large scale electricity aggregations that have provided significant savings for residents and small commercial businesses. Community Choice Aggregation shifts energy supply services for all residents who were previously buying from the utility to an energy services company that is determined by the municipality. The utility continues to provide poles, wires, maintenance and reliability, even to bill consumers. The only change to consumers is the price they pay.
"Commercial energy consumers have realized the benefits of competitive energy markets, but residential consumers are underserved in deregulated states," said Javier Barrios, Managing Partner of Good Energy and Northeast President of The Energy Professionals Association (TEPA). "This type of collective purchasing program offers another choice for residents. Now, residential energy consumers can band together, create an economy of scale, and save money."
Joule Assets' CEO, Mike Gordon is generally recognized as a key pioneer in the demand response industry, which currently pays consumers more than $2 billion annually for their willingness to slightly cut back consumption during the few hours each year that the power grid is under stress. Mike Gordon was the first in New York to petition for, then be granted the right to form the state's first ever Community Choice Aggregation—he knows exactly how to ensure success in the New York environment. Gordon also serves as Co-chair for the Non-profit organization, Sustainable Westchester, which is currently delivering on the state's first CCA demonstration project.
"We're approaching this in a targeted manner," said Mr. Gordon. "Through CCA, we're greening the energy buy, even as we save money for consumers. That's why both consumer groups and environmental organizers are on the same page, with respect to this offering. Good Energy is the perfect partner to ensure this process goes smoothly for any municipality."
With more than 200 Community Energy Aggregation programs representing over 600,000 households (a large majority of which selected renewable energy as their default energy product), Good Energy manages energy procurement for 1 percent of the U.S. population. This extensive involvement in energy aggregation makes Good Energy an extremely valuable partner in streamlining the process for communities throughout the New York State that want to take advantage of this timely opportunity.
"We are very excited to work with Joule Assets," said Mr. Barrios. "CCA is just the start for the organization. Initiatives such as Micro-Grid, Demand Response and other Distributed Energy Resources will provide innovative energy solutions to consumers throughout New York State."
About Joule Assets
Joule Assets delivers financing solutions for energy efficiency and demand response initiatives and projects. Through its first-in-kind Joule Energy Reduction Asset (ERA) Fund, a global private equity fund initially targeting $100M, Joule provides previously unavailable, upfront financing to energy efficiency vendors and cycles returns from monetized energy savings and vendor revenues back to Fund investors. Joule Assets leverages its proprietary database, market analysis software, and extensive industry expertise to deliver a secure financing option for vendors and untapped revenue streams for investors. You can learn more about Joule Assets and the ERA Fund at: http://www.jouleassets.com/ or apply for a consultation here. You can also follow us on Twitter @JouleAssets.
About Good Energy
For more than two decades, Good Energy has been a national leader in structuring and implementing community and government energy aggregation programs. Good Energy now serves more communities and residents than any other single energy consultant in the nation. Good Energy supplies the latest efficiency applications to the market and has pioneered a community-centric buying approach that has achieved hundreds of millions of dollars in savings to the households and businesses throughout the nation. Good Energy delivers a variety of regional services involving local laws such as Benchmarking, Retro Commissioning, Predominant Use Studies, and Municipal Energy Tax assessments. Learn more about Good Energy at www.goodenergy.com and follow us on twitter @MunicipalChoice.
Caroline Venza, Mission CTRL for Joule Assets
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SOURCE Joule Assets, Inc.