Sealed Launches $7.5 Million Energy Savings Fund with NY Green Bank, Turns Residential Energy Savings Into a Financial Commodity
May 12, 2016, 04:21 ET
NEW YORK, May 12, 2016 /PRNewswire/ -- Sealed, a New York-based energy software company, announced today the launch of Sealed Pay As You Save (Sealed PAYS®), the first program that invests in energy savings resulting from residential efficiency improvements. Sealed guarantees these savings to customers by leveraging its proprietary software and analytics.
Sealed PAYS will enable New York homeowners to benefit from up to $7.5 million in energy-saving improvements. The initial credit facility is provided by the New York Green Bank, part of Governor Cuomo's Reforming the Energy Vision ("REV") initiative.
"Right now, inefficient homes are wasting billions of dollars a year," said Andy Frank, Founder and President of Sealed. "This fund is the first step towards turning this waste into a real energy resource that can be valued by both consumers and financial markets."
"Sealed is an excellent example of the type of innovative business model that has emerged – and will continue to emerge – as the principles of REV begin to impact the market," said NY Green Bank President, Alfred Griffin. "NY Green Bank looks forward to watching Sealed grow its model in an underserved market and to working with other clean energy and efficiency companies seeking to grow their business by increasing deployment of clean energy in New York State."
Sealed calculates energy savings via patent-pending analytics that leverage machine-learning principles to accurately predict energy usage. Sealed then guarantees these savings by replacing customers' utility bills with a Sealed bill based on their past usage, adjusted for weather and energy prices.
"Sealed is changing the way that customers engage with energy. Through an exciting new energy billing relationship, they are proving that 'energy software company' is the new ESCO," said Ed White, Vice President, New Energy Solutions at National Grid. "National Grid could not be more excited to be a partner with Sealed in meeting the New York's Reforming the Energy Vision goals."
Sealed customers receive a home energy assessment that determines the amount of energy they can save and the improvements that will improve the comfort, health, and safety of their home.
"My home is really drafty and cold during the winter. I wanted to fix the problem, but didn't want to pay cash or take out a loan to pay for it," said Tom Schaper of West Islip, a retired steamfitter and one of first customers to sign up. "It's great that Sealed PAYS gives me a better home, and I'll still pay about the same amount for energy as I did before."
Sealed currently serves customers in Nassau, Suffolk, Westchester, Orange, Rockland, and Putnam counties.
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SOURCE Sealed