Written By: Steve Adams | Commercial Record Staff
Article Published December 20, 2023
A partnership between the city of Derby and a Florida sustainable energy company will make it easier for low- and middle-income residents to convert their properties to solar energy.
The program in Derby is the first in New England for West Palm Beach-based Electriq Power, which last spring received $300 million in financing for expansion.
Through a partnership with municipalities, the company offers renewable energy systems to homeowners including those with low credit scores and no upfront costs.
“We’re opening up the market to everybody, not just the high-end customers,” said Frank Magnotti, CEO of Electriq Power. “Part of our mission is to provide these solutions with parity across all of the demographics.”
The Electriq Power program includes equipment such as solar panels, battery storage and installation under terms of a 25-year power purchase agreement with homeowners.
Municipalities support the program by promoting it to residents and receive a 5 percent share of the revenues from the power agreements, Magnotti said. The program, known locally as PoweredUp Derby, is targeting the approximately 3,000 single-family homes in the New Haven County community.
Electriq Power previously launched programs in six California municipalities. It selected Connecticut as one of its target expansion markets because of the Nutmeg State’s high utility costs and favorable regulatory environment, Magnotti said.
Typical single-family homes receive a solar array, battery system and communications equipment that monitors operations. Homeowners typically can expect to save up to 20 percent from their current electricity bills, Magnotti said.
In March, Electriq Power received $300 million in financing through a multi-year agreement with a clean energy company that designs and finances solar and energy storage projects.
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