Rooftop solar panels are a great way for people to invest in renewable energy while saving money on electricity.
Rooftop solar panels are a great way for people to invest in renewable energy while saving money on electricity. Unfortunately, the rooftop solar industry only serves a fraction of society.
Many Americans are unable to invest in rooftop solar; they may be renters or lack the upfront money required for installations or live in locations that don’t get enough sun. Some states have tried to address these limitations with community solar programs, which allow residents to invest in portions of large, remote solar projects and enjoy savings on their electricity bills each month.
But as community solar projects have exploded in popularity in the last few years, higher-income households have been the main beneficiaries. That’s because most developers of community solar arrays require residents to have high credit scores and sign long-term contracts.
Now the community solar startup Solstice is changing the system. The company recruits and manages customers for community solar projects while pushing developers for simpler, more inclusive contract terms. Solstice has also developed the EnergyScore, a proprietary customer qualification metric that approves a wider pool of residents for participation in community solar projects, compared to the credit scores typically used by developers.
Read more at Massachusetts Institute of Technology
Image: Solstice co-founders Sandhya Murali MBA ’15 (left) and Stephanie Speirs MBA ’17 began the company in 2014. Image courtesy of Solstice
