Arcadia Power
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Energy offset and renewable power developer Arcadia pitches clean power as an employee benefit
Arcadia, the company that gives homeowners and renters a way to offset their carbon footprints through renewable energy credits and clean power developments, is now pitching its services to businesses as an employee benefit.
Companies can offset their employees carbon footprints or subsidize their power bills using Arcadia’s services, the company said. It’s a response to the millions of Americans who are now working from home rather than going in to an office and an acknowledgement that office perks look different when the office is a living room couch, dining room table or bed.
Because commuter benefits and office amenities like free coffee, snacks, sodas or whatever have become as nonexistent as a competent U.S. government response to a global pandemic, companies are trying to come up with new ways to make employees happy (even though folks are lucky to be employed right now).
Energy usage that spikes in offices in the summer have now been distributed to homes around the country, according to data cited by Arcadia, which means that workers will be eating the cost of increased cooling bills that would have been borne by their corporate offices.
For workplaces that opt in to the new potential benefit for employees, Arcadia can either buy renewable energy credits to offset an employee’s emissions or it can take pay for that employee’s energy usage by acquiring blocks of renewable power from energy markets around the country.
The company has already signed up a few marquee customers, including McDonald’s, which is using the service to offset employee’s emissions (but not paying for their power).
“We’re thrilled to partner with Arcadia on this new initiative,” said Emma Cox, manager of North America Sustainability at McDonald’s, in a statement. “Getting the program up and running is incredibly easy and enables us to empower our employees that are no longer in the office, and is consistent with McDonald’s goals in reducing carbon emissions.”
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Powered by $25 million, Arcadia Power looks to expand its distributed renewable energy services
As renewable energy use surges in the U.S. and the effects of global climate change become more visible, companies like Arcadia Power are pitching a nationwide service to make renewable energy available to residential customers.
While states like New York, California and regions across the upper Midwest have access to renewable energy through their utilities and competitive marketplaces, not all states in the country have utilities that are building renewable power generation to offset coal and natural gas energy production.
Enter Arcadia Power and its new $25 million in financing, which will be used to redouble its marketing efforts and expand its array of services in the U.S.
Right now, renewable energy is the fastest growing component of the U.S. energy mix. It’s grown from 15 percent to 18 percent of all power generation in the country, according to a 2018 report from Business Council for Sustainable Energy and Bloomberg New Energy Finance.
And while Arcadia Power is only accounting for 120 megawatts of the 2.9 gigawatts of new renewable energy projects initiated since 2017, its new $25 million in financing will help power new projects.
When we first wrote about the company in 2016, it was just developing solar projects that would generate power for the grid to offset electricity usage from its customers.
Now the company is expanding its array of services. All customers are automatically enrolled in a 50 percent wind energy offset program, where half of their monthly usage is matched in investments in wind farms — and they can upgrade to fully offset their energy usage with wind power. Meanwhile, community solar projects are also available for free or customers can then purchase a panel and receive a guaranteed solar savings on each monthly power bill.
Reduced prices are given to customers through the consolidation of their buying power across multiple competitive energy markets.
Finally, Arcadia is offering new home efficiency upgrades like LED lighting and smart thermostats, along with smart metering and tracking services to improve customers’ payment options, the company said.
“The electricity industry hasn’t changed much in the last hundred years, and we believe that homeowners and renters want a new approach that puts them first. Our platform places clean energy, home efficiency and data insights front and center for residential energy customers in all 50 states,” said chief executive Kiran Bhatraju.
Kiran Bhatraju, chief executive officer Arcadia Power
Funding for the new Arcadia Power financing was led by G2VP, the investment firm that spun out from Kleiner Perkins cleantech investing, ValueAct Spring Fund, McKnight Foundation, Energy Impact Partners, Cendana Capital, Wonder Ventures, BoxGroup and existing investors, according to the company. As a result of the investment, Alex Laskey, Opower’s founder and president; Ben Kortlang, a partner at G2VP; and Dan Leff, a longtime investor in energy technology companies, will all join the Arcadia board of directors.
“We’re taking a piece of the savings that is a part of the power purchase agreement,” says Bhatraju. “Customers get a 5 percent guaranteed savings against the utility rate. In competitive markets like Ohio or Maryland, it’s a shared savings model.”
Beyond the savings, the offsets can do something to reduce the carbon emissions that are exacerbating the problems of global climate change.
“When you build community solar projects you are displacing former fossil fuel plants from being used because these of customers,” Bhatraju said. But the entrepreneur recognizes that they have a long way to go to make a difference. “120 MW is not nearly enough,” Bhatraju said. “We’ve got a long way to go.”
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Arcadia Power launches a solar energy service for renters across the U.S.
The renewable energy services company Arcadia Power has just launched a new product that allows renters across the U.S. to buy renewable energy. It’s a significant step forward for the renewable energy project developer and operator, which had previously integrated with utilities as an offset provider and load management company. And it’s potentially a game changer for the… Read More
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