SinglePoint Inc.’s The Boston Solar Co. LLC subsidiary has acquired Ecodaptive Inc. Ecodaptive, a clean energy company providing financial structuring solutions to expand the adoption of clean energy projects, will support Boston Solar’s growing commercial division. Ecodaptive’s current focus is on the development of the SunRAYS Energy Program for Massachusetts. This program allows traditionally underserved customers to go solar through a roof-lease structure.
SunRAYS was created to increase rooftop solar generation opportunities. Participating in the program will increase rooftop solar penetration and accelerate the transition towards a low-carbon energy future. Through long-term lease payments, the program directly improves the lives of participants.
SunRAYS focuses on providing electricity from rooftop solar to a wider constituency than traditional distributed generation model business models. The expansion of renewable energy reduces air emissions and water management problems associated with traditional fossil-fuel-derived electricity.
“The opportunity with Ecodaptive could prove itself to be a significant competitive advantage as well as a company changing event,” says Wil Ralston, CEO of SinglePoint. “There is a framework $100 million asset finance facility enabling Boston Solar and Ecodaptive to scale a successful SunRAYS pilot program. The Ecodaptive Team has years of successful experience in solar finance, and we look forward to leveraging their expertise as we push forward.”
“An exciting aspect of the program is that building owner financial constraints are essentially removed, enabling any qualifying residential or commercial sites to go solar without having to consider any out of pocket expenses and will actually be compensated through an upfront payment at the start of installation as well as through ongoing lease payments,” continues Ralston.
SunRAYS Program aims to reduce one of the major risks associated with solar integration. The SunRAYS Program locates the solar generation resources closer the sources of electricity consumption so that there is no need for long-distance power transmission and/or high-voltage interconnections. SunRAYS Program hosts solar projects on local rooftops. These projects are interconnected to the distribution grid at lower voltages, and at lower power levels than those for utility-scale projects.
SunRAYS Program makes use of existing, underutilized building stock. The program does not require additional land. In exchange for hosting one or several solar PV projects, owners of small commercial and multi-family housing units or single-family residential properties will receive monthly rental payments.
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