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 is currently focused on developing the SunRAYS Energy Program in Massachusetts, which enables traditionally underserved customer segments to go solar through a roof lease structure.
The SunRAYS Program was developed to expand access to rooftop solar generation opportunities. Enabling broader communities to participate will result in greater penetration of rooftop solar and accelerate the transition to a low-carbon energy future. The program directly improves the livelihoods of participants through long-term site-lease payments.
The SunRAYS program focuses on providing electricity from distributed rooftop solar to a broader constituency than traditional distributed generation business models. As a result of expanding renewable energy, air emissions and associated water management issues related to traditional fossil-fuel-derived electricity are mitigated.
“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.
The SunRAYS Program attempts to overcome one of the primary risks of solar integration by locating the solar generation resources closer to the sources of electricity demand so as to not require high-voltage interconnections nor long-distance power transmission. The SunRAYS Program utilizes local residential and commercial rooftops to host solar projects, interconnecting to the distribution grid at lower voltages and overall power levels than would be considered for utility-scale projects.
The SunRAYS Program uses existing under-utilized building stock. There is no additional land required to host projects in the program. Owners of small commercial, multi-family housing units and single-family residential buildings enter into a site-lease agreement through which they receive ongoing rental payments in exchange for hosting one or more solar PV projects that feed their output directly into the electricity grid.