Yesterday (Feb. 9) Duke Energy acquired a majority stake in REC Solar, which provides commercial solar energy services. Over the next several years Duke Energy also plans to invest up to $225 million in REC Solar commercial solar projects.
Last year at this time REC Solar’s parent company Mainstream Energy Corp. sold its residential business to Sunrun, allowing the company to focus on commercial solar. With the new majority stake from Duke Energy REC Solar will help reduce the cost of solar power for commercial customers.
REC Solar has already installed 400 commercial solar projects. It also has more than 140 megawatts of distributed solar deployed or under construction.
“We plan to extend the benefits of clean, distributed energy solutions to previously underserved small and medium-sized businesses,” said Allen Bucknam, REC Solar CEO. “The Duke Energy relationship realizes our strategy to be the one-stop shop for commercial solar by securing a predictable and streamlined customer financing process.”
With the new support from Duke Energy plans to offer a sales and financing service to commercial-scale customers. The service will be like the services offered to residential customers through companies like Sunrun, SolarCity and others. Because of the way that solar energy incentives have worked the commercial market hasn’t had the same type of access to solar financing that homeowners have.
Through Duke Energy Renewables, REC Solar will offer leases and power purchase agreements commercial customers. “This arrangement will build on Duke Energy’s mission of giving commercial customers solutions that reduce energy costs and achieve their sustainability goals,” said Marc Manly, Duke Energy executive vice president and president – Commercial Portfolio.
“By lowering upfront costs and reducing the complexity of going solar, our aim is to accelerate commercial solar growth and provide end-to-end energy solutions to businesses, governments and educational institutions across the United States,” Bucknam said.Tweet