- Small to medium size businesses would save money on their utility business and energy consumption if they did energy retrofits to their buildings and HVAC systems, yet 95% of these businesses do not do them because of steep upfront costs.
- Joule Assets, has realized this untouched market and is enabling businesses to get their retrofits done which is financed by the yieldco firm. A new form of financing technology is being deployed.
- The cost of Joule Assets’ services is taken out of the subsequent savings from reduced monthly energy bills.
- Peak energy consumption is reduced through retrofits, allowing local utilities a sense of peace when it comes to demand and reliability.
- The stakeholders involve Joule Assets, New York City’s 99% small to mid-sized businesses that are interested in retrofits, and local utilities.
- Financing for performance based market solutions is not a new technology but it is likely to be more common. More utilities could soon be paying for energy savings through a pay-for-performance model and businesses interested should consider a financing mechanism like Joule assets provides.