Businesses can now host solar energy project without up-front costs
3 Phases Energy news release
December 21, 2005
Los Angeles, CA December 21, 2005 3 Phases Energy Services announced today its launch of a new service, “Daylight Savings”, a model for financing large-scale solar photovoltaic (PV) projects. Daylight Savings allows businesses and institutions to host onsite photovoltaic systems while eliminating all up-front capital requirements and providing a long-term hedge against fossil fuel prices.
Under Daylight Savings, a solar array is developed on the customer’s rooftop using capital from 3rd party investors. The power from the solar array is sold to the host customer at a long-term fixed energy rate, usually at or below their current utility rate. As a leading marketer of green energy and renewable energy certificates (RECs), 3 Phases is able to sell the solar RECs generated by the project to reduce the host customer’s energy price.
3 Phases has partnered with Renewable Ventures LLC, a San Francisco based investment company that specializes in green energy project investment, who will finance and own the projects. Renewable Ventures currently owns and operates 1 MW of solar generation projects.
In today’s volatile energy market, corporate energy managers are seeking out new ways to reduce risk and hedge costs in energy procurement. 3 Phases is targeting large institutional and corporate clients who can generate power onsite and take advantage of the 10-20 year long-term fixed energy contracts, reducing both dependence on their local utility and exposure to fuel price volatility.
3 Phases recently named Tim Derrick, formerly of GE Wind Energy, as Director of the Green Onsite Team to lead the expansion of 3 Phases’ presence in the PV market and the launch of Daylight Savings. This week also marks the completion of 3 Phases’ 48 kilowatt Foothill Ranch Library project in Orange County, a photovoltaic shade structure completed with SunWize Technologies from Kingston, New York. The project is connected and energized, just in time to provide clean energy for the Holidays.
About 3 Phases Energy Services
In operation since 1994, 3 Phases Energy Services is committed to providing renewable energy services for businesses, utilities, governments, and institutions through onsite solar photovoltaic development, Green Direct Access, green pricing support services for utilities, retail and wholesale sales of Green Certificates, and efficiency programs. For more information, visit www.3phases.com.
This is a modified news release from 3 Phases Energy Services.