SOLRITE Energy Disrupts the PPA Industry with First-of-Its-Kind Virtual Power Plant Power Purchase Agreement
SOLRITE Energy, a PPA provider with an emphasis on solar plus storage solutions, has partnered with sonnen, a global market leader in smart energy storage and VPP technology, to launch the SOLRITE Virtual Power Plant Power Purchase Agreement (VPA). The SOLRITE VPA represents the industry’s first PPA offering that leverages grid services provided by the sonnenConnect VPP Program.
Through this unique VPA, SOLRITE aims to introduce solar + storage to more customer segments, including homeowners who have previously been unable to qualify for financing. While specific rates will vary by market and customer, the SOLRITE VPA offers greater flexibility on credit ratings, with a 43% higher homeowner approval rate compared to other traditional PPA offerings. These competitive rates are made possible by the grid services capabilities available to solar + storage customers through the sonnenConnect program. Homeowners will also have access to proactive backup power and experience superior energy bill savings by way of sonnenConnect, which features daily time of use (TOU) optimization and proactive bill management, patented by sonnen.
SOLRITE’s VPA offering has been designed with contractors in mind, calling upon the Company’s expertise and commitment to offering installation solutions and processes that prioritize ease and efficiency. VPA contractors will have access to industry-leading, high-quality reporting and data via SOLRITE’s partner portal. The SOLRITE VPA also offers contractors a unique solution to adapt to ongoing shifts and challenges in the solar industry by providing an ideal solution to NEM 3 in California via the sonnenConnect VPP.
“As more markets are expected to follow California’s lead and alter their net-metering policies, this model enables us to capture the solar + storage market in a way that benefits homeowners, contractors and the grid itself,” said Regan George, CEO of SOLRITE Energy. “Integration with sonnen’s systems and sophisticated grid service algorithms will make every VPA installation a valuable asset to the local utility or Independent System Operator. Our competitive financing will allow more customers to receive the financial and environmental benefits of solar + storage, amplifying the impact of this program and ushering in the grid of the future.”
Following an initial launch during Intersolar North America in January 2024, SOLRITE has experienced a significant uptick in contractor applications for the VPA. SOLRITE aims to complete 25,000 new installations through the VPA program nationally by the end of 2024. The SOLRITE VPA is currently available in California, Texas and Puerto Rico, with plans to expand to New York, New England, and Hawaii during the first quarter of 2024. In markets where grid services and VPP programs are not yet available, SOLRITE will continue to offer competitive PPA financing options for eligible customers.
SOLRITE Energy | https://www.solriteenergy.com/
sonnen | https://sonnenusa.com/en/