As companies move to decarbonize their operations, onsite renewable energy is increasingly economical. Commercial rooftop solar technology costs have fallen 69% over the last 10 years, while retail electricity prices increased 10% nationally just since 2020; however, onsite commercial solar deployment has remained slow due to complex utility building data, supply chain issues, financing complexities and diverse state-specific incentives. For one-off projects, the unfamiliar process overhead and capital expenditure remain high compared to direct benefits, yet too small for utility-scale investors. Bridge believes that its national footprint and local expertise, combined with Lumen’s data-driven technology, will streamline the analysis and implementation of solar in a high-demand market that has been largely untapped. Only 4.5% of the approximately six million commercial properties in the United States currently have solar arrays, leaving more than 145 gigawatts of onsite solar potential.
“We expect Bridge Solar to provide an unmet need for green energy, via the provision of clean energy at a discount to market rates by deploying renewable energy infrastructure equipment on existing buildings,” said John Ward, CEO of Bridge Solar, and chief investment officer of Bridge Office. “By partnering with Lumen Energy, a leader in the clean energy software and energy project development process technology space, we will offer best in class design, procurement, construction and operation of solar projects on properties owned by Bridge-managed funds and third-party assets.”
This unique partnership enables Bridge Solar to evaluate thousands of new property addresses at once and make decisions in minutes. Building on technology pioneered at U.S. National Labs, Lumen’s technology quantifies the economically ideal “clean energy stack” unique to each property, inclusive of financing and incentives, then automates the deployment process.
“We are excited to partner with Bridge on the next phase of growth for Lumen,” said Peter Light, CEO of Lumen. “Together, our scale, precision, and automation allow us to deliver profitable decarbonization with speed and ease. By building solar-powered energy systems on existing buildings, Bridge Solar will utilize unused space to meet the growing demand for green energy, while simultaneously providing owners and tenants a discount to market energy prices.”
News item from Bridge Investment Group