The financing is estimated to be greater than $300 million over 30 months, based on expected sales volumes, system size, and pricing contained in the agreement. The companies will jointly provide operations including potential grid services over 25 years. The financing will support the implementation of Sustainable Community Networks (SCNs) throughout California.
Electriq Power offers turnkey energy solutions that include everything needed for home energy independence - solar panels, batteries, software, project development, financing, installation and grid services - all with zero upfront costs. Electriq’s energy systems are available to homeowners in select geographic locations, regardless of income or credit history, including low- and moderate-income households. No credit checks or property liens are required. By connecting organizations, companies, cities and municipalities, and their local homeowners into Sustainable Community Networks, Electriq Power is enabling a shared vision of making the planet a better place. Through these collaborations, as well as by providing a comprehensive solution portfolio, Electriq Power makes it possible to deliver complete, clean, affordable, and resilient energy to all homeowners.
Rising utility rates, ever-increasing occurrences of power outages, and growing customer interest in decarbonizing is driving market growth for solar and energy storage solutions. Solar installations are projected to grow 15 percent per year, even before the potential impact of rebates, tax credits, and subsidies in the recently enacted Inflation Reduction Act (IRA). We believe Electriq Power's comprehensive solution, which includes home storage systems in addition to solar, will play a major role in post-NEM 3 deployments, allowing customers to store energy generated by the solar panels and use it at times when utility rates are high or during power outages.
“This agreement is a key milestone in the availability of secure, affordable, and predictable energy to households across California,” said Frank Magnotti, Chief Executive Officer, Electriq Power. "We are excited to join forces with a major U.S. clean-energy company that brings together finance and technology, to provide customers with an all-in-one solution for powering their carbon-neutral homes, and to continue our efforts in delivering SCN’s across California. Our provider’s expertise in the energy sector and their software platform will enable us to jointly provide potential grid services and expand access to more communities.
"This agreement is a win for cities and municipalities throughout California and, most importantly, for their residents."