Sunstone Credit - a commercial solar loan platform that enables businesses to transition to clean energy - announced it has financed a 2.8-MW solar project portfolio for King Energy, a provider of energy solutions for commercial multi-tenant properties.
Solar Project Powers 60 Tenants in Retail Centers
Sunstone Credit's $5 million financing allowed King Energy to offer low-cost renewable energy to a range of tenants from national chains to local businesses like salons, restaurants and coffee shops. The project funded the installation of solar systems benefiting 60 tenants across seven retail shopping centers with most situated in low- and medium-income communities.
Sunstone Credit’s $5M financing helps King Energy bring low-cost solar energy to 60 tenants across seven retail centers, supporting businesses in underserved areas.
“This project is unique because it makes solar energy accessible to businesses that might not be able to afford it otherwise. Our financing, coupled with King Energy’s ability to offer property owners and their tenants discounted solar energy services and consolidated payments, democratizes access to solar while driving a clean, green future for all.” said Josh Goldberg, Sunstone Credit co-founder and CEO.
King Energy's Innovative Approach to Solar Energy Billing
King Energy employs virtual net metering to optimize power distribution among tenants. Their proprietary software, King Energy OneBill streamlines billing by merging utility and solar energy payments into a single transaction. This system not only simplifies the payment process but also incentivizes tenants to join the solar program by offering discounted solar energy services, thereby making solar even more attractive.
“Making solar simple and financially beneficial for our customers is our main goal. Working with Sunstone to finance this project helped us implement solar quickly, accelerating cost savings and renewable energy benefits almost immediately.” said John Witchel, CEO of King Energy.
King Energy Solar Powers Seven California Retail Centers
The King Energy project covers seven retail shopping centers across California including sites in Reedley, Stockton, San Mateo, Bakersfield and Half Moon Bay. The solar installations will supply between 20% to 80% of the energy requirements at each location. King Energy oversees over 170 energy programs across multi-tenant commercial properties, covering more than 20 million square feet of tenant space.
Their goal is to install solar systems on every commercial rooftop by delivering clear financial benefits to both property owners and tenants. By integrating OneBill with project financing, solar installation and long-term management, King Energy acts as a comprehensive solar partner, enhancing the financial value of commercial properties.
This all-in-one approach simplifies the adoption of clean energy, helping businesses cut operational costs and carbon footprints without the typical upfront expenses or complexities of solar power. King Energy is dedicated to making solar energy accessible, reliable and profitable for everyone driving the transition to a more sustainable future.