Today is a big day for everyone at Arcadia – our growing team at our D.C. headquarters, our many wind, solar, and energy partners, and, most importantly, our nationwide community of members.
I’m thrilled to announce two exciting new developments:
- We’ve closed a $25 million investment round.
- We’re building 120 Megawatts of new community solar projects. That’s over 40 new large-scale solar farms across 600 acres to be built throughout the country, exclusively for Arcadia members.
With this new funding we’ll be able to transform the residential energy experience by enhancing our current offerings, and bringing to market new ways to choose clean energy and save.
The energy industry has been one-sided for hundreds of years, with utilities delivering power and consumers simply – consuming. With your help, we’re changing that dynamic and using technology to put consumers first.
As an Arcadia member, you are choosing to take control of your energy, where it’s sourced, and how you use it. Our technology gives you the tools to take control, but it’s ultimately been your decision on how you consume power. And for that, I want to sincerely thank you. Thanks to you, we manage two terawatt hours of annual energy demand - about equivalent to the total energy used by the entire population of Providence, Rhode Island. This demand helps build new solar projects, support wind energy projects, and drive down residential energy costs.
The new investment gives us the opportunity to hire even more talented data scientists and software engineers to build new ways of making clean energy easy and affordable for all - from any state, living situation, or income.
We’re also reimagining the community solar market. Typical community solar programs require 20-year commitments, multiple bills, and hefty cancellation fees, but our model has finally made community solar accessible for all. The new community solar projects we’re announcing today give everyone the opportunity to receive guaranteed savings every month with zero cancellation fees or commitments - all while supporting local solar in their community. Our first projects in New York and Maryland provide a 5% guaranteed discount on the solar portion of your bill for 20 years.
I’m extremely proud of what we’ve accomplished, and, more importantly blown away by the community that has chosen Arcadia as their 21st century digital clean energy utility.
Over 130 million Americans pay a power bill, every month. If we all made the simple, three minute choice to switch to wind or solar power, we could collectively avert over 51 million metrics tons of CO2 a month. That’s equivalent to the emissions of over 10 million cars driven for a year - all in one month. There’s incredible room for growth and potential, and we look forward to what lies ahead.