Allume Energy today announced a $1.5 million bridge investment from Elemental Excelerator and the Schmidt Family Foundation to bring Allume’s SolShare technology to more multi-unit residences and expand clean, affordable energy access where it has the greatest potential to benefit the lives of low-income residents. Allume will use the convertible note funding to bring rooftop solar to more than 4,000 residents across the Southeastern U.S., starting with shared solar projects in Florida, Georgia and Mississippi.
On average, beneficiaries of the SolShare technology can save up to 40% off their electricity bills. The first U.S. pilot project in Orlando has indicated an average annual savings of $1166 per apartment in the first year of operation, including net metering credit savings. Allume expects its new projects across the Sun Belt over the next year will prevent over 10,000 tons of CO2 emissions (equivalent to taking over 2,000 cars off the road for a year) that would have otherwise been created from conventional energy consumption. Allume will soon begin installation of its second project in Orlando, bringing the number of U.S. installations to three (the other site is in Jackson, MI).
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Source: Kalkine Media
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