If we had to pick a single word to summarize 2022 for Ivy Energy, it would be growth. This was an instrumental year for not only the growth of Ivy Energy but for the shared solar marketplace. This year was a record year for the amount of CO2 offset amongst Ivy enabled communities. Ivy Energy won multiple awards, made platform improvements and upgrades, as well as helped foster a big VNEM policy win for the multi-family market.
Vital Advocacy to the NEM 3.0 Proposed Decision
The driving force behind our advocacy is to take a stand for an underrepresented and underserved market. Ivy Energy was the only company exclusively advocating for multifamily properties in the NEM 3.0 proceedings. The hard work of our policy team paid off, as our comments on the docket were directly quoted in the proposed decision as the reason the CPUC will not be changing VNEM tariffs! Additionally, the Ivy team will participate in a multifamily-specific workshop with the CPUC in 2023 to further educate the commission on the unique issues and current state of the multifamily solar market. This is a huge win for the shared solar marketplace, multifamily real estate, and multifamily residents. When it comes to influencing policy, we certainly hope for the best but the outcome isn’t in our control. So, to successfully impact the outcome of a major policy change is worth celebrating. We appreciate all of our customers and partners who helped in this process and added to the dialogue.
Ongoing Product Development to Support Growth, Scale, and EV Charging
Over these last few years we have learned a lot about this business model and how to best service our customers and what nuances arrive over the lifetime of supporting these programs. In 2022, our product development team wrapped up a long 14-month project of transitioning the back end of the Virtual Grid platform to our new operational platform Trellis. Trellis comes with new updates for our operations team that will speed up timelines and agility in how we service our customers. This new foundational update for 2023 will also allow us to add many planned features such as; Real time energy data access for residents, shared energy storage optimization, new data sources, enhanced ESG reporting, enterprise integrations, refined allocation & optimization frameworks, and enriched resident experience features. This replaces our initial platform and is integral in supporting further user growth and scale. Additionally, we completed beta testing for our EV charging billing product. Talk to our sales team for more details on how to leverage solar + EV Charging to increase NOI across the country. We are really excited about the outlook on our roadmap and always appreciate feedback, Click here if you would like to participate in beta feature feedback as we get ready to launch new features and need your opinion.
A New Office and Major Team Growth
Overall, the Ivy Energy team doubled in size with several new hires in product development and engineering. We also grew our user experience, sales, marketing, and policy teams. The growth came at the perfect time, as it was supported by moving into our new office in downtown San Diego, CA.
Increased Product Exposure with Industry Events
We loved connecting with numerous multifamily owners and managers as an exhibitor at the Apartmentalize and Optech events. After passing the vetting process of the National Multifamily Housing Council (NMHC), Ivy’s SVP of Sales, Colin Walsh, had the opportunity to present an opening pitch to share Ivy with the council and Optech attendees. (If you want to see what you missed, you can watch Colin’s pitch on our YouTube.)
Honored to Receive Industry Awards and Recognition
Solar Power World releases an annual list of top products that are innovative and transformative for the solar industry. For the second year in a row, Ivy Energy was chosen as a Top Solar and Monitoring software. Another excellent industry publication, Energy Tech Review Magazine, curated a list of the most influential companies in the renewable energy space. Ivy Energy was honored to make the list and be named a Top Renewable Energy Solutions Provider. San Diego Magazine published an Environment Issue, which highlighted our SVP of Sales, Colin Walsh, as a Renewable Energy Leader bringing local recognition to Ivy Energy and the Virtual Grid platform. Our final exciting award news of the year is that Ivy has officially made it to the finals of the Edison Awards. We were nominated and made it through the first two rounds of judging. The award honors innovations and, as you might guess from the name, is inspired by the work of Thomas Edison. We would happily do what we do without the awards or recognition, so we are incredibly honored to be chosen by these organizations.
4.03 Million Pounds of CO2 Offset by Ivy Enabled Communities
We have been evaluating a new way to reference CA emissions data provided by the utility companies. The utilities have started posting their emissions data for granular time periods in this new MIDAS Rest API datasource hosted by the CA energy commission. We layered this over the PV generation data of Ivy enabled communities at each hourly interval for 2022 and based on the utility’s CO2 data disclosure, Ivy enabled communities have offset an estimated 4.03M pounds of CO2 as of Dec 31,2022, great work everyone. This also means that based on all of our new clients from 2022, that will bring our total expected portfolio CO2 offset to 39 Million pounds of CO2 as we finish onboarding everyone in our pipeline. Stay tuned for an upcoming blog post talking more about this data source and how it can help you with enriched ESG reporting.
Looking Forward to 2023
As we move on to 2023 we are thrilled to continue scaling and growing our product suite to enable mass adoption of distributed energy resources (DERs) on shared buildings. We want to extend a big thank you to our team, investors, and clients for making 2022 such a great year and we look forward to making 2023 an even more impactful year!
Pioneering the Future of Multi-Tenant Solar Energy Management
2024 was a trailblazing year for Ivy Energy, where we shattered barriers, redefined possibilities, and delivered innovative solutions to address the multi-tenant solar split incentive challenge. By driving product advancements, forging impactful partnerships, and scaling operational processes, we empowered multi-tenant properties to embrace clean energy with confidence.
A Year of Growth and Market Expansion
Ivy has grown its active project pipeline 450% compared to 2023, with a line of sight to clear +600% in active projects by the end of the year. Our tech-enabled solutions empower more communities than ever. With $18M in Series A funding (Read more) and the strategic acquisition of Glow Energy (Read more), we are poised for unprecedented growth and impact. This investment enables us to enhance our technology, streamline operations, and expand our reach into new markets nationwide.
Entering new markets with increased resources allows us to address diverse energy challenges and deliver tailored solutions to property owners and tenants. Additionally, the launch of our consulting arm provides expert guidance for our clients and partners to save money and enhance ROI while navigating intricate solar investments.
Meaningful Operational Updates
At Ivy, innovation isn’t just about technology—it’s about creating digital tools that empower our clients and their tenants:
- PropTech Integrations: Partnered with RealPage, Entrata, and Yardi to automate rent roll syncing, move-in/move-out updates, and direct charge posting to resident ledgers. These integrations reduce monthly processing time by up to 2 hours per property while enhancing data accuracy and operational efficiency.
- NEM Credit Delay Optimization: The Utility Coordination team adopted the CPUC informal complaint process to reduce delays in NEM activation after PV solar system commissioning. This improvement cut the average resolution time for delayed NEM credits from 123 days in 2023 to 49 days in 2024, allowing property owners to see Net Operating Income over two months sooner on average.
Platform Advancements that Lead the Industry
Our engineering team broke new ground, ensuring our platform stays ahead of the curve:
- Migrated to a new infrastructure processing system for faster processing and further automation improvements across operational features.
- Introduced IvyDual in response to regulatory requirements in California, which allows us to enter new markets where consolidated billing is not viable.
- Achieved SOC 2 Compliance, reaffirming our commitment to data security. (Read more)
- Built initial public API for Conservice integration and new utility data access pathways, strengthening our platform’s versatility and reliability.
Empowering Positive Experiences with CX
At Ivy Energy, our customers rely on us as true partners in their clean energy journey, helping them achieve long-term NOI growth while providing exceptional support for property owners and tenants. We consistently deliver this experience by simplifying complex utility processes and offering our white-glove service that ensures our clients feel supported, informed, and empowered to succeed. This year, Ivy’s Customer Experience Team launched two significant platforms:
- Ivy Implementation Portal: A step-by-step, transparent portal that simplifies solar implementation for our clients and partners across multiple organizations. (Watch a walkthrough of the new portal here.)
- Resident Help Center: Educate tenants about the solar program with helpful resources and offer direct support online or by phone. (Explore the Help Center)
Shaping the Future Through Thought Leadership
In 2024, Ivy Energy reinforced its position as an industry leader; our Virtual Grid 3.0 impressed the judges and earned first place in Solar Power World’s “Best in Show” award for large-scale solar innovation. (Read more)
Leadership team members Alex Dogan, Tanya Kuhn, and Sean Nam were celebrated in San Diego Business Journal’s Leaders of Influence in Technology 2024 for their contributions to advancing sustainable energy. (Read more) Ivy was also featured in Alt Energy Magazine (Read more), San Diego Business Journal (Read more), and on Solar Academy. (Read more)
Logan Carter showcased Ivy’s groundbreaking innovations in a main stage speech at Cretech NY (Watch here), an engaging appearance on the IMN Podcast (Listen here), and a deep-dive interview with Chris Moreno, also known as “Mr. PropTech.” (Watch here) Ivy’s policy team further expanded its influence by authoring a Model VNEM Whitepaper, a critical guide to enabling multi-tenant solar models nationwide. (Read the Whitepaper).
Measurable Environmental Impact
This year, Ivy Energy amplified its environmental contributions, with contracted units in implementation set to offset an astounding 109 million pounds of CO2. Meanwhile, active units have already offset 9 million pounds of CO2, demonstrating our ongoing dedication to reducing carbon emissions.
Looking Ahead to 2025
As we celebrate 2024’s successes, we are always looking to the future. In 2025, we’ll continue to push boundaries, deliver innovations that empower our clients, improve tenant experiences, and lead the multi-tenant housing sector toward a sustainable future.
A Message from Dover Janis, CEO of Ivy Energy
“2024 was a year of progress and adaptation. While utility-caused delays challenged our growing pipeline, our focus on agile problem-solving reduced their impact and kept the market moving forward. This is a testament not only to the dedication and focus of our team but also to the strong macro-level foundation that the onsite energy business model provides for real estate owners, even in the face of monopoly-driven resistance. With a large and expanding customer base and hundreds of projects, we have continued to validate the transformative potential of clean energy solutions for shared communities. I’m incredibly proud of our team—now among the most mature, knowledgeable, and experienced in the industry—as we trail blaze the path forward. The market is primed to grow and drive transformative change in local communities. I’m deeply grateful to our partners and customers, whom we have the privilege of serving every day as we continue to lead the way.”
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