When it comes to investing in solar on multifamily properties, Owners tend to focus on the solar equipment that generates solar energy (Panels, inverters, mounting equipment) as the most crucial part. However, the backend monitoring and billing platforms are equally important and can make or break a solar investment.
Many property owners get a traditional sub-metering system to bill and monitor the residents' energy consumption and issue bill credits for solar energy production. They are cutting themselves short, and here is why:
- It takes a lot of time and effort to bill residents for solar energy accurately and fairly.
- The data often has multiple errors and inaccurate cost calculations.
- It does not take into consideration the residents' time-of-use energy consumption.
- It only measures the residents' usage; it does not disaggregate or calculate resident savings.
- Disincentivizes residents from saving with solar and opting into a shared solar program.
Waste of Time and Effort
Traditional sub-metering can require significantly more time and effort to read meter data, compile, and report the data to end-users. This can make tracking actual energy usage from solar vs. the Grid much more difficult. It is ultimately offering the same kind of billing as the local utility.
Data Inaccuracies
If there are errors in recording data (which will happen), one will have to rely entirely on estimated numbers. Tracking usage inaccuracies will be frustrating and confusing for utility companies and end-users. Property owners and their property managers do not have time to waste calculating inaccuracies.
No Time-of-Use Consideration
Traditional sub-metering does not consider many different factors, such as what appliances are in use, time of day, and overall consumption habits. Most solar panels produce electricity and send it directly back to the primary power grid. Traditional sub-metering allows users to track how much energy they are using in total but does nothing to show them where their energy consumption comes from (Grid vs. Solar).
No Resident Savings
Traditional sub-metering has no direct savings for the end-users. So residents receive a traditional energy bill no different from what they would receive from the local utility, with no savings—making it difficult for residents to get excited about opting for solar energy when they do not receive any direct benefits.
Lack of Resident Engagement and Behavior Change Opportunities
Traditional sub-metering also does not consider the exact amount of solar generation contributing to the savings reducing utility costs. There is a chance that the users will not clearly understand how much they can optimize their specific solar utilization or how much they are saving on their monthly energy costs by using solar energy. In turn, this leads to users not appreciating the access to onsite solar or understanding the physical elements of the asset and its value.
Consider all the options when deciding what solar energy billing systems to go with, including Virtual Grid by Ivy. Virtual Grid seamlessly solves the problems listed above with traditional sub-metering and is the first solar energy billing SAAS of its kind. Virtual Grid makes it possible for property owners to generate new net operating income for each unit by equitably distributing solar energy and guaranteeing monthly savings to residents. Reach out to Ivy about getting a great ROI on solar investment for apartments. Here
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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