Helping Property Owners with Regulatory Compliance and Resident Savings while Increasing NOI
The residential solar market has exploded for much of the past decade, but very few multifamily buildings have adopted onsite solar systems despite the benefits and potential increased income. Multifamily property owners have invested in solar to cover common area energy usage but rarely to cover residents' energy usage. It is fair to attribute the lack of adoption to the complexities of distributing consumer-friendly benefits to residents and the challenges of interconnecting to the local utility. However, California policy changes, such as the Title 24 new homes solar mandate, are pushing multifamily owners to figure this out.
Fortunately, Ivy Energy has launched a solution, Virtual Grid, to unlock new value for California multifamily property owners and residents. The software solves the many complexities of transacting with residents for solar energy usage. Ivy Energy founder Dover Janis founded the company in 2019 with a background in solar monitoring software and real estate analysis.
Virtual Grid enables property owners to cost-effectively install an optimum-sized solar asset that can provide equitable and consumer-friendly benefits to the residents who live in those communities. The software calculates accurate real-time energy usage by each tenant and distributes solar value precisely and fairly. Ivy's consumer-friendly billing solution shares the financial and environmental benefits with tenants in an automatic and easy-to-read format. Making it simple and easy for multifamily property owners to adopt and profit from clean energy assets.
Ivy is Aligned with CA Energy & Environmental Policy Goals:
- Regulatory Compliance for Property Owners: Ivy is making it easy for multi-family property owners to comply with current and new laws and regulations. Instead of cutting into profit margins or raising housing costs, Ivy gives owners a clear pathway to recover the cost of the shared energy asset. Ivy's policy team is deeply engaged in the regulatory process, educating policymakers and regulators on the benefits of multifamily solar, and defending the multifamily value proposition to make sure shared solar remains a viable and valuable option for all property owners for the foreseeable future.
- Futureproofing for Upcoming CA Policy Changes: Virtual Grid adapts to any tariff or utility market signal now and in the future. The framework’s shared ledger accounting features and behavioral algorithm environment helps end users easily access system benefits. While Ivy Energy supports net metering, the platform is not dependent on net metering or any specific monetary value for exported energy. Any future changes in the electricity market or utility rate design can be easily modified and incorporated. Ivy is developing a roadmap to bring the platform to all solar-friendly states across the country.
- Consumer Protection for Residents: Virtual Grid's smart ledger functionality provides accessible transparency for residents to view and compare their energy usage and actual avoided costs. The consumer-friendly billing feature shows tenants their realized solar energy savings in a transparent and easy-to-read bill. Rather than wading through numerous bills—one from each provider—Ivy's solar billing software is integrated with the local utility and gathers all energy usage data into one report to make solar easy for tenants and owners to understand. Customers have reported high levels of satisfaction with Virtual Grid due to its straightforward messaging and clear articulation of benefits.
- Equity in Clean Energy Access: Virtual Grid provides a mechanism for multifamily property owners to share the cost-saving benefits of installing a clean energy system with their residents in an equitable manner, creating a win-win for both owners and residents. The opt-in process for residents is simple and can be done virtually. The billing software paves the way for incentivizing the adoption of clean energy and renters are no longer left out of the clean energy transition.
- Grid Stewardship: Ivy Energy's technology disaggregates energy consumption data to determine how each unit uses energy. The data generates each resident’s’ monthly bill, which illustrates how their energy usage compares to solar production and their total savings. This feature incentivizes residents to consume energy during high solar producing hours to maximize on-site usage and minimize the impact of exports on the grid.
California has bold and ambitious climate and clean energy policies. Between SB 100 requiring 100% carbon-free electricity sales by 2045 to the Title 24 New Home Solar Mandate, there are many opportunities for multifamily buildings to participate in the clean energy transition. ESG investments will also continue to develop and mature, signaling a strong market and new opportunities to generate value within multifamily real estate. Shared solar provides a win-win pathway for building owners and managers to comply with regulatory mandates and be leaders in the sustainability movement, with positive impacts to the bottom line.
As a leader in multifamily solar development, Ivy is here to help owners navigate policy changes and the clean energy transition with ease, generate a positive impact in the communities they serve, and maximize the value of shared solar investments. Contact us to learn more about how we can help your community!
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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