Sealed Pay As You Save (Sealed PAYS) is a programme that is based out of the New York University (NYU) Tandon School of Engineering cleantech incubator (NYC Acre). It invests in energy savings resulting from residential energy efficiency improvements, utilising proprietary software and analytics, enabling New York homeowners to benefit from up to $7.5 million in energy saving improvements. Sealed calculates energy savings via patent-pending analytics that leverage machine-learning principles to accurately predict energy usage. It then guarantees these savings by replacing customer’s utility bills with a Sealed bill based on their past usage, adjusted for weather and energy prices.
Sealed customers receive a home energy assessment that determines the amount of energy they can save and the improvements that will improve the comfort, health and safety of their home.
The initial credit facility has been provided by the New York Green Bank, part of Governor Cuomo’s Reforming the Energy Vision (REV) initiative. One of the first customers to join the scheme said that he joined the scheme in order to fix the problem without having to pay cash or taking out a loan. Sealed currently serves customers in Nassau, Suffolk, Westchester, Orange, Rockland, and Putnam counties.
“Right now, inefficient homes are wasting billions of dollars a year” said Andy Frank, Founder and President of Sealed. “This fund is the first step towards turning this waste into a real energy resource that can be valued by both consumers and financial markets.”
NY Green Bank President, Alfred Griffin, added that Sealed is an excellent example of the type of innovative business model that has emerged – and will continue to emerge - as the principles of REV begin to impact the market.
NYC Acre is home to 17 startup companies with another 16 having graduated to larger facilities or been acquired. These 33 companies have generated more than $26 million in revenue thus far, employing more than 290 people and raising more than $92 million in private capital and $6.2 million in public funding.
Sealed was founded in New York in 2012 with the aim of making home energy efficiency improvements easy, affordable and risk-free.
For additional information:
