The $5 million financing provided by Sunstone Credit enabled King Energy to provide low-cost renewable energy to tenants ranging from national chains to locally owned businesses, including salons, restaurants, and coffee shops.
Solar energy offers businesses a resilient power source and cost savings while also supporting sustainability goals, but financing commercial solar projects is often a challenge. Sunstone Credit removes these financing challenges, allowing businesses to go solar without the burden of upfront costs.
“This project is unique because it makes solar energy accessible to businesses that might not be able to afford it otherwise” said Josh Goldberg, Sunstone Credit Co-Founder and CEO. “Our financing, coupled with King Energy’s ability to offer property owners and their tenants discounted solar energy services and consolidated payments, democratises access to solar while driving a clean, green future for all.”
King Energy uses virtual net metering to optimise power sales across all tenants. Their proprietary software, King Energy OneBill, consolidates utility and solar energy payments into a single, seamless transaction. This system simplifies billing and incentivises tenants to join the solar programme by offering discounted solar energy services, further enhancing solar’s appeal.
“Making solar simple and financially beneficial for our customers is our main goal” added John Witchel, CEO of King Energy. “Working with Sunstone to finance this project helped us implement solar quickly, accelerating cost savings and renewable energy benefits almost immediately.”
The King Energy project spans seven retail shopping centres in California, including locations in Reedley, Stockton, San Mateo, Bakersfield, and Half Moon Bay. The solar installations will produce between 20 to 80 percent of the energy needs at each location.
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