Today on the Clean Power Hour, host Tim Montague brings you John Witchel, CEO and founder of King Energy, a company dedicated to solving the multi-tenant solar project problem for 3rd party owned real estate. The discussion centers around the concept of the split incentive problem, which has historically hindered solar installations on buildings where tenants do not own the roof.
Understanding the Challenges of Solar Adoption in Multi-Tenant Properties
Witchel explains how this issue arises when landlords lack motivation to invest in solar systems, as they do not directly benefit from the energy savings that tenants would enjoy. Conversely, tenants, who could greatly benefit from reduced energy costs, are unable to install solar panels on properties they do not own. This creates a stalemate that prevents both parties from capitalizing on renewable energy opportunities.
King Energy’s Third-Party Ownership Model: A Win-Win Solution for Landlords and Tenants
King Energy’s innovative approach seeks to resolve this dilemma through third-party ownership models. By renting roof space from property owners and installing solar systems, King Energy provides a straightforward solution that benefits landlords and tenants alike. Witchel outlines how their model allows landlords to receive rental income while offering tenants energy at a reduced rate compared to traditional grid prices. Listeners will gain valuable insights into the evolving landscape of commercial solar energy and learn about the significant opportunities available in various states across North America.
This episode is a must-listen for solar professionals, real estate developers, and anyone interested in sustainable energy solutions. Source: Clean Power Hour