LOS ANGELES – The Energy Coalition (TEC), a California non-profit, is pioneering affordable energy storage solutions for low-income households through its Bassett Avocado Heights Advanced Energy Community (BAAEC) project. This initiative is made possible by strategic financing secured in partnership with Perl Street, a leading financial technology firm, and Urban Us Capital. This collaboration marks a significant step towards energy equity and a resilient clean energy future.
The BAAEC project is deploying solar and battery storage systems in homes, thanks to the expertise of Swell Energy and GRID Alternatives, who are handling the installations. This program is set to deliver immediate energy cost savings and enhance energy resilience for homeowners who need it most.
Perl Street’s innovative financial technology is the backbone of this program, streamlining access to crucial state incentive programs. This addresses a critical financing gap that often hinders the adoption of clean energy solutions, particularly in underserved communities. Urban Us Capital provides the essential funds, underscoring their commitment to equitable infrastructure and distributed energy technologies. Legal support for this groundbreaking financing was provided by Winston & Strawn LLP.
This financing launch marks the beginning of BAAEC’s Advanced Homes program, offering eligible homeowners in the Bassett and Avocado Heights areas free energy technologies and services. Genaro Bugarin, Director of Energy Innovation at TEC, emphasized the importance of this milestone: “Securing this financing was critical to ensure that disadvantaged communities have affordable access to clean, renewable energy. By integrating residential solar plus storage and electrification measures, we are not only improving comfort and safety but also ensuring inclusive participation in the clean energy transition.”
The BAAEC project tackles systemic barriers preventing access to clean energy and the electrification of homes and transportation in disadvantaged communities (DACs). These communities often face disproportionate economic, health, and environmental challenges, with limited resources for clean energy upgrades. By providing no-cost or low-cost renewable energy systems and smart appliances, BAAEC is directly addressing these inequities.
Perl Street and Urban Us Capital envision this financing model as the first of many programs designed to broaden access to distributed energy resources across California and the United States. These programs aim to unlock immediate energy savings, rebates, tax incentives, and revenue opportunities from grid services, effectively lowering cost barriers and accelerating the adoption of these vital technologies.
Arvind Vermani, COO of Perl Street, highlights the broader vision: “This program is a crucial advancement for household energy resilience. As it expands, we anticipate significant benefits for homeowners in Bassett, Avocado Heights, and neighboring communities. We see this initiative as a natural progression of our incentive financing programs for distributed energy resources, driving towards a cleaner, more resilient, and equitable energy future for everyone.”
For developers, installers, and technology providers interested in exploring incentive financing opportunities in California and beyond, Perl Street offers resources and partnership potential.
About Perl Street
Perl Street is revolutionizing the clean and distributed infrastructure landscape by empowering organizations to become asset managers. Their financial asset management software significantly reduces operational costs, enhancing the economic viability of distributed assets like batteries, EV charging stations, and smart HVAC systems. Perl Street has facilitated project development and financing for numerous companies, securing over $250 million in debt financing from leading financial institutions. Learn more at https://www.perlstreet.com/.
About Bassett Avocado Heights Advanced Energy Community
The Bassett Avocado Heights Advanced Energy Community (BAAEC) project is a flagship initiative led by The Energy Coalition (TEC), a California-based non-profit, and is funded through a grant from the California Energy Commission (CEC). Discover more at advancedenergycoalition.org.
About The Energy Coalition
The Energy Coalition (TEC) is dedicated to empowering communities to embrace a clean energy future. By providing expertise, technology, and innovative ideas to public agencies, businesses, and educators, TEC is building the foundation for a sustainable energy economy. More information is available at energycoalition.org.
About Urban Us Capital
Urban Us Capital is a pioneering asset-backed lender that provides critical capital to early-stage and growth-stage companies focused on climate change solutions. They specialize in structured financing for innovative technologies in energy generation, efficiency, storage, and resilience, as well as sectors like micromobility, food, waste, and water.
