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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.
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 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.
Social Media Handles
https://www.linkedin.com/in/jwitchel/
https://www.kingenergy.com/
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The Clean Power Hour is brought to you by CPS America, maker of North America’s number one 3-phase string inverter, with over 6GW shipped in the US. With a focus on commercial and utility-scale solar and energy storage, the company partners with customers to provide unparalleled performance and service. The CPS America product lineup includes 3-phase string inverters from 25kW to 275kW, exceptional data communication and controls, and energy storage solutions designed for seamless integration with CPS America systems. CPS America has offices in California, New Jersey, and Texas. Learn more at https://www.chintpowersystems.com/
00:00 - Introduction to King Energy and Multi-Tenant Solar
03:01 - Understanding the Split Incentive Challenge
05:11 - King Energy's Business Model
11:11 - John Witchel's Background and Motivation
15:21 - Solving Billing Complexity
23:59 - Evolution of Commercial Solar Development
26:51 - Scaling and Partnerships
29:49 - Construction and EPC Partnerships
36:50 Conclusion
