If we had to pick a single word to summarize 2022 for Ivy Energy, it would be growth. This was an instrumental year for not only the growth of Ivy Energy but for the shared solar marketplace. This year was a record year for the amount of CO2 offset amongst Ivy enabled communities. Ivy Energy won multiple awards, made platform improvements and upgrades, as well as helped foster a big VNEM policy win for the multi-family market.
The driving force behind our advocacy is to take a stand for an underrepresented and underserved market. Ivy Energy was the only company exclusively advocating for multifamily properties in the NEM 3.0 proceedings. The hard work of our policy team paid off, as our comments on the docket were directly quoted in the proposed decision as the reason the CPUC will not be changing VNEM tariffs! Additionally, the Ivy team will participate in a multifamily-specific workshop with the CPUC in 2023 to further educate the commission on the unique issues and current state of the multifamily solar market. This is a huge win for the shared solar marketplace, multifamily real estate, and multifamily residents. When it comes to influencing policy, we certainly hope for the best but the outcome isn’t in our control. So, to successfully impact the outcome of a major policy change is worth celebrating. We appreciate all of our customers and partners who helped in this process and added to the dialogue.
Over these last few years we have learned a lot about this business model and how to best service our customers and what nuances arrive over the lifetime of supporting these programs. In 2022, our product development team wrapped up a long 14-month project of transitioning the back end of the Virtual Grid platform to our new operational platform Trellis. Trellis comes with new updates for our operations team that will speed up timelines and agility in how we service our customers. This new foundational update for 2023 will also allow us to add many planned features such as; Real time energy data access for residents, shared energy storage optimization, new data sources, enhanced ESG reporting, enterprise integrations, refined allocation & optimization frameworks, and enriched resident experience features. This replaces our initial platform and is integral in supporting further user growth and scale. Additionally, we completed beta testing for our EV charging billing product. Talk to our sales team for more details on how to leverage solar + EV Charging to increase NOI across the country. We are really excited about the outlook on our roadmap and always appreciate feedback, Click here if you would like to participate in beta feature feedback as we get ready to launch new features and need your opinion.
Overall, the Ivy Energy team doubled in size with several new hires in product development and engineering. We also grew our user experience, sales, marketing, and policy teams. The growth came at the perfect time, as it was supported by moving into our new office in downtown San Diego, CA.
We loved connecting with numerous multifamily owners and managers as an exhibitor at the Apartmentalize and Optech events. After passing the vetting process of the National Multifamily Housing Council (NMHC), Ivy’s SVP of Sales, Colin Walsh, had the opportunity to present an opening pitch to share Ivy with the council and Optech attendees. (If you want to see what you missed, you can watch Colin’s pitch on our YouTube.)
Solar Power World releases an annual list of top products that are innovative and transformative for the solar industry. For the second year in a row, Ivy Energy was chosen as a Top Solar and Monitoring software. Another excellent industry publication, Energy Tech Review Magazine, curated a list of the most influential companies in the renewable energy space. Ivy Energy was honored to make the list and be named a Top Renewable Energy Solutions Provider. San Diego Magazine published an Environment Issue, which highlighted our SVP of Sales, Colin Walsh, as a Renewable Energy Leader bringing local recognition to Ivy Energy and the Virtual Grid platform. Our final exciting award news of the year is that Ivy has officially made it to the finals of the Edison Awards. We were nominated and made it through the first two rounds of judging. The award honors innovations and, as you might guess from the name, is inspired by the work of Thomas Edison. We would happily do what we do without the awards or recognition, so we are incredibly honored to be chosen by these organizations.
We have been evaluating a new way to reference CA emissions data provided by the utility companies. The utilities have started posting their emissions data for granular time periods in this new MIDAS Rest API datasource hosted by the CA energy commission. We layered this over the PV generation data of Ivy enabled communities at each hourly interval for 2022 and based on the utility’s CO2 data disclosure, Ivy enabled communities have offset an estimated 4.03M pounds of CO2 as of Dec 31,2022, great work everyone. This also means that based on all of our new clients from 2022, that will bring our total expected portfolio CO2 offset to 39 Million pounds of CO2 as we finish onboarding everyone in our pipeline. Stay tuned for an upcoming blog post talking more about this data source and how it can help you with enriched ESG reporting.
As we move on to 2023 we are thrilled to continue scaling and growing our product suite to enable mass adoption of distributed energy resources (DERs) on shared buildings. We want to extend a big thank you to our team, investors, and clients for making 2022 such a great year and we look forward to making 2023 an even more impactful year!
CA has passed laws like AB802 and Title 24, mandating renewable energy on certain multi-family properties?
Click Here to learn more about how you can comply while turning a profit with Ivy’s Virtual Grid alternative to traditional Sub Metering.