As renewable energy use surges in the U.S. and the effects of global climate change become more visible, companies like Arcadia Power are pitching a nationwide service to make renewable energy available to residential customers.
While states like New York, California and regions across the upper Midwest have access to renewable energy through their utilities and competitive marketplaces, not all states in the country have utilities that are building renewable power generation to offset coal and natural gas energy production.
Enter Arcadia Power and its new $25 million in financing, which will be used to redouble its marketing efforts and expand its array of services in the U.S.
Right now, renewable energy is the fastest growing component of the U.S. energy mix. It’s grown from 15 percent to 18 percent of all power generation in the country, according to a 2018 report from Business Council for Sustainable Energy and Bloomberg New Energy Finance.
And while Arcadia Power is only accounting for 120 megawatts of the 2.9 gigawatts of new renewable energy projects initiated since 2017, its new $25 million in financing will help power new projects.
When we first wrote about the company in 2016, it was just developing solar projects that would generate power for the grid to offset electricity usage from its customers.