Consumer Demand Strong for New Shared Renewable Energy Source in Massachusetts; Company Developing More Shared Solar Sites in Massachusetts & Minnesota
PRINCETON, N.J.--NRG Energy, Inc. (NYSE:NRG) today announced it is leveraging its expertise to bring shared solar - also known as community solar - to customers across the United States, fulfilling on the company's customer-focused commitment.
"Residents in several states across America - including Colorado, Massachusetts and Minnesota - have spoken: they want their lives to be powered by affordable, renewable energy any way they can get it," said Steve McBee, president and CEO of NRG Home, a division of NRG. "In Massachusetts, customers enthusiastically signed up to 100% of the output of our new shared solar facility, and in response we are accelerating our shared solar development to meet strong demand in states with supportive policies."
The announcement comes on the day NRG Home Solar and NRG Renew bring a new shared solar site online in Freetown, Massachusetts. The 1-megawatt site, which powers approximately 160 households, furthers NRG's mission to put customers first by providing broad access to clean energy.
NRG Home Solar and NRG Renew have over 100 megawatts of shared solar projects in various stages of development and are actively working to expand into additional markets, so customers who may not have a rooftop suitable for solar still have the option to go solar.
Subscribers to Freetown's shared solar project entered into a 20-year agreement with NRG Home Solar that provides price stability and savings. Customers earn credits toward their energy bill that are calculated based on how much renewable energy their portion of the project generated in a billing cycle.
"One of the most exciting things about solar is that as it grows explosively we create new opportunities for people to make renewable energy part of their lives," said Kelcy Pegler, Jr., President, NRG Home Solar, a division of NRG Home. "Shared solar represents that opportunity - a simple, inexpensive path for people who buy power to go solar without limitations."
The Freetown project demonstrates the strategic fit of shared solar to NRG's integrated business model, leveraging NRG Home Solar's ability to acquire and retain customers through its retail and residential solar businesses and NRG Renew's ability to source, construct and operate renewable energy projects, combined with an investment by NRG Yield. NRG Renew partnered with Borrego Solar Systems to develop the Freetown site and construct the system.
About NRG Home
NRG Home is a leading consumer energy solutions provider, offering greater control over the creation and use of energy, both at home and on the go. NRG Home belongs to the NRG family of companies that comprises a growing portfolio that serves more than three million customers with integrated power products including retail electricity, home solar systems and smart energy solutions that allow customers to generate, manage and share more of their own energy in ways that are clean, reliable and affordable. NRG Home is part of NRG Energy, Inc. (NYSE: NRG), a Fortune 200 company delivering cleaner and smarter energy choices. For more information about NRG Home products and services, please visit nrg.com and nrghomepower.com, and connect on Facebook at facebook.com/nrg and on Twitter @nrgenergy and @nrgmedia.
About NRG Renew
NRG Renew, a subsidiary of NRG Energy, Inc., owns or has partial investment in more than 150 renewable energy projects totaling approximately 4,500 gross MWac of solar and wind capacity in operation throughout North America. More information is available at nrg.com/renew.