Brooklyn-based BlocPower is an innovative for-profit startup that aims to renovate thousands of older buildings to become highly energy efficient, all-electric, and low–carbon emitting. All while creating good jobs for low-income people. As a “public benefit” corporation, BlocPower’s core goals include energy efficiency, renewable energy, greenhouse gas reduction, economic development, job creation in low-income communities, and financial return for its investors.
BlocPower contracts with building owners, local governments, and utilities to decarbonize residential buildings. They start by making them all-electric, removing all the fossil fuel–powered HVAC, stoves, and water heaters; replacing them with highly efficient heat pump heating and cooling systems, heat pump water heaters, and electric stoves with induction ranges. Wherever possible, they add rooftop solar or purchase renewable power for the buildings.
Making It Simple for Owners and Residents
Using advanced modeling and project-management technology, BlocPower handles the contractors; engineering and design; the equipment, removals and installations; as well as the construction loans. Sure, it’s challenging for building owners and residents to go through this process, but BlocPower does everything they can to make it easier. In addition, they provide the financing needed to pay for the project in a way that saves the owners money, usually from the very first year.
BlocPower reports that owners often save 40–60% on their utility bills after the renovation. So the annual total loan payments for the renovation are often less than the annual energy savings. As a result, even though BlocPower lends the money with interest, the owner pays less each year because of the energy savings.
Aiming High
BlocPower has a contract to electrify every residential building in the city of Ithaca within 4 years. Other cities with climate action plans are negotiating with BlocPower to assist them in decarbonizing. While they help to decarbonize a city, BlocPower hires local, low-income residents to do the work.
As an investor-backed company, BlocPower is growing its financial clout in order to scale up its building energy renovations and lending services to meet building energy efficiency needs nationwide. They systematically take advantage of all available government grants, and they’re developing Silicon Valley and Wall Street investors, as well as crowdfunding. As BlocPower plans to go public and take their operations nationwide, they could have a massive impact on carbon emissions as they move homes and buildings across the country forward on the path to green energy.
BlocPower aims to make it possible for cities to meet their climate goals while creating a profit center for investors; creating healthier residences and workplaces; and lowering energy bills.
Author, Joe Emerson, is founder of The Zero Energy Project.
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