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Incentives Drive Rapid Growth in Solar Projects for Distributed Energy Solutions Provider Correlate Energy Corp. (CIPI)

  • Correlate Energy Corp. is a distributed energy solutions company focused on solar energy installation opportunities as well as other clean energy infrastructure improvements
  • Federal government incentives as well as decreasing costs of solar installation are helping to scale clean energy adoption across the United States
  • Correlate Energy’s projects tend to take about a year from initial contact to completion, as exemplified by recently completed and commissioned contracts with American Tire Distributors and Continental Envelope for rooftop solar projects
  • The company’s average contract size is about $2 million, and CIPI currently has about $150 million of in-progress projects in various stages of development

A Reuters report this month notes that the United States has doubled the pace of cutting carbon emissions through the efforts of solar, wind and energy storage projects since the passage of the federal clean energy investment Inflation Reduction Act (“IRA”) in 2022, while hydrogen, electric vehicle charging station, nuclear energy and geothermal projects have struggled to take advantage of the law’s funding opportunities (https://nnw.fm/gqo9L).

Distributed energy solutions company Correlate Energy (OTCQB: CIPI) is enjoying an increase in profitable opportunities as it focuses its infrastructure know-how on setting up solar projects for corporate clients ready to build on the IRA’s benefits.

“We have a constant conveyor belt of a maturity of opportunities which allow us to smartly invest in different parts of the business,” Correlate Energy President and CEO Todd Michaels was quoted as saying in a recent Yahoo! Finance article (https://nnw.fm/79pCc). “Solar is the most applicable tech right now. It’s beating the grid for cost. You can easily do a 10% to 20% discount of what a person pays the local utility.”

CIPI’s most recent project announcements include an up-to-40 MW microgrid project outside of the Los Angeles metro area for a customer representing one of California’s largest privately owned oil and gas corporations (https://nnw.fm/49wck) and a 3.8 MW solar energy installation project (later expanded to 5.2 MW) for Pennsylvania-based stored energy solutions company EnerSys (https://nnw.fm/ILcf0).

CIPI has also recently completed and commissioned already in the pipeline rooftop solar energy systems for American Tire Distributors’ headquarters in North Carolina (https://nnw.fm/6ah3M) and for Continental Envelope’s manufacturing plant in Illinois (https://nnw.fm/zQM7K).

“You have these proven businesses that are super well run that are looking for every edge to reduce cost and improve margin,” Michaels told Proactive Investors during a December interview (https://nnw.fm/vGhUs). “Our average contract size today is about $2 million. … We typically work with customers like that that have, let’s say, 10 to 100 locations across the country, so it’s not usually just the one-off small, private business. It’s typically a portfolio business that has multiple operations.”

Correlate started with three people in January 2022 and has since begun to scale the business into additional markets with increased staff on the operations team and the revenue that comes in from its completed projects.

“It’s been all about executing on what we had in ’22 and setting ourselves up for doubling again, tripling again in the coming year,” Michaels said in December. “We have about $150 million of immediately actual projects that are (in) various stages of … development. About $22 million of those are, currently like, people are literally out there deployed onsite getting these projects completed. We have about another $50 million of projects that are fully contracted, that are mobilizing — they’re typically waiting for a utility approval, some permit, or are waiting for next summer to build versus building them in a place where we might be doing wintertime issues. So those are kind of the ready-to-go projects.”

The tax credit opportunities and the decreasing cost of solar installation are helping to drive Correlate’s growth. Installing solar panels costs (on average) about $2.86 per watt before taking advantage of available incentives, which is more than 65 percent cheaper than the $8.50 per watt price tag in 2010 (https://nnw.fm/Djyul).

For more information, visit the company’s website at www.Correlate.Energy, including the following:
Breaking Down Barriers To Your ESG Goals While Generating Additional Net Operating Income:  www.Correlate.Energy/our-process
Platform Generates New Rent And Operating Income, Allowing You To Meet Your ESG Goals: www.Correlate.Energy/program 

NOTE TO INVESTORS: The latest news and updates relating to CIPI are available in the company’s newsroom at https://nnw.fm/CIPI

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