VICTORVILLE – PearlX, a solar and storage installation company, announced Tuesday its first large-scale project since Antin Infrastructure Partners committed to invest $100 million in the company.
The company says High Desert Villas residents that subscribe to their Virtual Power Plant (VPP) can save on the electricity bill while the property owner can increase cash flow without increasing rent.
PearlX installed over 700 kW of solar power on the 232-unit Victorville senior community rooftops and 314kWh of paired battery storage.
“Our landlord customers come to us to find solutions for increasing their NOI (net operating income) and cash profile, without increasing rents,” said PearlX Co-founder and CEO Michael Huerta. “They also ask us to provide amenities to increase benefits for residents, preferably outside of their maintenance CapEx (capital expenditure) budgets.”
Landlords Increase NOI through solar lease
Property owner, Strata Equity Group, said it was great working with PearlX.
“We’re excited the solar installation is now operational and not only providing clean energy to our community, but delivering energy bill savings to our residents,” said Strata Equity Group Senior Asset Manager Jeffrey Chan.
According to the company PearlX website, multi-family property owners lease unused space – rooftops, to PearlX. PearlX then manages construction, installation, and maintenance of all solar equipment.
The owner signs a guaranteed fixed lease with payments for up to 30 years.
Discounted electricity bill
PearlX says High Desert Villas marks one of the first distributed generation installments in Southern California Edison (SCE)’s utility territory that provides renters behind-the-meter solar paired with storage.
PearlX’s VPP – a system of solar panels and battery storage systems placed throughout unused space on the premises, supplements the building’s electricity. Tenants can opt to subscribe to the VPP for a portion of their electricity.
“The PearlX VPP provides a discount on the rate for the power it supplies, meaning residents who subscribe to the VPP are still charged for the power they consume, but with the PearlX discount applied to that rate,” says a statement on the website.
Since PearlX VPP is a grid-connected system, subscribed residents still receive power – at night, when solar and batteries are not producing power.
The company says residents pay one bill for both grid-connected and solar power through a partner billing system. PearlX honors all discounts residents already receive through utility bill assistance programs.
The company says they aim to serve over 25,000 California apartment renters by 2025, valued at $500 million of community-based capital investment.
For more information about PearlX visit https://pearlx.com/