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About the Episode:
The commercial and industrial (C&I) solar market, often called the "messy middle," has lagged behind the rapid growth of residential and utility-scale projects. Yet, with vast rooftop spaces on commercial buildings offering significant untapped potential, the opportunity to reduce our carbon footprint and optimize energy costs is more compelling than ever. But the economics of C&I solar are finally, at long last, shifting for the better. With transferable tax credits from the Inflation Reduction Act and rising electricity costs,it’s never been a better time for commercial rooftop solar in America. Versiris Energy, a wholly owned subsidiary of New Energy Equity, is focused specifically on capturing market opportunity as the C&I sector takes flight.
Nick Kerwin, Senior Vice President, and Rocky Shoemaker, VP of Engineering & Construction, bring 30 years of combined solar expertise to Versiris Energy. Rocky, an electrical engineer and one of New Energy Equity’s first employees, has extensive experience managing complex C&I projects. Nick, who joined in 2021, specializes in solar finance, acquisitions, and distributed generation. Together, they lead Versiris Energy with startup agility and the backing of an established parent company, addressing the unique challenges of the C&I solar market.
Expect to learn:
The strategic decision-making process behind spinning out Versiris from New Energy Equity
Why rising electricity rates are opening new C&I markets in regions like Alabama and Indiana
How transferable tax credits from the IRA unlock opportunities for commercial property owners.
How advancements like the UL 3741 standard are reducing costs and simplifying C&I solar installations.
Hit play to explore how a business idea inside one of the industry’s most successful developers becomes a successful standalone venture, as Rocky and Nick share their intrapreneurial journey of launching Versiris Energy.
NOTEWORTHY QUOTEs:
“It’s not just the states that are healthy for C&I solar, all of a sudden, we are pricing projects in Alabama and Indiana and South Carolina and Kentucky. I think that is really driven by the fact that rising electricity rates combined with some of these underlying IRA incentives have sort of fundamentally changed the economic outlook.”
“There’s just a lot of trust that was given, that our leadership has put into us. We’ve delivered on multiple facets, on difficult projects throughout our tenure. And so, I think it was our ability to critically think and solve problems. It just positioned us to spin it off and be the right choice for leading it.”
Thanks again to this week's sponsor, helping keep the podcast FREE to you!
Our Platinum Presenting Sponsor for SunCast is Chint Power Systems America!
CPS America is the #1 supplier of 3-phase string inverters for Commercial & Industrial and Utility-Scale projects with more than 8 gigawatts of inverters installed on 20,000+ sites around the nation!
We are grateful for our GOLD sponsor:
Speed up PV installations for lower LCOE with TrinaTracker and improve overall system value with optimized compatibility using Trina Solar’s industry-leading modules and the TrinaPro utility-scale or C&I Solutions. Please visit https://www.mysuncast.com/trina
ABOUT THE HOST OF SUNCAST:
Nico Johnson is the creator and host of SunCast, consistently rated a top solar podcast in the clean energy sector. The content of the show is geared towards listeners looking for insights on where the markets are headed, how to position themselves or their companies, and what today's market leaders do to stay ahead of the pack.
Nico is an Investor, Executive Coach, and 16-year veteran of the solar industry, having led development in the US and Latin America for global companies like Trina Solar and Conergy.
You can connect with Nico Johnson on Twitter, LinkedIn or email.
If you’ve been second-guessing your work decisions or maybe trying to reconsider how you "fit" in the renewable energy industry -> grab 15 minutes on Nico's calendar and discuss whether having him as Your personal coach might be the right next step.