Omnidian adds even more solar industry veterans to build out solar-ownership services

Omnidian solar monitoring

To respond to shifting customer expectations – both from asset owners and individual homeowners – Omnidian has hired solar operations and maintenance expert Cedric Brehaut as vice president of products. Brehaut is a pioneer in the solar services space and is commonly known as the market analyst who ‘wrote the book on asset management and O&M’. After helping SunEdison create and develop its asset management services business, he founded SOLICHAMBA, which quickly became the authority on performance monitoring, O&M and asset management markets, offering consulting services and publishing numerous research reports in partnership with GTM Research, a Wood MacKenzie business.

In early 2018, Brehaut worked with Omnidian to contextualize consumer survey research the company had commissioned with an independent market research firm to better understand the expectations and preferences of the next wave of residential solar customers. That research confirmed that consumer demand for protection plans guaranteeing system performance was a key driver of purchase intent as the market shifts from early adopters to mainstream customers.

“The tipping point for me to stop my research and consultancy business and join Omnidian was the resonance the product has with consumers,” said Brehaut. “Omnidian’s research demonstrates that as solar moves up the adoption curve from early adopters to early majority, there is significant consumer value in services that offer peace of mind that their investment will work as promised. Omnidian is removing the performance risk from residential solar and giving homeowners the confidence to go solar without fear. The trust that Omnidian provides is essential to the growth of distributed solar in the years to come.”

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Omnidian’s new vice president of finance, Caroline Bec Cox, is an accomplished energy finance executive with extensive experience in investment banking, capital markets and strategy. As a senior investment banker at RBC Capital Markets and Tudor, Pickering, Holt & Co., Bec Cox established herself as a trusted and respected adviser to many boards and executives in the energy industry. She has led and participated in more than a hundred financings, mergers, acquisitions and advisory projects, representing billions in transaction values.

These new hires add to an already high-caliber solar dream team that has managed nearly half of all the residential solar assets in the U.S., including the portfolios of Sunrun, SolarCity, Spruce and Sungevity, as well as the former managing director of financial services for KPMG, and former chair of the Retail Marketing and Advertising Association and Top 50 Marketer in America (AdAge).

“A big part of our success has been the experience of our team,” said Mark Liffmann, Omnidian’s CEO. “This all-star team of solar veterans has allowed us to quickly establish ourselves as the only true end-to-end solar asset management solution and gain the trust of our customers. Most importantly, our passion for delivering a great client experience and contributing to a successful solar energy market motivates our team every day. We’re looking forward to the expertise, experience, and enthusiasm that Caroline and Cedric bring to our team.”

— Solar Builder magazine

Four services, tools to ease solar installer pain in 2018

The following article will appear in the Jan./Feb. issue of Solar Builder magazine. Sign up for your free subscription (print or digital) today.

1. Education tools.

solar education preview

Often, the biggest hurdle for selling solar is a lack of understanding by potential customers. Energy costs can be hard to understand, not to mention the value propositions of different financing methods or the basic effect of the investment on home value. Luckily, more guides are available to aid in your explanation.

The Solar Energy Industries Association (SEIA), How Owning a Solar System Impacts My Home Value: A Guide to Valuing Residential Solar Energy Systems, walks consumers through the various methodologies that professionals use to value a solar system and provides homeowners with tips along with a recommended valuation method. In the guide, SEIA advises readers to focus on the projected income a solar system will generate for the owner over its expected lifetime. According to a recent study by Sandia National Labs and Energy Sense Finance, that approach is typically used to determine value in home appraisals in major solar markets.

smappee solar storage

But the education shouldn’t stop at the sale. Smarter homes are starting to make the general public more aware of their energy use, which is also a helpful nudge toward selling solar systems. Smappee Plus is the coolest device for this that we’ve seen. It measures real-time energy use from household appliances, offering valuable insights into a homeowner’s energy use and production. Smappee Plus is the only energy monitor that combines load disaggregation with submetering technology to provide real-time data also for appliances with variable output –such as air conditioning, electric vehicles, heatpumps, etc. Consumers are able to see how much energy a device uses and its daily, monthly or annual energy costs. Consequentially, owners can make informed decisions on their energy consumption (e.g. when to buy a more energy efficient fridge) and act to save on energy costs and efficiency.

Smappee Plus is also the only energy monitor that you can program to take on the role of an “energy traffic controller” in the home. The product can automatically steer excess energy production, such as solar power, to appliances in order of preference, further increasing a homeowner’s energy efficiency and cost savings. You can choose from numerous “recipes” that automate certain actions.

2. Comparison shopping

EnergySage_Screenshot-1

The Database of State Incentives for Renewables and Efficiency (DSIRE) has a wealth of information on incentives and policies that support renewable energy and energy efficiency in the United States, including solar. In order to make that info more accessible to those who need it, when they need it, the DSIRE teamed up with EnergySage, an online comparison shopping marketplace for solar. EnergySage and its full set of tools are now available through DSIRE, including comprehensive solar data on pricing and savings.

Like DSIRE, the EnergySage Solar Marketplace provides consumers with access to a free, unbiased content library built to simplify the process of researching and going solar. By collaborating with EnergySage, DSIRE is offering consumers the option to seamlessly move from education and research, to evaluating their solar options online.

3. Stronger protection

solar production warranty guarantee

Two stigmas to address here: 1) The worries of some customers (especially in a market like Ohio) of relying so much on the sun for energy when it feels like it’s cloudy all the time. 2) The reality that some solar systems are installed with subpar quality equipment that either underperforms, or fails but can’t be replaced because the company that provided the warranty went out of business.

One defense is always installing quality equipment by trusted brands with solid warranties. Another new concept is looking to third parties that guarantee performance for the lifetime of a PV system. Omnidian, for example, is a nationwide provider of comprehensive protection plans for investments in residential solar systems. Omnidian’s performance guarantee includes 24/7 continuous monitoring, proactive service alerts and 100-percent covered hardware and software through a nationwide network of field service professionals, as well as 100-percent guarantee of promised energy or plan owners will be reimbursed for energy loss.

Omnidian’s proprietary technology integrates with all major third-party monitoring platforms and quickly identifies underperforming assets requiring field service dispatch. The firm partners with a nationwide network of pre-certified field technicians. Omnidian’s 100-percent performance guarantee transfers solar energy production risk away from the asset owner. This risk transfer secures the solar energy investment, enhancing asset security and liberating capital.

4. Streamline payments

solar payments streamlined

Solar contractors are in a constant battle against soft costs, so every gain in efficiency helps. Frequently installers have disparate and fragmented systems in place for their billing and payments that increase the cost of their cash and require high degrees of financial and IT labor. Operationally, these legacy systems often mean solar businesses are taking a combination of extremely expensive credit cards (fees of 3 percent or more!), manually intensive bank payments, and a staggering number of paper checks that delay cash settlement. Rarely do these payments tie back to the financial systems or the POS/invoices, so manual labor and reconciliation end up introducing needless costs in lost productivity and customer maintenance.

In 2018, consider a new cash management process: from accounting software, to invoice, to receivables, to payments, to settlement, to reconciliation. PayStand is one such cloud payment suite. With PayStand, solar distributors, manufacturers and installers, can take payments across multiple channels such as PayStand’s 0% network, as well as echeck bank transfers, and wholesale ACH and card transactions all-in-one system. Further, PayStand works directly with invoices, automating financial processes alongside accounting software, and ads powerful management & reporting capabilities.

PayStand has recently added Allterra Solar, Geoscape Solar, Gunthers, and Simplify Solar to its ranks of solar customers. With PayStand, these new customers are enjoying the many benefits including: faster time to cash, a frictionless customer payment experience, automation & improved billing efficiencies, and significantly reduced transaction costs.

— Solar Builder magazine

Details on lifetime guarantee for solar system performance now available through Omnidian

solar system performance guarantee

Omnidian, a nationwide provider of comprehensive protection plans for investments in residential solar systems, is launching a third-party performance guarantee for the lifetime of a PV system. The performance guarantee is available for owners of individual home solar systems through Omnidian channel partners, such as lenders and installers. It is also available for financial institutions, such as funds and third-party owners, that manage large portfolios of residential solar assets.

“Residential PV systems are often backed by narrowly tailored warranties that cover defective equipment,” said Mark Liffmann, Omnidian’s CEO and founder. “But at the end of the day, owners of residential solar – whether it is an asset manager overseeing thousands of systems or an individual homeowner trying to save on electric bills – want the assurance that their investment will perform as promised. By shielding the owners of residential solar systems from the performance risk, Omnidian is providing the solution that gives owners true peace of mind.”

The firm’s service offering addresses one of the major pain points in the growth of residential solar. The residential solar market in the U.S. has grown substantially over the last decade. But competition and high customer acquisition costs have resulted in consolidation and exits by many large installation firms. This has often left distressed residential solar assets without active management for monitoring system health and ensuring optimal performance. Further, home owners have not broadly had the option for performance guarantees when they purchase a system with loan proceeds or cash.

“Transferring performance risk will allow solar businesses to free up vital capital for growing their business and give customers the assurance that their investment will perform as promised without having to personally monitor their solar system,” Liffmann added.

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How does it work?

Omnidian’s performance guarantee includes 24/7 continuous monitoring, proactive service alerts and 100-percent covered hardware and software through a nationwide network of field service professionals, as well as 100-percent guarantee of promised energy or plan owners will be reimbursed for energy loss.

Omnidian’s proprietary technology integrates with all major third-party monitoring platforms and quickly identifies underperforming assets requiring field service dispatch. The firm partners with a nationwide network of pre-certified field technicians. Omnidian’s 100-percent performance guarantee transfers solar energy production risk away from the asset owner. This risk transfer secures the solar energy investment, enhancing asset security and liberating capital.

 

Venture capital firms also see the market opportunity and value in the Omnidian team’s industry experience and unique service offering. The company recently closed an oversubscribed $5.1 million series seed round led by Congruent Ventures, an early-stage venture firm that backs companies in the sustainability ecosystem. Other participants include City Light Capital, Blue Bear Capital, Energy Foundry, Ekistic Ventures, and Avista Development, a wholly-owned, non-regulated subsidiary of Avista Corp.

“Performance guarantees for residential solar energy present a major opportunity to create value for asset owners and help drive the next wave of growth in the residential solar market,” said Abe Yokell, co-founder and managing partner of Congruent Ventures. “We see Omnidian as best positioned to seize this opportunity due to the extensive industry experience of the executive team as well as the state-of-the-art technology they’ve developed in a short period of time.”

The team at Omnidian has managed nearly half of the residential solar systems installed in the U.S. This industry background has allowed rapid expansion of their business objective to protect and accelerate capital investments in the residential solar sector. Today, Omnidian supports Fortune 1000 clients and other third-party owners of leased solar portfolios. The firm is currently managing tens of thousands of systems, having doubled its assets under management in September alone.

— Solar Builder magazine