Renewable energy is becoming increasingly important in today's world. With concerns about climate change and the environment, more and more businesses are looking for ways to incorporate clean energy into their operations.
This is where King Energy comes in. King Energy has developed a unique approach to solar power that benefits both property owners and building tenants. By using open roof space on multi-tenant commercial properties, King Energy is able to deploy solar infrastructure at its own expense. This not only creates a source of renewable energy, but also generates financial value for property owners and building tenants.
Under the visionary leadership of John Witchel, CEO, the company has revolutionized the solar industry by delivering financially viable solar solutions to multi-tenant properties. With a commitment to sustainability and innovation, King Energy has emerged as a trailblazer in the renewable energy sector.
Its primary offering centers around their state-of-the-art software billing platform, King Energy OneBill™. This innovative platform facilitates the effortless distribution of energy from a sole solar installation among various businesses or tenants on a particular property. By harnessing their proficiency in software engineering, financing, and solar program administration, King Energy has formulated an approach that serves as a win-win solution for both property owners and their tenants.
The key benefit of King Energy's proposition rests on its fiscal feasibility. Real estate proprietors receive a novel rental revenue stream through the production of solar energy, whereas occupants enjoy noteworthy reductions on their energy charges. By bearing all the expenses correlated with installation and upkeep, it absolves the monetary encumbrance typically linked with the assimilation of solar energy. This ingenious tactic not only advocates for sustainable energy methodologies but also certifies that landowners and leaseholders can profit economically.
King Energy envisages a future where every commercial rooftop is equipped with solar energy. The company's focus on the financial aspect and ensuring that both property owners and tenants benefit from solar energy solutions have been driving the widespread adoption of this renewable energy source. What sets it apart in the industry is its commitment to making solar energy financially feasible for multi-tenant properties. Under the astute leadership of John Witchtel, it has harnessed the power of solar energy and transformed it into a commercially viable solution for commercial properties. His vision and expertise have propelled the company's growth and success, positioning King Energy as a distinguished industry leader.
With a steadfast commitment to sustainability, innovation, and financial viability, King Energy is revolutionizing the renewable energy landscape. By providing financially sound energy solutions to multi-tenant properties, the company is paving the way for a greener and more sustainable future.
Let us embark upon their splendid odyssey!
Solar-Powered Solution for Commercial Buildings
The questions "Why?" and "Why not?" act as catalysts for entrepreneurs to introduce novel ideas and inventions into the market. John Witchel, a seasoned entrepreneur and the CEO of King Energy, experienced a 'why moment' while flying into the Los Angeles International Airport and observing a plethora of commercial buildings bereft of solar panels.
"It is a well-established fact that renewable energy offers substantial fiscal benefits. Hence, there had to be a plausible explanation for why these vast, open rooftops remained untouched by solar panels. I was cognizant of the fact that I was not the only entrepreneur seeking answers," Witchel expounds.
Witchel expeditiously ascertained that a meager 10% of commercial edifices had implemented solar power, primarily due to the "Split incentive problem." Landlords lacked an impetus to curtail energy expenses for their triple-net lease tenants, and tenants lacked a reason to invest in enhancing a possession they do not own. Concisely, neither party was incentivized to make the investment. "The resolution was uncomplicated: King Energy would construct, possess, and administer the solar power and bestow the benefits to both landlord and tenant. We resolved the split incentive problem in a painless manner that simplifies yet profits proprietors and tenants," Witchel proclaimed.
Their resolution was exquisitely uncomplicated: lease the rooftop from the landlord. No obligations are involved. No profit-sharing, no capital outlay, no intricate tax strategies; purely basic leasing subsequently vends the power to the occupants at a reduced rate compared to acquiring it from the power grid.
Revolutionizing Financial Sustainability
King Energy has undertaken the installation of commercial-scale solar panels at its own expense, thereby liberating the proprietors from any financial obligations. The company takes care of the entire process ranging from the installation of the panels to their maintenance, thereby obviating any additional responsibility on the part of the owners. Numerous commercial landlords have had prior exposure to leasing out their rooftops to cell tower owners. King Energy's modus operandi aligns with a similar philosophy, with the aim of optimizing the rental income for the landlord on a portion of the edifice that does not generally yield any rental proceeds. The crux of the matter is to ensure that the experience is uncomplicated and without any hassle.
In order to materialize their projects, King Energy approaches proprietors of commercial establishments with more than five occupants, proposing to lease their unutilized rooftop with a standard and concise 5-page agreement. The process entails no intricate fiscal compacts or collaborative agreements. The property owners are exclusively entitled to a periodic remittance for their vacant space, while King Energy assumes the comprehensive management of the solar project from commencement to culmination.
According to Witchel, the landlord can transition from receiving zero revenue from their rooftop to earning substantial profits without any initial investment. "Our objective is to regard the rooftop of the building as a rentable asset akin to any other segment of the property, with us being yet another tenant," he explains.
The strategy establishes a simplistic avenue for property proprietors to procure supplementary revenue while simultaneously amplifying their property's value and rent roster. For the tenants, the solar panels generate energy, which is then utilized by the building's occupants, whether it be a neighborhood-based yoga studio or a nationwide conglomerate. Regardless of their magnitude, they benefit from reduced energy costs and obtain access to sustainable energy produced locally.
In an unstable economic climate, individuals are actively seeking means to enhance their financial stability. In this regard, opting for solar energy serves as a mutually beneficial solution for both property owners and tenants. Through the management of the system by King Energy, landlords can augment their revenue stream, while their tenants can experience a reduction in their monthly energy costs. Such an approach is a "Win-win" for all parties involved.
Solar Power Billing for Commercial Rooftops
King Energy faced multifarious challenges in bringing solar energy to commercial rooftops, and the "Split incentive problem" was merely one of them. Alongside this, they had to devise a facile method to charge tenants for their power consumption. After the implementation of solar solutions, occupants were obligated to pay two energy bills: one for the solar energy they utilized and another for conventional grid energy. Therefore, King Energy undertook the task of amalgamating these charges into a simple statement, reducing the intricacy of the billing process for tenants.
The resolution was uncomplicated: King Energy would erect, possess, and administer the solar facility and distribute the advantages to both the property owner and occupant. We resolved the dilemma of split incentives in a trouble-free manner that simplifies and makes clean energy adoption profitable for proprietors and tenants. As per Witchel, "This complexity becomes even more demanding as it expands. We were not only required to establish a single, user-friendly invoice; we were also compelled to generate countless bills for occupants without any human interaction. Our remedy for this laborious procedure is OneBillTM."
The OneBill TM software, developed in-house, is designed to monitor the energy consumption of multiple tenants. This platform takes into account the local utility and solar bills and integrates them into a single, straightforward statement. With dual-source energy systems and multi-page invoices from utility providers, the process can become confusing and complicated. However, OneBillTM streamlines the payment process, allowing tenants to make a single payment for their energy usage. This simplified approach is designed to increase tenant confidence in their invoice and promote the use of renewable energy. According to Witchel, King Energy's representative, "With OneBill TM, we aim to provide tenants with a hassle-free and cost-efficient way of utilizing renewable energy. They receive one statement for all of their usage and make one payment, leaving the rest to us."
King Energy not only excels in their billing system, but also endeavors to provide exceptional client experiences by going above and beyond in educating and promoting solar adoption.
Putting Customers First
The unwavering team at King Energy is resolute in their efforts to enlighten proprietors and lessees of the unparalleled benefits of commercial solar. The multifaceted nature of this industry can be daunting for novices, thus necessitating a steep learning curve. To surmount this obstacle, the company offers a tenant relationship team that proactively encourages enrollment and a customer support service that promptly and effectively addresses client inquiries.
Numerous triple-net tenants and proprietors have reaped the benefits of King Energy's flexible solar initiatives. One of the most remarkable success stories involves a Cuban cuisine establishment situated along the central shoreline of California. This renowned lunchtime destination within the local community had been grappling with exorbitantly high energy bills due to the constant operation of fryers, sub-zero refrigeration units, dishwashing machines, and numerous lighting fixtures throughout the day. Initially, the restaurant's owners harbored doubts about the efficacy of King Energy's solar program, particularly on cloudy days. They were eager to ensure that the program posed no risks, required no commitments, and would not exacerbate their existing situation. However, King Energy allayed their concerns by explaining that the program was entirely dependable, verified, and transparent. If the solar system failed to generate sufficient power, the business would seamlessly draw additional energy from the grid to ensure that there were no power outages.
Following the enlistment of the restaurant as a client by King Energy, their energy expenses experienced a substantial reduction. Furthermore, apart from the significant savings on energy bills, the restaurant is also proactively taking measures to reduce its carbon footprint. This effort resonates with customers' mounting apprehensions regarding sustainability. Another client that can bear witness to the efficacy of King Energy's services is a nationwide phone service franchise. With the aid of King Energy, this eco-conscious client powered numerous outlets with sustainable energy, cutting costs without requiring any capital investment.
The triumph of King Energy can be ascribed to its cohort of dedicated connoisseurs with varied acumen in the industry who possess a mutual aspiration to provide ecologically sustainable energy that is affordable for all. Its remarkable invoicing system, evident worth, and client-centered methodology render it the foremost preference for business-oriented solar power. Endowed with these attributes, King Energy is spearheading the campaign for clean energy, innovating a scheme that generates benefits for proprietors, occupants, and the ecosystem.