Under the terms of the agreement, Verengo will leverage its leadership position and expertise in the residential solar power installation market and become a preferred installer of Swell Energy’s home solar battery products. Among the services offered by the two companies is an energy storage solution that will allow customers to power their homes cleanly and quietly independent of the electrical grid for up to one day or, when paired with solar, potentially indefinitely.
"We are seeing tremendous demand for home batteries, driven largely by advances and cost reductions in smart, lithium-ion battery technology, combined with increasing concerns around power outages and grid vulnerabilities among homeowners," said Swell Energy Co-Founder Andrew Meyer. "By partnering with an established and well respected installer like Verengo, we are making home battery backup a painless, quick and convenient addition for hundreds of thousands of energy conscious customers across the state."
Installing an energy storage system allows homeowners to create a protective barrier between their home and the grid, giving them independence from the volatility of grid-supplied energy. By taking in grid energy only when it is at its cheapest and storing up excess solar during the day, homeowners can wisely deploy this energy in their homes, securing their home energy and saving money. Even without solar, a home battery provides homeowners:
Clean, quiet, automatic back up protection for up to one day.
Cost savings through "smart energy management" (e.g., taking in electricity when it is cheapest, and discharging when it is most expensive).
Additional future revenue through "grid services" provided to the local utility.
"The two companies’ focus on the booming residential market make for a natural fit," noted Verengo CEO Dan Squiller.
"Swell Energy is an exciting industry innovator and the kind of B2B solar partner that enables us to expand our customer base while doing what we do best — provide California consumers clean, efficient and cost saving ways to power their homes," Squiller said. "With the federal and state rebates now available and the rapid drop in panel and battery prices, rooftop solar and home storage are no longer a rich homeowner’s dream they are a smart consumer’s reality," added Squiller.
Swell Energy offers various battery storage financing programs to CA homeowners making the addition of battery backup easily accessible to most single-family homes. This is similar to Verengo’s $0 down rooftop solar leasing plan. Swell lithium-ion batteries are compatible with most existing and new solar PV systems and are backed by a 10 year warranty.
