Flexible energy provider, PearlX Infrastructure LLC (PearlX), and global leader in smart energy technology, SolarEdge Technologies, Inc. (SolarEdge), are collaborating on a series of first-in-kind residential clean energy projects for renters throughout Texas. Dubbed “Project TexFlex”, the program deploys innovative community solar & storage virtual power plants (VPPs), enabling communities in the region to empower tenants with cost-effective and resilient clean energy.
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Project TexFlex will launch its initial VPP at 2410 Waugh Apartments in the Montrose neighborhood of Houston in the first quarter of 2022. Described by PearlX as a “win-win-win,” each VPP provides load-serving and resiliency benefits to consumers, royalty and income streams for its multi-family real estate partners, and flexibility and capacity services to the Texas energy market – allowing utilities to smartly leverage and control a previously untapped pool of available distributed energy resources to support grid stabilization.
Based on a signed agreement with Moonlight Interests, LLC, developer of 2410 Waugh Apartments, PearlX will scale Project TexFlex throughout the multi-family real estate market in Texas. As owner and operator of the project, PearlX will purchase hardware and cutting-edge, cloud-based grid services technology from SolarEdge, while SolarEdge will also provide design and engineering support.
With a mission to expand clean energy access and reduce energy poverty, PearlX’s novel underwriting approach will enable multi-family real estate communities engaged in the project to empower lower and middle-income tenants with cost-effective, flexible and resilient community solar & storage. PearlX utilizes a “non-credit” based underwriting method, which allows tenant subscribers who live within TexFlex properties to access the rewards of solar generation and battery storage without the obligation to present an industry-defined adequate credit score.
“Mainstream solar and especially storage has traditionally been an amenity for the wealthy. If you don’t have good credit, you don’t have access,” said Michael Huerta, CEO of PearlX. “Credit is the ability to repay. Electricity is the ability to live. Payment for electricity we believe is the highest form of credit.” Huerta added, “When you look at the data, electric bills are paid before rent, cell phone bills, even car payments.”