Steady State Breaks New Ground in Geothermal Heat Pump Financing
Company is the first to crowdfund project financing options
TULSA, Oklahoma — Steady State Renewable Energy Co. designs and installs geothermal heat pump systems in Oklahoma and north Texas. With the launch of Steady State Asset Partners, the company is the first to crowdfund project financing options that offer investors the opportunity to provide upfront capital for new geothermal projects, in exchange for annual returns paid from the long-term energy cost savings.
According to Steady State, geothermal heating and cooling systems make up only 1 to 2 percent of the overall HVAC market in the United States. Although many potential customers understand that they can enjoy significantly lower long-term utility bills by installing a modern geothermal system, the greater upfront cost is the most commonly cited reason for not installing geothermal.
“Steady State’s expansion into geothermal project financing was driven by hundreds of conversations with property owners, architects, builders, and mechanical contractors across the United States,” said Craig Immel, founder and managing member at Steady State. “We are excited to partner with forward thinking investors to offer strategic financing alternatives to our customers.” Steady State said it is currently in discussions with interested accredited investors to fund the initial pilot program, and has created an interest list for future fundraising. “We have had quite a bit of interest in this investment concept,” stated Immel.
Geothermal and other renewable energy technologies are real, productive assets with immediate financial benefits that tend to grow in value as the years go by, said Steady State. Renewable energy equipment leasing is a way for property owners to install on-site clean energy right away, without a large cash outlay, and without carrying large liabilities on the balance sheet. Leasing also allows energy cost savings to begin accruing to the property owner immediately, instead of have to wait through a three to seven year payback period.
“Electric utilities, government, and consumer interests are aligning to create a strong market for renewable energy and efficiency solutions at every scale, and we are excited to roll out new ways to make the ultimate in indoor comfort and low utility bills affordable for everyone,” said Immel.
For more information on Steady State Renewable Energy Co., visit http://steadystate.co.
For more information on Steady State Asset Partners, visit http://steadystate.co/invest/.
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Publication date: 7/20/2015
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