American Family Insurance has invested in local community solar projects for Cambridge, MA. Through its venture capital unit, American Family Insurance Institute for Corporate and Social Impact, the insurance company was among several investors that provided Solstice Power Technologies, Inc. with a sizable $3.1 million in funding for community solar projects.
Solstice Power is responsible for developing new software that has assisted in managing subscriptions for community solar programs. The developer received funding from American Family for its positive economic impact on the community with its local community solar programs. According to the AmFam institute’s criteria, Solstice has helped to close gaps in equity across Massachusetts.
The $3.1 million will help Solstice improve its operations across the United States. Though it has started with a sizable portfolio across Massachusetts, the company will look to work in New Jersey, New York, Maine, Illinois, and other community solar leaders in the United States. As it expands, Solstice will partner with solar developers, providing them with the software needed to manager community solar subscriptions. Generally, Solstice works with developments built in centralized communities that are designed to assist low- to middle-income subscribers.
Solstice has a portfolio of 17 community solar programs that it has worked on. Its subscription services have assisted more than 20,000 residents and homeowners in Massachusetts, New Jersey, and New York. Though much of its services are on the East Coast, Solstice expects to expand into California.
According to the company’s co-founder and CEO, Steph Speirs, Solstice was designed to help expand the reach of renewable energy to underserved communities. Speirs confirms that Solstice is driven to work with investors that can accelerate the expansion of community solar and lead to equality in the solar industry.
American Family’s investment will allow Solstice the opportunity to assist with more subscriptions and offer its services to additional community solar providers.