SHREVEPORT, LA / ACCESSWIRE / February 22, 2024 / Continental Envelope is going green, and it has Correlate Energy Corp. (OTCQB:CIPI) to thank. One of the nation's oldest envelope manufacturers, churning out two billion envelopes per year, tapped Correlate to construct one of Illinois's largest rooftop solar power facilities at its manufacturing plant in Geneva, Illinois. That was in April 2022, and as of last month, it is now fully operational, with the engineering, permitting and interconnection work completed.
Correlate said it will supply approximately 20%-25% of the facility's overall energy requirements. Based on the Environmental Protection Agency's Greenhouse Gas Equivalencies Calculator, the 908-KW solar project is estimated to offset approximately 18,849 tons of carbon dioxide over the next 20 years. That is the equivalent to planting 282,000 trees. It's part of Continental's effort to reduce its emissions and its energy bill.
"Our electrical costs increased 600% since moving in which made us interested in solar for an eco-friendly solution to our electric costs," said Elan Margulies, Project Manager of Continental Envelope, which has worked closely with Correlate, in a press release announcing the completion of the project. "We analyzed and found this project made economic sense."
Solar Panel Installs Growing
Continental Envelope isn't the only one partnering with Correlate Energy to reduce energy costs and lower emissions. Last November the firm announced a solar energy installation project totaling 3.8 megawatts with EnerSys , the global leader in stored energy solutions, at its global headquarters in Pennsylvania. It is one of the largest behind-the-meter solar installations in the United States, according to Correlate. In May it secured $11.9 million for a project with Green Bridge Energy, a leading technology-enabled investment platform focused on clean energy projects in the commercial and industrial market segment of the U.S. That project was expanded to 5.2 MW and was slated to begin installation in Q3 2023.
"Demand for resilient, clean energy is rapidly growing for corporations and real estate owners across the U.S., and the EnerSys project demonstrates the significant value that can be created with the right partners," said Byrne Huddleston, CEO of Green Bridge when the investment was announced. "At Green Bridge, we deliver positive, long-term economic outcomes for real estate owners transitioning to clean energy."
The Sun Seems To Be Shining On Solar
Continental Envelope and EnerSys are just two examples of the shift on the part of manufacturers and other businesses away from emission-causing energy sources and toward greener options. Solar is a popular choice, providing 30% of the new electricity produced in the U.S. in 2019, according to the U.S. Department of Energy (DOE). That was up from just 4% in 2010.
The cost is also coming down, making it an affordable choice for manufacturers and businesses. At last check installing solar panels cost less than $3 per watt, 65% cheaper than the $8.50 per watt cost a decade ago, the DOE said. As a result of all that, the solar market is projected to reach $373.84 billion by 2029, growing at a CAGR of 6.9% from now through then. In 2023 alone a record 32 gigawatts (GW) of new capacity is expected to be added, marking a 52% increase from 2022.
Correlate Energy is seeing some of that demand firsthand. In addition to Continental Envelope and EnerSys, it counts American Tire Distributors Holdings Inc. and Kyocera Corp. as customers and has a total pipeline of $512 million. Of that, about $152 million is in immediate and active projects, providing everything from solar panels to microgrids.
Solar is in demand as companies move to greener and cheaper alternatives. With the future looking bright, Correlate Energy may have to wear sunglasses.
About Correlate Energy Corp
Correlate Energy, with its focus on commercial, industrial, and residential segments, stands out for its holistic approach to energy solutions. They provide tailored strategies that encompass renewable energy, energy efficiency and utility contract management. The company, with its network of expert partners, executes these strategies, optimizing facility performance and yielding substantial cost savings and profitability. The Harbinger Research report particularly highlights Correlate Energy's commitment to combining organic growth with strategic acquisitions, enhancing its market position.
Contact:
todd@correlateinc.com
cory@pandcventures.ca
SOURCE: Correlate Energy Corp.
View the original press release on accesswire.com
