Pineapple Energy Applauds Extension of Battery Bonus Program on Oahu
29 Septembre 2023 - 2:00PM
Pineapple Energy Inc. (“Pineapple”), a leading provider of
sustainable solar energy and backup power to households and small
business, today commented on the extension of the battery bonus
program on Oahu in the state of Hawaii.
“We applaud the extension of the deadline to a program that has
contributed to one of the largest and most successful fleets of
residential batteries being used to meet peak demand on an American
Grid,” said Kyle Udseth, CEO of Pineapple Energy.
“The extension of the battery bonus program on Oahu to February
29th, 2024, will significantly add to the current pipeline of
projects already signed under the popular battery bonus program.
The extension allows more people to participate in the program
while extending the application and build out periods into a new
tax credit year,” said Chris DeBone, Hawaii Energy Connection
President and Founder.
Under the Battery Bonus Program, Hawaiian Electric will pay a
cash incentive and provide bill credits for customers on Oahu and
Maui to add energy storage (a battery) to an existing or new
rooftop solar system. These perks will help move Hawaii towards its
goal of 100% clean energy by 2045 and add more renewable resources
to the grid as Hawaiian Electric retires generators fired by fossil
fuels.
Residential solar and battery storage have played a larger role
than anticipated in the energy transition in Hawaii due to
continued delays of large-scale solar and battery plants. Hawaiian
Electric reported more than 100,000 distributed energy systems
hooked up in its territory as of mid-August; these small
customer-sited devices produced 46.6% of the utility’s renewable
generation last year. Large wind trailed at 19.1% and large solar
only made 13.8%.
“Pineapple has been fortunate to have experienced 40% organic
growth in revenue year-to-date through the second quarter of 2023.
The battery bonus program in Hawaii has contributed to this growth.
The extension of the battery bonus program gives us more confidence
in our ability to continue to generate strong organic growth in
Hawaii moving forward,” said Eric Ingvaldson, CFO of Pineapple
Energy.
Contacts: Kyle Udseth Chief Executive Officer
+1 (952) 996-1674 Kyle.Udseth@pineappleenergy.com Eric Ingvaldson
Chief Financial Officer +1 (952)
996-1674Eric.Ingvaldson@pineappleenergy.com
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