ImpactAlpha, September 20 – Arcadia is on a mission to accelerate community solar in the U.S. The Washington, D.C.-based energy access company matches energy customers with local community solar farms. As those farms generate power, Arcadia credits customers’ utility bills.
The company says its customers save an average of 5% to 10% on their monthly bill.
The consumer data is meant to encourage utilities to integrate community solar into their networks.
Arcadia’s $100 million Series D round was led by Tiger Global Management and the Drawdown Fund. Existing investors Energy Impact Partners, G2 Venture Partners, Inclusive Capital and BoxGroup participated, as well as a number of new investors.
Arcadia supports 500 megawatts of installed community solar. Expansion requires policies for “virtual net-metering,” which have been adopted in only a few states. The company intends to “deepen our policy work and engagement with lawmakers to expand access to community solar and build a cleaner, more distributed, and more resilient electric grid.”