U.S. Department of Energy Announces Generac Power Systems as Part of a $440 Million Commitment to Install Rooftop Solar and Batteries in Puerto Rico's Most Vulnerable Communities

Rhea-AI Summary

Generac Power Systems, Inc. has been selected by the U.S. Department of Energy to negotiate a proposal to provide solar PV and battery storage systems to up to 40,000 vulnerable households in Puerto Rico, with an investment of up to $440 million from the Puerto Rico Energy Resilience Fund. This initiative aims to increase energy resilience and decrease energy burden for low-income households while supporting clean energy jobs and helping Puerto Rico achieve its renewable energy goals.

Generac selected to negotiate its proposal to provide low-income single-family households with solar PV and battery storage

WAUKESHA, Wis., Nov. 7, 2023 /PRNewswire/ -- Generac Power Systems, Inc., (NYSE: GNRC) a leading global designer and manufacturer of energy technology solutions and other power products, announced the company has been selected by the U.S. Department of Energy (DOE) as one of several qualified vendors to enter award negotiations as part of an up to $440 million investment from the Puerto Rico Energy Resilience Fund. This funding will support residential solar and battery storage systems for up to 40,000 vulnerable Puerto Rican households with installations to potentially start in the spring of 2024.

This announcement marks a critical milestone in providing reliable electricity to Puerto Rico's most vulnerable residents and the first round of selections from the 2023 PR-ERF Funding Opportunity Announcement. The project will deploy rooftop solar PV and battery storage systems to the homes of eligible residents to both help increase their energy resilience and decrease their energy burden. Generac and its project partners in Puerto Rico will help provide clean energy to vulnerable low-income households including those in areas where an individual with an energy-dependent disability resides or those located in low-income areas that experience frequent and prolonged power outages. These installations can help improve household energy resilience for thousands of residents. This funding will also support clean energy jobs and help Puerto Rico achieve its renewable energy goals.

"Generac has been a trusted provider of resiliency backup power since 1959 and we are honored to be a part of this important Department of Energy program to provide Puerto Rico's most vulnerable communities with access to our clean energy sources," said Aaron Jagdfeld, president and chief executive officer of Generac. "As the island continues to grapple with extreme weather events and aging energy infrastructure, Generac's solar + battery storage solutions will help keep the power on, while also helping to support job growth within the clean energy sector."

Generac will be working with local partners to support the program, including:

• PosiGen, one of the nation's leading residential solar and energy efficiency providers for low-to-moderate income homeowners. PosiGen's Partner Program, which helps value-aligned partners offer PosiGen's lease product, has helped homeowners go solar since its inception in 2021. PosiGen stays true to its mission to make solar energy affordable for homeowners of different income levels, while helping customers achieve greater fiscal autonomy and energy independence through lower utility bills. www.posigen.com 
• FR-BLDM, a leading locally- and minority-owned construction company will lead installations, working with other local, small, family-owned businesses in Puerto Rico.
• Juapi Energy, the premiere PWRcell partner and Generac Service Dealer in Puerto Rico will provide an extra layer of service support to residents.
• The Interstate Renewable Energy Council (IREC), a clean energy non-profit established in 1982 and PathStone, a nonprofit organization providing community development and humanitarian services in Puerto Rico since 1998 will help lead workforce development efforts that focus on providing jobs for residents from vulnerable households in Puerto Rico including last mile communities.
• Additionally, IREC will coordinate additional local non-profit organizations to serve as liaisons between Solar Ambassadors, installers, and eligible recipients.

For more information, visit the Grid Deployment Office website.

About Generac
Generac Power Systems, Inc. (NYSE: GNRC) is a leading energy technology company that provides advanced power grid software solutions, backup and prime power systems for home and industrial applications, solar + battery storage solutions, virtual power plant platforms and engine- and battery-powered tools and equipment. Founded in 1959, Generac introduced the first affordable backup generator and later created the category of automatic home standby generator. The company is committed to sustainable, cleaner energy products poised to revolutionize the 21st century electrical grid.

Media Contact: Stephanie Rodgers
Stephanie.Rodgers@Generac.com
Phone: 262.544.4811 Ext. 4456

View original content to download multimedia:https://www.prnewswire.com/news-releases/us-department-of-energy-announces-generac-power-systems-as-part-of-a-440-million-commitment-to-install-rooftop-solar-and-batteries-in-puerto-ricos-most-vulnerable-communities-301979134.html

SOURCE Generac Power Systems, Inc.

FAQ

What is Generac's role in the Puerto Rico Energy Resilience Fund initiative?

Generac has been selected by the U.S. Department of Energy to negotiate a proposal to provide solar PV and battery storage systems to up to 40,000 vulnerable households in Puerto Rico.

How much investment is expected from the Puerto Rico Energy Resilience Fund for this initiative?

The initiative will receive an investment of up to $440 million from the Puerto Rico Energy Resilience Fund.

What is the goal of the initiative in Puerto Rico?

The initiative aims to increase energy resilience and decrease energy burden for low-income households while supporting clean energy jobs and helping Puerto Rico achieve its renewable energy goals.