Innovation

In Massachusetts, utility customers have the ability to pick their electricity supplier so Nexamp jumped in on this by creating its Community Solar Program. The community solar projects generate clean, renewable electricity that feeds into the existing utility grid.

Will Thompson and his business partner Dan Leary started out in the solar market in 2007, when Massachusetts was giving incentives to people and businesses interested in clean energy sources. At first Will and Dan were the ones installing the solar systems, then they hired two associates to help Will do installations while Dan concentrated on sales. Soon, Dan was handling commercial sales while Will did residential sales.

After completing their first commercial solar project that first year, they gained the attention of a venture capital firm that provided capital to expand the business even further by hiring more employees and helping to create more solar projects. When they got the influx of cash, Will mentioned that their business model was a "full service, turn key, vertically integrated, energy and carbon solutions company. Start to finish, everything under one roof."

Their company, Nexamp, had numerous divisions, such as residential, commercial, government projects, solar thermal, pv, micro wind, geo-thermal, lighting, and energy efficiency. With that many divisions, they realized that it was a lot to manage and fund. They decided to re-focus their efforts in being full service for commercial solar projects only. By full service, Will said that they "still have the license folks, have the wrench turners, designers, project managers, sales, and business development."

Inspiration

Nexamp was founded in February 2007 by Will Thompson and his best friend Dan Leary who are both army veterans who did army ROTC while in college. Both Will and Dan grew up together in North Andover, MA. Will grew up working with his dad on old houses while Dan grew up working on a farm so both are great with working with their hands. After graduating from high school, Will went on to Tufts University and earned a degree in environmental engineering and Dan went to Cornell University where he earned a degree in biological engineering. After graduation, they both served in the US Army as officers for five years. Dan got out of the army about a year before Will so he attended UMass Amherst where he got his MBA. Dan's thesis for the MBA was a solar installation company. Will got out of the Army in 2005 and started working for a construction company in Cambridge, MA. Like a lot of companies, Nexamp got its start in a garage with Dan designing and installing solar thermal and solar electric systems on the homes of family and friends. In late 2006, Dan's wife told him to either get a real job or turn his hobby into something so he asked Will if he wanted to start a solar installation company.

Overall impact

Ten years later, Nexamp has over 200 commercial and utility-scale solar projects located across the Northeast. These projects range from generating 168 kilowatts of power for a family owned business to 6,000 kilowatts for a Boy Scout Reservation and surrounding local schools. These solar projects are helping to generate power for the masses. According to Will, "The fact that we can generate our own power and have something other than fossil fuels and be an exporter of energy, which we are, is very exciting -- and not generating electricity off of fossil fuels is awesome."

Business benefit

Nexamp's business model helps generate revenue for land and building owners, makes solar energy accessible and affordable for everyone, and improves economics for system owners and managers while achieving high returns for their investors. At the end of 2016, Will says that they will have 80 to 90 megawatts of power under management through their Nexamp owned solar projects and 3rd party owned projects. In the next five to ten years, these solar projects will "create a virtual power plant with seriously 100's of megawatts of power generating revenue and getting Nexamp to the level of a small utility."

Social and environmental benefit

Through net-metering in the Community Solar Program, the value of that electricity can be shared with participating utility customers. Each month, participants receive credit for their share of the project directly on their utility bill. These community solar projects usually have two "anchor tenants” that share a little more than half of the wattage generated while the remaining wattage is divided up usually in 10 kilowatt pieces among residents, small business, and non-profits like churches and schools. This idea can be applied in other locations that have a similar policy in helping to bring solar energy to the masses.

Interview

Will Thompson, Senior Vice President Nexamp Asset Management Services