Article
9.13.20
Bisnow San Francisco
Key Points
California CRE Ramps Up Alternatives To State's Unreliable Grid
As California faces increasing power blackouts, the commercial real estate sector is rapidly adopting alternative energy sources, with companies like Stem seeing significant growth in demand for solar and energy storage solutions to enhance resilience and reduce costs.
As power blackouts become an increasingly apparent normal to Californians, the state's commercial real estate industry is hastening its adoption of alternative energy sources.
For the second straight year, Pacific Gas & Electric Co. is shutting off power to wide swaths of California to help prevent wildfires, and once again, Stem, a Bay Area-based energy storage company, is seeing increased demand, according to Stem Chief Revenue Officer Alan Russo.
“We grew 51% year-over-year last year,” Russo said. “And year to date, we did more business in Q2 than we did all of last year. The growth trajectory that we’re on is really quite exciting.”
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