Thomas Neyhart Leads PosiGen: Thomas Neyhart is the CEO of PosiGen, which brings green energy to low-to-mid income homes. His unique angle includes offering home efficiency and guaranteeing electrical savings.
Thomas Neyhart’s Unique Approach to Solar
PosiGen has become a disruptor within the solar energy marketplace thanks to leadership by Neyhart. The critical difference between what PosiGen offers and other solar installers offer is both solar energy and energy efficiency. A traditional solar installer only offers solar energy, and they can guarantee the array will produce X amount of energy. However, they cannot guarantee that a household will save money.
With energy efficiency as part of going solar, PosiGen can guarantee savings. That is part of the massive appeal for their marketplace. In addition, PosiGen, under the direction of Thomas Neyhart, works with consumers who are often marginalized by green energy.
Thomas Neyhart Creates Sustainable Growth
Thomas Neyhart realized that crucial personnel and funding were needed to continue to grow PosiGen sustainably. So, in May of 2021, Josh Storrusten became Vice-president of Operations. The long track record within residential and commercial solar makes Josh a solid fit with the needs of PosiGen. His role within the company will range from contract signage to customer account activation.
Storrusten’s experience is a boon for PosiGen clients because his experience within solar will enable him to highlight the best options for individual consumers. For example, instead of offering consumers choices between A, B, and C, Storrusten will fit solar and energy efficiency products or services to a specific household or business, based on their needs, not the product offering.
That level of services goes along with the market differentiation that PosiGen offers.
Funding to Grow Sustainably
In April of 2021, PosiGen obtained two critical chunks of funding. First is an $8 million segment of a $27 million goal which sets up PosiGen with working capital. Later in April of 2021, PosiGen secured an additional $27 million Series D investment from a syndicate of investors.
The Financial Backbone to Move Freely Within the Market
In addition to new funding, Neyhart has built the financial backbone to allow PosiGen to move freely within their market.
The company has $35 million in equity and $100 million in tax equities plus a massive $100 million in lines of credit. That level of financial flexibility allows Neyhart to add to the critical leadership of PosiGen and continue to offer unique value to their clients.
Thomas Neyhart Removes Barriers to Solar for Marginalized Communities.
PosiGen was born out of the disparaging differences between poor and rich in the aftermath of Hurricane Katrina. While rebuilding opportunities poured into New Orleans, many were financially unobtainable to low- and mid-income homeowners.
Neyhart removed many of the barriers to solar by focusing on customer savings rather than energy production. If a home does not save money with solar, they do not push for solar. The savings guaranteed under PosiGen are the backbone of PosiGen’s continued success.
The Barriers to Solar and Energy Efficiency
For low and mid-income households, several barriers make solar unattainable.
The significant upfront cost of solar is one barrier. Low- and mid-income households cannot afford to drop a large chunk of money upfront for solar.
The PosiGen approach does not require aspects of traditional lending. There is no:
- Credit Check
- Minimum income requirement
- Debt to income ration thresholds
The requirements needed to start the solar and energy efficiency process include two steps.
First, you must be a homeowner. The program is not available to renters. Second, you must bring a current electrical bill to evaluate energy consumption and guaranteed savings.
Because PosiGen focuses on energy savings rather than energy production, they can offer each client a fixed monthly cost rather than a bill that changes as interest rates change. The fixed monthly cost remains the same throughout the 20-contract and is in proportion to the cost savings that go solar and install energy efficiency.
Each of those points is crucial for the success of solar installations in marginalized communities. However, the process goes further. Because PosiGen brings energy savings to low- to mid-income households, they bring greater energy independence to those communities along with jobs and opportunities. Seventy-five percent of solar installations through PosiGen are in low-income households. In addition, the workforce at PosiGen includes 65 percent of people of color or women.
Neyhart has not only built a successful solar company, but he also continues to change the outlook for marginalized communities. By offering solar and energy efficiency packages with guaranteed savings and without the traditional barriers to lending, such as credit scores, Neyhart creates sustainable opportunities for both his company and the communities that it serves. Moreover, by bringing high-paying jobs to low-to-mid-level income communities, he provides the opportunity for those communities to grow and prosper too.
The win-win-win means that people of color and women have access to new jobs within solar, that marginalized communities have access to green energy and greater energy independence. Plus, by focusing on positive change within marginalized communities, Thomas Neyhart can grow a successful company full of profits and sustainable growth. Those wins are a far cry from those who oppose solar energy out of fear of losing jobs or revenue.