The company: BlocPower
BlocPower is a Brooklyn-based climate technology startup that’s greening American cities by installing air source heat pumps to heat and cool multifamily buildings, churches, and community centers. The company is driving up energy efficiency, driving down building operating costs, and increasing value for the residents and owners of the buildings they retrofit with clean energy.
With more than 1,000 urban clean energy projects completed, customers are saving anywhere from 20% to 40% on their energy bills, and going green as they bank those savings.
Why you should pay attention
The bigger story is how BlocPower is fighting climate change one building at a time since buildings are responsible for up to 28% of greenhouse gas emissions that contribute to global warming. The company developed a proprietary software platform that’s used to scope and estimate retrofits to make buildings greener, smarter and healthier. And they’re starting in historically disadvantaged communities that typically lack access to funding for clean energy systems and have higher exposure to harmful pollutants. Retrofitting these structures can help build more resilient cities and BlocPower’s success serves as a model for how greening buildings can help drive the post-COVID recovery.
How it works
BlocPower’s software allows building owners to enter their address and get a set of preliminary recommendations on the kinds of green equipment suitable for their buildings. BlocPower’s algorithm uses big data, machine learning, and mechanical engineering insights to produce these recommendations. A financial model maps out the costs of doing the retrofit along with the energy savings that would result from the project. This is used to secure the financing needed to cover the retrofit costs. Customers sign 15-year leases and use savings from reduced utility bills to repay the retrofit costs. Small and minority-owned businesses partner with BlocPower to do the upgrades and hire and train underemployed workers from the communities being served.
Leading the movement
The personal story of BlocPower’s Founder & CEO is as entrepreneurial and inspiring as the solutions he’s bringing to market. The son of immigrant parents from Guyana, Donnel Baird was raised in a Brooklyn building much like the ones his company now retrofits: His family often had to use the kitchen oven to heat their apartment. He’s passionate about addressing energy inequity in underserved communities because he’s lived those disparities himself. His professional path has taken him through the country’s top universities and into established business circles where he persevered against racial bias to find partners that could help bring his vision to life. Operator Collective is proud to be one of them.
Why we’re obsessed
Climate tech can help save the planet. BlocPower is giving residents, owners, and congregants in underserved communities a path to leveling up their heating and cooling capabilities as they dial down their costs and environmental footprint. The company is delivering value to every stakeholder in its business model. And it’s addressing systemic social inequities and some of the world’s biggest challenges as a public benefit corporation. At the helm of the company is a dynamic leader who has assembled an exceptional team. They’re building a blueprint for transitioning buildings off of fossil fuels at scale across the country.
BlocPower plans to announce a first-of-its-kind campaign that will give individuals an opportunity to become impact investors and fund clean energy projects in select U.S. cities. Follow BlocPower on Twitter, Facebook, Instagram, or LinkedIn to get the latest news.
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