Source Power Company to Provide Customer Acquisition and Management Services for NJR Clean Energy Ventures' Community Solar Project in Central Hudson Territory

Source Power Company, a New York regulated energy supplier and community solar subscriber acquisition company and NJR Clean Energy Ventures (CEV), a subsidiary of New Jersey Resources (NYSE: NJR) and a leading renewable energy company that invests in, owns and operates solar projects and provides customers with low-carbon energy solutions, today announced an agreement for Source Power to provide customer acquisition and management services for a new community solar project called Maybrook Road in the Central Hudson utility service territory.

The 7.5-megawatt (MW) community solar project, the second between CEV and Source Power Company announced in 2021, will provide approximately 1,000 customers consisting of homeowners, renters, and businesses in the Central Hudson area the opportunity to enjoy the benefits of clean energy without having to install solar panels on their home or property or even own a home. With its extensive experience in the community solar space, Source Power will lead CEV's customer acquisition and management efforts and help make solar power accessible to more communities. 

Source Power enables clean energy access to New York communities by providing services and products for both subscribers and solar developer sponsors. Leveraging their strong management experience, the company currently offers the lowest acquisition and operational costs available in the market, which will benefit both sponsors and subscribers to the solar project. Project subscribers receive benefits from the first day of enrollment, as opposed to waiting for the project's commercial operation date. In addition, Source Power's streamlined billing solution greatly reduces a solar developer's challenges of receivables and churn.

"We couldn't be more thrilled to partner a second time with NJR Clean Energy Ventures, now on their Maybrook Road project, and to once again provide access to the community solar program for New York communities in the Central Hudson utility service area," said Source Power Company's Chief Operating Officer Vincent Palmieri. "We're committed to democratizing and providing access to the benefits of clean energy and renewables. This second project with CEV further validates our business model and our ability to perform for our partners and customers alike."

"Expanding community solar projects throughout New York State is an important step in making clean energy and solar power more accessible to our customers," said Mark Valori, Vice President of NJR Clean Energy Ventures. "Our second partnership with Source Power reflects our trust in the company's subscriber acquisition and management services and its ability to deliver low-carbon energy solutions and reliable services to the communities in Central Hudson."

A leader in New Jersey's solar market, CEV has invested nearly $1 billion in residential and commercial solar assets since 2010 and own and operate a total of more than 365 MW of installed capacity. Source Power's provision of services to CEV reflects the tremendous success Source Power has had since entering the market with its hybrid approach to community solar and commodity supply.

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About Source Power Company

Source Power Company is a regulated Energy Service Company and Distributed Energy Resource Supplier in New York State. Source Power provides innovative solutions that pair energy supply with renewable energy generation, providing a unique value proposition to customers and advancing the state's clean energy goals. With roots in the solar development industry through its sister company Source Renewables, Source Power sits strategically at the intersection of project finance, renewable generation, and energy supply. This allows Source Power to match solar generation with power consumers and use its vertical integration to ensure efficiencies are passed along to customers at competitive prices. Source Power represents a reboot of the retail energy industry and is on a mission to improve products and services, through advanced technology and superior customer experience, while helping the environment and strengthening the communities it serves. Find out more about Source Power Company on its website: https://sourcepowerco.com/.

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Alyssa Pfitscher, Lansons 
845-594-7290
alyssap@lansons.com