The Commerce Times

Managing solar energy

With energy prices and pollution levels at an all time high, it is more important than ever to tap into this powerful and renewable source of energy. While harnessing solar energy is a simple enough concept, the problem lies in the lack of efficient management of such resources. That is where ArcStar Energy, a U.S.-based company investing in efficient solar energy projects, and founder Monty Bannerman comes into play

In addition to investing, ArcStar also sells solar electricity directly to commercial or industrial consumers. Bannerman, who is also the chairman and CEO of ArcStar, is an experienced veteran in the technology industry and has extensive experience with introducing new technologies into domestic and foreign markets. This October, he was  in Toronto to form a new division of his company aimed at providing viable solar energy solutions in Ontario.

“Our business is actually a very complex business. To the user it looks very simple, but behind that simplicity there’s a tremendous amount of complexities – all technical, engineering, general business and finance,” he said.

“I believe it is going to be the most successful program out of all of North America.”

Taking the solar industry to the next level, ArcStar brings to the market an innovative approach to selling solar power called the Power Purchase Agreements (PPAs).  PPAs allow users to purchase energy produced by an ArcStar owned system at their own premises at a locked-in price equal to the current energy rates. The consumers are required to pay zero up-front capital cost, which has been a prime concern for many in the past.  PPAs guarantee that for the next twenty years your electricity bill will never increase, and that’s a very exciting proposition,” said Bannerman. If prices follow popular belief and increase as scheduled, the PPA system seems to be a win-win deal.

Bannerman explains that utility companies used faster generators during peak seasons, like hot summer months. “That’s why the most expensive electricity in the whole universe is the one that’s produced at the peak of demand,” he said. “So solar is most useful in terms of knocking out the very most expensive energy that we use.”

Noting that there needs to be some consumer education related to the use of solar energy, Bannerman said that solar energy is a very reliable technology and has been tested in varied environments. Satisfied by the government, utility, and environmentalist  support for  his project, he said, “It is a very well-designed, well-balanced program that we have here in Ontario and I believe it is going to be the most successful program out of all of North America.”

Emphasizing the importance of  a correct balance between academic and personal skills, Bannerman said, “I don’t think you can ignore either [skill]. What I’m looking for today are people that are balanced and like to be challenged outside their domain.”

In a business that revolves around innovation and adaptation, Bannerman also made some observations on the future of his business and its professionals. “Solar Industry isn`t just about engineering, in fact in my view the most important factor of the solar energy industry is the people with good solid people skills,” he said. “It’s much more important to understand how to turn technology into a viable business that generates jobs and adds business values.”  Bannerman insists that while solar is perceived as a very technical industry, intelligent, motivated business people are just as important as engineers or scientists.

Describing the solar industry as one that has long-running and rapid career opportunities, Bannerman expressed high hopes for the future of the renewables industry. ”It’s going to be exciting, and the most important thing for me is that it’s one of those few areas where you can do well while you’re doing good,” he said.  While many industries today are sure to experience a slowdown, solar energy is surely one industry that has only begun its long climb to success.