SMP 65:  20 Year Solar Veteran and Entrepreneur Provides Perspective on the Solar Market

  Episode Summary In this episode of Solar Maverick, David Buckner recounts how and why he left the world of finance to start Solar Energy Systems, a full-service solar energy company that has become a leader in the Northeastern solar market.  David and Benoy talk about specialization in the solar industry, how to grow as a company in an evolving industry, and what they both love about the solar market.     Benoy Thanjan Benoy Thanjan is the Founder and CEO of Reneu Energy, as well as an advisor for several solar startup companies. Reneu Energy is a premier international solar energy consulting firm and developer, and the company focuses on developing commercial and industrial solar, as well as utility-scale solar plus storage projects. The company also sources financing for solar projects and hedges both energy and environmental commodities. Reneu Energy has brokered $27 million in environmental commodity transactions.  Benoy received his first experience in Finance as an intern at D.E. Shaw & Co., which is a global investment firm with 37 billion dollars in investment capital. Before founding Reneu Energy, he was the SREC Trader in the Project Finance Group for SolarCity, which merged with Tesla in 2016. He originated SREC trades with buyers and co-developed their SREC monetization and hedging strategy with the senior management of SolarCity, to move into the east coast markets. Benoy also worked at Vanguard Energy Partners, Ridgewood Renewable Power, and Deloitte & Touche.   David Buckner As a founding member of Solar Energy Systems (SES), David has been with the company since its inception in 1998.  His first two years building SES were spent after-hours “moonlighting” on his day job. He’d been a government bonds broker for a Wall Street brokerage firm and enjoyed most of it, but yearned for more diversity in his daily activity, including time outside, and he discovered he loved being up on the roofs.  So he quit his Wall Street gig in 2000 to dedicate everything to SES. Today as President, David does everything from meeting with clients and vendors to taking a delivery if no one is available or if he just needs some exercise.  He thinks longevity in the solar industry is an asset: “I’ve seen many ups and downs as the industry has grown from a heavily subsidized start-up to what is increasingly becoming a mature space. I respect the effort it takes to organize people and get projects constructed. And I enjoy developing new opportunities, but it's really about executing for the clients who have already committed to working with us.”  He believes that life is a team sport. David has a Bachelor of Science in Finance from Fordham University and is certified by the North American Board of Certified Energy Practitioners (NABCEP).  He was actually one of the first to take and pass the test back when NABCEP began testing in 2004. David has 5 bikes and 4 BMX scooters — he likes to take clunkers and put minimal cost and effort into making them rideable.   Insights from this episode: Details on Solar Energy Systems’ early decision to focus on the commercial/industrial sector of the solar energy industry over the residential solar energy sector. Details on the challenges of installing solar panels in New York City. How to determine good business opportunities for Solar Energy Systems and how they take advantage of those opportunities. Benefits of creating a business plan in the changing solar market that allows for adjustment and provides the most value. Strategies for becoming an entrepreneur in general and specific advice for gaining entry into the solar market. Quotes from the show: On Solar Energy Systems’ decision to focus on commercial solar energy: “It just became more interesting and more fun for us to figure out how to do larger projects and work together as a small team.” – David Buckner, Episode #65 “Our bread and butter is still the commercial rooftop, but we are moving a little bit into the larger ground mount [solar] sector as well.” – David Buckner, Episode #65 “There’s a lot of challenges in New York City from a physical perspective, but there is as much support here as anywhere.” – David Buckner, Episode #65 “There is so much opportunity in so many different [areas] now in the [solar] industry that you could focus on … it can be overwhelming.” – Benoy Thanjan, Episode #65 On writing a business plan in an evolving solar industry: “Plans are made to be changed.” – Benoy Thanjan, Episode #65 “That’s one thing I like about the [solar] industry, it’s growing and evolving.” – David Buckner, Episode #65 David’s advice for solar entrepreneurs: “I think that you need to segment and specialize, whether that’s engineering, development, installation work, financing … everybody is trying to throw their money into [the solar] industry.” – David Buckner, Episode #65 “What I love about the [solar] industry … is everything is changing so quickly and there is no typical day and it’s growing so exponentially.  And it’s becoming more mature, but I think that we are still in the early stages of the solar industry.” – Benoy Thanjan, Episode #65   Resources Mentioned: Long Island Power Authority (LIPA) Partnership Fund for New York City City University of New York (CUNY) Solar Renewable Energy Credit (SREC)   Stay Connected:   Benoy Thanjan Email: [email protected]  LinkedIn: @bthanjan Website: https://www.reneuenergy.com   David Buckner Email: [email protected] LinkedIn: David Buckner Website: Solar Energy Systems Sponsor:  We would like to thank Schwerd Consulting for sponsoring this episode of the Solar Maverick Podcast. Schwerd Consulting is a leading solar consulting firm dedicated to design, engineering, and owner representation in all areas of solar photovoltaics (PV) for the Commercial & Industrial and Utility markets. At Schwerd Consulting they like to say that We Know Solar. We don’t just Do Solar. What sets them apart is their 100% focus on solar and understanding the business of their clients.   In its 5 years of business, Schwerd Consulting has provided services for approximately 450 MW of PV across over 330 sites and 15 states plus the Caribbean. That total includes 300MW of completed designs and engineering, and 150MW of consulting and owner rep services. Let Schwerd Consulting take the burden off you and bring ease and expertise in all areas of Engineering & Design or help you navigate the technical world of solar. If you are interested in learning more about Schwerd Consulting, you can call 215-219-6718 or email at admin@schwerdconsulting.  Schwerd Consulting’s website is www.schwerdconsulting.com. Subscribe to our podcast + download each episode on itunes, Podbean and youtube. This episode was produced and managed by  Podcast Laundry (www.podcastlaundry.com)