Smart Software

Energy

An energy software company is helping homeowners manage the costs of upgrading their homes for energy efficiency. 

Sealed, an energy software company that empowers homeowners to pay for home upgrades like insulation, air sealing and smart thermostats with their energy savings, has implemented a residential energy efficiency insurance policy from The Hartford Steam Boiler Inspection and Insurance Company (HSB), part of Munich Re.

This program insures the performance of Sealed's proprietary energy analytics, which both removes energy savings performance risk from homes that finance energy efficiency improvements and increases the confidence of third-party capital providers.

"Our innovative program brings insurance to the residential energy efficiency market for the very first time, which will allow us to lower the cost of capital and provide the best possible value to our customers," says Lauren Salz, co-founder and COO of Sealed.

To develop the insurance program, Sealed worked closely with E-Capital Insurance Services, an energy insurance brokerage that specializes in energy efficiency insurance programs. "Through this program the obstacles to a homeowner implementing a comprehensive energy efficiency project are almost entirely removed. How can you say 'no' to improved home comfort and energy savings that are insured?" says Marshall Haimson, president of E-Capital Insurance Services.

Sealed calculates energy savings via patent-pending analytics that leverage machine-learning principles to accurately predict energy usage. These energy savings are used to finance energy efficiency improvements like insulation, air sealing and HVAC upgrades via Sealed's HomeAdvance program.

HSB's Energy Efficiency Insurance product provides a financial and competitive advantage to contractors, building owners and financiers. The coverage helps reduce their technical project risk exposure and balance sheet liability, while increasing confidence in their project's ability to deliver energy savings.

"Residential insurance products must be cost-effective and scalable," said Richard B. Jones, HSB Senior Vice President for Engineering and Research." Utilizing HSB's portfolio underwriting approach to develop this new performance product, residential customers now have ready access to energy efficiency insurance that traditionally has been available only to large commercial and municipal customers."

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