Friday, January 15, 2010
Bethesda gets new green eco co-op with Maryland Energy and Sustainability Cooperative
Washington Business Journal - by Vandana Sinha Staff Reporter
A Bethesda businessman is starting an eco-friendly cooperative that is asking for a sizable buy-in from its maiden members.
Mike Kennedy, a former residential real estate developer who’s dubbed himself the “energetic director” of his soon-to-launch
Maryland Energy and Sustainability Cooperative, is banking on green-minded and well-heeled residents to back the group.
Before an official launch Jan. 14, his Bethesda co-op had 26 resident members and 14 local providers, including ones specializing in energy audits, weatherization, geothermal energy and solar water heating.
Each member and provider must pay a $500 membership fee and then annual dues of up to $35. In return, members can receive 10 to 15 percent discounts on energy-saving products that often sport price tags in the thousands of dollars, while providers get a new advertising channel. Ultimately, the co-op’s backers also get a share of any profits.
"We're creating a value proposistion that makes it worthwhile," said Kennedy, who hopes to get up to 4,550 members and $2.5 million in capital by 2015.
The co-op's premis places it in a similar category as Live Green, a D.C. environmentally focused membership group whose green company partners stretch beyond residential energy efficiency to retail, restaurants, cleaning and car sharing. Live green's membership requirements are $13 per year.
Live Green has assembeled 2,000 members and 50 providers so far, though it needs to substantially raise those numbers to remain a sustainable enterprise, said Steve Ma, the groups executive director.