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N.Y. Commits $1 Billion To Solar Development

Gov. Andrew M. Cuomo, D-N.Y., has authorized up to $1 billion for NY-Sun, ensuring funding through 2023. The NY-Sun initiative provides long-term funding to boost existing solar businesses and attract new investments to New York from global solar companies.

Along with the governor’s announcement, the New York Public Service Commission (PSC) has also approved an order to change the New York State Energy Research and Development Authority’s (NYSERDA) current incentive-based solar programs by transitioning from government-sponsored energy programs to market-based financing for the solar sector.

The PSC order approves a previously proposed “MW block” incentive structure that allocates MWs to specific regions of the state, breaks those regional MW targets into blocks to which incentives are assigned and awards incentives based upon the block in effect at the time.

This new structure will provide allocations on a regional basis in three categories: residential PV projects up to 25 kW, non-residential PV projects up to 200 kW and systems greater than 200 kW. The allocations will be based on historic demand, market potential, installed cost per watt and equity. As the blocks are fulfilled, incentives will decline according to market rates.

 

Massachusetts Launches Next Phase Of SREC II

Massachusetts is accepting applications for the second phase of the commonwealth’s renewable portfolio standard (RPS) solar renewable energy certificate (SREC) program, commonly referred to as SREC II. The solar carve-out is intended to meet Gov. Deval Patrick’s goal of reaching 1.6 GW of installed solar capacity by 2020.

In January, the Patrick Administration announced the creation of a residential solar loan program, funded with $30 million of alternative compliance payments (ACP). ACP funds are paid by electric retail suppliers if they have insufficient renewable or alternative energy certificates to meet their compliance obligations under the RPS and alternative portfolio standard programs.

The new program aims to ensure steady annual growth, control ratepayer costs, and encourage ground-mounted solar projects on landfill and brownfield sites and residential rooftop solar. The Massachusetts Department of Energy Resources is working with the Massachusetts Bankers Association and other stakeholders to develop the program, expected to launch later this year.

Incentives from the first phase of the SREC program are credited with extending the adoption of solar power in Massachusetts and helped to grow the amount of solar from 3 MW installed when Patrick first took office to 496 MW currently. In 2013, Patrick’s initial goal of 250 MW was met four years early.

 

Connecticut Sells $30 Million Of C-PACE Liens

Connecticut’s Clean Energy Finance and Investment Authority (CEFIA), the state’s green bank and Clean Fund, a specialty property assessed clean energy (PACE) finance provider, has securitized a portfolio of commercial PACE (C-PACE) transactions.

The sale will fund a $30 million portfolio of C-PACE benefit assessment liens financed through a conduit structure. The Connecticut Public Finance Authority is the issuer of the bonds, which have been purchased by Clean Fund and CEFIA.

“The sale of this initial portfolio of PACE liens to Clean Fund is the latest step in our effort to attract and deploy private capital here in Connecticut, supporting energy efficiency and renewable energy opportunities,” says Bert Hunter, chief investment officer of CEFIA. “Some of the greatest value of the sale has been our enhanced understanding of how private capital providers currently value these low-risk, secure transactions.”

Hunter points out that CEFIA has already financed six commercial-scale solar projects with a total capacity of 833 kW. The C-PACE program has approved financing for 15 additional projects, for a combined capacity of 4,773 kW for the 21 projects.

With 75 projects in the pipeline, financing of up to $75 million is anticipated by the end of this year.

 

Texas Solar Energy
Production Up 33%

Energy produced in Texas using renewable resources grew by 12% in 2013, according to the Electric Reliability Council of Texas (ERCOT). Generators participating in Texas’ Renewable Energy Credit (REC) program reported producing 38.1 million MWh of renewable generation last year, compared to 33.9 million in 2012.

ERCOT says solar energy production in 2013 was up by about one-third, based on information from commercial solar resources and aggregators that participate in the program. Last year, Texas produced 178,326 MWh from solar power compared with 133,642 MWh in 2012.

Wind, however, remains far and away the most significant source of renewable energy in the Lone Star State, with more than 36.9 million MWh in total generation - wind power represented nearly 97% of the total. Energy produced from wind generation was up by 13% compared to 2012.

Biomass production dropped 31% from 2012, and hydropower decreased 24%.

 

L.A. Votes To Enable
Residential PACE

The Los Angeles County Board of Supervisors has voted to enable residential property assessed clean energy (PACE) financing for homeowners residing in cities within the county that have passed resolutions authorizing the mechanism.

Forty-two Los Angeles County cities that recently adopted resolutions to make the so-called Home Energy Renovation Opportunity (HERO) financing available to their residents launched their programs last month.

PACE programs provide financing to make energy- and water-efficiency renovations affordable for homeowners by providing long-term, competitive financing through an assessment on their property tax bill. This financing mechanism relies on a partnership with public agencies and is cost neutral to participating jurisdictions.

Among the most popular upgrades are solar power panel installations; whole-home HVAC; and energy-saving windows, doors, roofing and insulation.

HERO has been financing residential projects in California since 2011.

 

E.ON And Iberdrola Join QBotix Investors

California-based robotic two-axis tracker developer QBotix says it has received $12 million in series B financing. Germany-based E.ON and Spain-based Iberdrola S.A. joined existing investors New Enterprise Associates, Firelake Capital Management and Draper Nexus in the funding round.

Matt Lugar, vice president of sales and marketing at QBotix, says the investment will enable the company to take its field-tested Robotic Tracking System (RTS) into large-scale photovoltaic energy projects. E.ON has tested the QBotix RTS for over a year.

“I would call it an inflection point,” Lugar says. “We have proven the concept and are ready for full-blown global expansion.”

Lugar says the company’s business model makes use of contracted manufacturing partners. In particular, the steel elements of the QBotix system - the supporting structure of racking and rails - are manufactured by third parties. Currently, the company retains manufacture of the electromechanical elements - including the robot, weather station and controllers - in house.

This approach, Lugar says, enables the company to ensure quality control while limiting its manufacturing overhead. Furthermore, being able to farm out manufacture of steel components to qualified local suppliers can be a competitive advantage in markets where local content is expected. - Michael Puttré

 

DOE Starts Community Solar Program

The U.S. Department of Energy (DOE) has created a $15 million program to help communities develop multi-year solar plans to install solar electricity for homes and businesses.

As part of the Department’s SunShot Initiative, the Solar Market Pathways program aims to help communities develop solar financing mechanisms and public-private partnerships to launch solar deployment initiatives, such as shared solar programs.

The DOE says the program is intended to enable multi-year strategies that spur significant solar deployment, drive down solar soft costs, support local economic development efforts and address the potential challenges arising from increased solar penetration on the electrical grid. R