Solar Boom Anticipated in NortheastCategory: Solar News
“The untapped solar potential, now being made possible by strong policies and unlocking the mid-scale commercial solar investment market, stands to deliver significant electricity cost savings and electricity price certainty to corporations in the Northeast.”
– Nathan Homan, Wiser Capital
A recent report completed by Wiser Capital, a sustainable energy financial services organization, says that the Northeast region of the US is a perfect market for commercial solar projects. Not only do states, such as New York and Massachusetts, “hold the highest number of commercial buildings with solar potential,” but they also offer the strongest incentive programs in the country.
For example, the Massachusetts Department of Energy Resources (DOER) launched the second round of its Solar Carve-Out program in 2014, which encourages residential, commercial, public and non-profit organizations to develop 1600 MW of solar PV capacity throughout the state by 2020. The DOER offers generators Solar Renewable Energy Certificates (SRECs) for every 1 MWh produced by solar power to reward them for their beneficial service to the environment. This carve-out confirms that there is space for solar within the state’s renewable portfolio standard. Massachusetts's SREC prices are among the highest in the country, with the market designed for a minimum value of approximately $300 per SREC. While the elimination of the investment tax credit (ITC), a federal policy that supports the deployment of solar energy, in 2017 will hurt the solar market in the majority of the country, the Solar Carve-Out program will help to sustain the market in Massachusetts.
According to Nathan Homan of Wiser Capital, industry leaders “expect to see considerable movement, growth and activity in the mid-scale commercial solar space in the coming year as corporations look to take advantage of the environmental, and now even more compelling economic benefits.” At Zapotec Energy, we work hard to ensure that each solar installation is designed to produce high quality energy in order to reach the DOER’s solar capacity goals for the Commonwealth. Since the majority of our work focuses on the design and management of mid-sized commercial projects, we are eager to witness this growth continue in Massachusetts.
To find out more about the solar boom in the Northeast region read Solar Power World’s article: “Wiser Capital report shows Northeast Primed for a solar boom.”