Small ZREC Program in Connecticut Set to Launch before the Holidays
Following the ‘Small ZREC Tariff Program: Applicants Informational Meeting’ held on November 27, 2012, United Illuminating Company (“UI“) and Connecticut Light & Power (“CL&P“) initially announced that the small ZREC program was set to open on December 21,
2012. However, the December 21st date has now been officially changed to January 8, 2013, as UI and CL&P had requested that the Public Utilities Regulatory Authority (“PURA”) delay the program to avoid the opening of the solicitation in the midst of the holiday season and this delay was approved. There will be a two week window for when applications may be submitted into the program.
In conjunction, the utilities also announced the completion of the Medium and Large ZREC RFP. UI’s large and medium contracts were approved by the PURA on October 11, 2012, and CL&P’s large and medium contracts were approved on November 21, 2012. The pricing for the small ZREC program is fixed for a term of 15 years. This pricing is based off of the weighted average of the medium ZREC price. The pricing for each utility is as follows:
- Proposed UI rate = $148.89/ZREC
- Proposed CL&P rate = $164.22/ZREC
To participate in the small ZREC program, projects meet the following criteria:
- Must be located behind contracting utility revenue meter and have a dedicated REC meter
- Must not have received funding or grants from the Clean Energy Investment Authority or its predecessor, the CT Clean Energy Fund
- Projects must be in service on or after July 1, 2011
- No larger than 100 kW
- Must have zero emissions – this may include solar, hydro, and wind
- Developers must have site control
The total number of applications selected will be based off of a set budget of committed funds. The total budget between the two utilities is approximately $2.7 million, with $2.36 million attributed to CL&P and $552,310 attributed to UI. The selection process is a first come, first serve process based on date and time of application submission. All projects submitted in the two week window will receive the same date and time stamp. If the total number of projects submitted in the two week window does not exceed the allotted budget, then all applications will be accepted. If the total number of projects submitted does exceed the allotted budget, then random selection will occur.
Sol Systems will continue to track this process on our blog and will provide any updates as these contracts progress. Should you have a project that has been awarded a ZREC contract and are in need of financing, please contact firstname.lastname@example.org. Our team would be happy to discuss your project with you and assess financing opportunities.
About Sol Systems
Sol Systems is a solar finance firm and a leader in financial innovation in the renewable energy industry. Since its inception in 2008, Sol Systems has partnered with 350 solar installers and developers to bring over 3,000 solar projects from conception to completion by offering innovative financing solutions for residential, commercial, and utility-scale projects.
Sol Systems’ financing programs catalyze investments for a broad set of solar projects by simplifying their origination, diligence, and financing processes. Developers seeking financing for solar projects can access over $2.5 billion in capital through the Sol Systems investor network.
In addition to providing financing, Sol Systems also offers project due diligence, deal structuring, and asset management services – all designed to reduce overhead and transaction costs and quicken project development timelines.
For more information, please visit www.solsystemscommpany.com.