Sol Systems and Hess Corporation are working together to ensure the supply of solar renewable energy to the District of Columbia. Under the agreement, reached this June, Hess and Sol Systems will facilitate the investment of more than $1 million dollars into the development of solar energy systems and ensure that Hess has a reliable supplier for the development of its solar renewable energy credit (SREC) portfolio. Sol Systems is the preeminent SREC aggregator in the United States, and a key financial partner to the solar community.
“This is an important development for the District, and a terrific means to get solar in the ground,” said Yuri Horwitz, President and CEO of Sol Systems. “The District has set a clear renewable energy portfolio standard (RPS) , the success of which requires strong community support. Sol Systems is working to ensure that this RPS legislation has roots in the community and grows the way it was intended. Hess is a vital partner to ensure this growth, and we’re excited to be working with them.”
The District of Columbia has in place a renewable energy portfolio standard that requires a certain percentage of energy supplied into the District be supplied from renewable energy sources. The District has taken the additional step of setting a separate “carve-out” for solar energy requiring that a further percentage of this electricity come from solar energy resources. One way for energy marketers, like Hess, to meet these requirements is to purchase SRECs from solar financing firms, like Sol Systems, which work directly with homeowners and businesses that independently generate solar energy from rooftop systems.
As Horwitz explains “Sol Systems doesn’t just buy and sell SRECs, we develop markets for them proactively. Our goals are twofold: (1) to make solar energy an affordable option for businesses and homeowners and (2) to provide energy suppliers with a portal through which to invest in the solar community. We think this will take a broad effort of communication and cooperation among traditional energy suppliers and individuals and businesses in the renewable energy space. Sol Systems and Hess are important stakeholders in this development. We’re proud of our partnership with Hess, and we see this is a long-term relationship between the two companies.”