On May 1, 2013, Massachusetts Governor Deval Patrick announced that Massachusetts has surpassed his Administration’s original goal of installing 250 megawatts (MW) of solar energy by 2017 – four years early. The Administration used this opportunity to reveal a new goal of 1,600 MW of solar energy installations in Massachusetts by 2020.
With nearly 100 MW of solar power installed in 2012 alone, this accomplishment propelled Massachusetts to rank sixth last year in total capacity added, representing a jump up from their 12th place ranking in years 2010 and 2011, according to SEIA’s US Solar Market Insight Report. To help provide perspective on what this accomplishment means in Massachusetts, the 250 MW of solar power already installed is enough to power more than 37,000 homes for a year and is the equivalent of eliminating greenhouse gas emissions from nearly 26,000 cars a year. The new goal would generate enough power for an additional 200,000 homes for a year, and eliminate emissions from nearly 140,000 more cars.
With his statement, Governor Patrick confirms the commitment of Massachusetts to an effective and innovative solar market. This announcement comes in the midst of ongoing discussions revolving the 400 MW cap on the current solar carve-out program and the question of whether to expand the program or create a separate and distinct SREC-II program. As Governor Patrick noted in his speech, the proper solution will need to “ensure certainty for the financing world, affordability for customers, and stability for the market.”
Sol Systems will continue to track the developments of the post-400 MW policy discussions through our blog. Please contact firstname.lastname@example.org with any questions about the Massachusetts SREC market.
About Sol Systems
Sol Systems is a boutique financial services firm that offers investor clients direct access to the renewable energy asset class and provides developers with sophisticated project financing solutions. Founded in 2008, Sol Systems focuses on meeting the most critical needs of the industry, including SREC monetization, capital placement, tax equity, and New Market Tax Credits. To date, the company has arranged financing for thousands of projects and facilitated hundreds of millions in investment on behalf of Fortune 100 companies, private equity, family offices and individuals.
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