New York aims to expand its solar market by introducing shared solar.

New York aims to expand its solar market by introducing shared solar.

On June 3 the New York Assembly Energy Committee approved the Shared Clean Energy Bill A9931/S7727, continuing the momentum that New York has built up in the solar industry. In late April, Governor Andrew Cuomo committed $1 billion in funding to continue the NY-Sun solar program, which aims to increase solar power tenfold in New York by 2023. New York solar power is expanding by enabling families, schools, businesses, and renters alike to come together and hold a share in local, community solar projects.

Sponsored by Energy Committee Chair and Assemblywoman Amy Paulin, the Shared Clean Energy Bill aims to open up renewable energy production on a community scale. Those normally prohibited from participating in solar production such would gain access to cleaner energy. What’s more, the health and environmental benefits come at an appropriate time, jibing well with Obama’s carbon emissions reduction law. There is no major opposition to this bill; the main obstacle appears to be time, as the legislative session closes today: June 19. Should the bill not make it to the floor of the Assembly and Senate today, the bill will be reintroduced at the start of the next session.

There are significant financial incentives associated with community solar. Those who wish to subscribe would be able to net meter (NM) their portion of the energy generated, resulting in credit towards their utility bills. This bill is expected to boost solar jobs and investments in New York. New York, which would become the 11th state to implement a shared energy program, is ranked as the United States’ ninth largest solar market. Currently, solar employs approximately 5,000 people, making New York the fifth largest employer in the industry. These numbers were already projected to increase in 2014, with investments expected to surpass the 2013 level of $343 million. Projections could rise even more as an entirely new market for subscribers opens up with shared solar. These elements combined could make New York one of the more prominent players in the solar market.

Even though southern New York has limited space, this bill creates an exciting opportunity that would allow millions access to the solar market. We would expect to see a much higher demand for solar power, leading to increased investments in the industry and more development. Sol Systems can offer investment advisory as well as financing for these projects in the growing market. Developers interested in project finance can contact our team at finance@solsystemscompany.com or at 888-235-1538 x2.

About Sol Systems

Sol Systems is a renewable energy finance firm that provides secure, sustainable investment opportunities to investor clients, and sophisticated project financing solutions to developers.  Founded in 2008, Sol Systems focuses on meeting the industry’s most critical solar financing needs, including tax structured investments, capital placement, debt financing, and SREC portfolio management. To date, the company has facilitated financing for thousands of distributed generation solar projects and hundreds of millions in investment on behalf of Fortune 100 corporations, utilities, banks, family offices, and individuals. For more information, please visit www.solsystemscompany.com.