The DC Government Operations Committee voted the Community Renewables Energy Act of 2013 (B20-0057), a bill that has been making its way through D.C.’s council since January 2013, out of committee on July 3rd by a vote of 3-0. The bill then proceeded to the DC Council where it underwent its first reading before the council last Wednesday, July 10, 2013. The DC Council’s legislative session has ended for the summer, but they will reconvene in the middle of September and the Community Renewables Energy Act of 2013 is expected to receive its second and final reading at that time.
This community solar legislation, supported by a number of councilmembers, would expand residents’, especially renters and those without rooftops ideal for solar, ability to participate in and benefit from solar installations by allowing virtual net-metering in the District of Columbia. Virtual net-metering is a structure in which an individual can purchase a share of a renewable energy installation and subsequently receive credit for the energy that the system produces, in accordance with the size of the share purchased.
Although a large number of DC residents can act as subscribers of a solar project through virtual net metering, the bill is structured such that any third party entity can build, own, and operate a community renewable energy facility, so long as the facility has at least two subscribers. In addition to supporting renters and those without rooftops ideal for solar, this bill supports the low income sector of the District by annually allocating the credits for any excess generation to the D.C. section of the Low Income Housing Energy Assistance Program (LIHEAP).
The passage of the Community Renewables Energy Act of 2013 would illustrate the Council’s commitment to expanding access to solar for all DC residents and would help the District to achieve its aggressive solar carve-out requirements by installing a greater capacity of solar. Passage is expected to occur in the September 2013 legislative session and Sol Systems will continue to track the bill’s progress at that time. Please check out our blog for further updates.
Developers or investors interested in commercial scale project finance within the District should contact our project finance team at firstname.lastname@example.org. In addition to project financing services, Sol Systems currently offers three SREC solutions for photovoltaic and solar thermal systems located in the District: Sol Annuity, Sol Brokerage, and Sol Upfront. Please email email@example.com for more information.
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.
For more information, please visit www.solsystemscompany.com.