National Grid, Rhode Island’s electric utility, recently announced a new round of enrollment in the state’s feed-in tariff program in the spring of 2014. The allocation is part of the Distributed Generation Standard Contracts program, which was created by legislation in June of 2011. The program originally called for a minimum of 40MW in new renewable energy procurement by December 30, 2014. The first open enrollment for the year targets 6 MW, 3.15MW of which is reserved for solar, with additional enrollments scheduled in July and October of this year.
The proposal period will run from April 21st until May 2nd. For solar systems above 250 kW, ceiling prices range from $0.2730/kWh to $0.2350/kWh, fixed, for 15 years, depending on system size and tax credits used for financing. Projects utilizing bonus depreciation and PTC/ITC will face lower ceiling rates across all sizes. Bonus depreciation is not currently available as an incentive. The Distributed Generation Standard Contract Board sets the ceiling prices and capacity targets for each enrollment period. Renewable energy projects including wind, solar, and anaerobic digestion are all eligible for the program, with certain distinctions based on technology and size. Following are the ceiling prices set by National Grid:
While capacity is limited, the utility offtake and above-market rates will appeal to investors, providing sufficient capacity can be won or aggregated. Interested developers should contact our team at firstname.lastname@example.org and allow us to help them navigate the various opportunities available in the Rhode Island market. Sol Systems has previously facilitated financing for solar projects in Rhode Island with feed-in tariff contracts.
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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 visitwww.solsystemscompany.com.