In a significant move to accelerate the adoption of Community Solar in New York, Solar Simplified supports Independent Power Producers (IPPs) and Community Solar asset owners by acquiring state-eligible Low and Moderate Income (LMI) subscribers at no additional cost to our partners. This initiative is aimed at bolstering the new Community Adder and Inclusive Community Solar Adder (ICSA) programs, which are crucial to the State's equitable clean energy transition.
CHICAGO, IL / ACCESSWIRE / April 9, 2024 / Under the new structure, Solar Simplified will cover all acquisition costs for LMI subscribers required to meet the 40% quota for the Community Adder, which is expected to offer a 7c/W incentive. Additionally, the company will support the ICSA program, which provides a 6-10c/W incentive, depending on each project's Permission To Operate (PTO) date. This support includes free acquisition of LMI subscribers, free churn replacement, and no increase in ongoing management fees.
This initiative underscores Solar Simplified's commitment to making clean energy more accessible and affordable, particularly to Low and Moderate Income communities. By removing financial barriers, the company aims to facilitate the development and success of Community Solar projects, ensuring that the benefits of renewable energy are equitably distributed.
"We understand the challenges faced by IPPs and asset owners in acquiring and managing LMI subscribers for Community Solar projects. Our decision to absorb these costs is a reflection of our dedication to advancing clean energy projects in New York and a testament to our success acquiring and managing this crucial segment of the market across multiple states, including New York," said Aviv Shalgi, the CEO of Solar Simplified. "We believe this will significantly ease the financial burden on our partners and their financial backers, both lenders and tax equity, and make their projects more viable. It will surely help projects that are borderline financially viable to now pencil out and get built, driving faster expansion of Community Solar in the State while bringing tangible savings to communities that need them."
This offering is expected to enhance the economics of Community Solar projects in development or those yet to reach PTO. It also aligns with Solar Simplified's innovative business model, which focuses on reducing upfront costs, eliminating unexpected costs and driving sustainable growth in the renewable energy sector.
Solar Simplified invites all Community Solar developers, asset owners and IPPs to discuss this new offering and explore opportunities in New York and other markets.
About Solar Simplified: Solar Simplified is a leading national Community Solar aggregator, revolutionizing the Community Solar industry by removing customer associated barriers and risks, allowing Solar Developers and IPPs to scale quickly and effectively. With a commitment to sustainability and equity, we aim to make clean energy accessible to all through community-focused engagement and consumer education. The ability to seamlessly match residents and businesses with local solar farms, and handle acquisition, management, billing and collection makes Solar Simplified the best choice for Community Solar aggregation.
Contact Information
Sasha Lukovenko
VP of Sales and Marketing
[email protected]
312-216-0978
SOURCE: Solar Simplified
View the original press release on newswire.com.