In January, Councilmembers Alexander, Cheh, Bonds, Grosso, Barry and Wells co-introduced the Community Renewables Energy Act of 2013 (B20-0057).
The Community Renewables Energy Act of 2012 (B19-0715), the 2012 version of B20-0057, was originally circulated in early 2012. A hearing followed in the middle of June 2012, where Sol Systems Chief Business Officer, Sudha Gollapudi, testified in support of the legislation. The hearing resulted in a working group dedicated to finding an effective way to implement the community solar bill. The working group was unable to complete its work during last year’s legislative session, and thus the bill was reintroduced in 2013.
The Community Renewables Energy Act of 2013 is almost identical to the 2012 version. Many DC residents are unable to use solar energy because they are renters, or they own a property that is not ideal for a solar installation. With these restrictions, a large portion of DC residents do not have the ability to participate in the solar industry. The legislation would allow for any and all DC residents to purchase a share in a community solar system located anywhere in DC and receive credit for solar electricity from that system to offset their own utility bill in the form of virtual net metering. This form of virtual net metering would allow for anyone to reap the energy benefits associated with owning a solar installation.
The re-introduction of this bill to the DC Council for the 2013 legislative session illustrates the Council’s commitment to expanding access to solar for all DC residents. Furthermore, the passage of the Community Solar Act would help the District to achieve its aggressive solar carve-out requirements by installing a great capacity of solar.
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.
Sol Systems will continue to track the progress of this bill. Please check out our blog for further updates.
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.
At the end of each quarter, Sol Systems takes the weighted average sales of the SRECs from our 3,300+ customers to calculate our final clear prices. These SREC clear prices are then posted to Sol Brokerage page of our website. Sol Systems publishes our quarterly SREC clear prices in order to help provide transparency to the SREC marketplace for both our Sol Brokerage customers and developers in the solar industry.
As the oldest and largest SREC aggregator in the country, Sol Systems’ portfolio management team leverages our SREC expertise to transact in the SREC market on a daily basis when we see strong opportunities for selling our customers’ SRECs at the highest market values.
The Sol Systems approach differs from other SREC broker services and auction-based platforms in that we have in-house expertise that is constantly monitoring SREC markets, communicating with SREC buyers (utilities and energy suppliers) and achieving the highest sales prices available for our customers by selling bundles of SRECs on the spot market. Using an aggregation approach instead of selling SRECs individually, we often secure higher spot prices than competitors.
Please see below for our most recent spot market clear prices for SRECs generated in compliance years 2012 and 2013. Our next clear prices will be posted after the Q4 payment cycle, which is at the end of February and encompasses all generation between October and December for PJM customers and July to September for Massachusetts system owners.
2013 Compliance Year SRECs
2012 Compliance Year SRECs
About Sol Systems
Sol Systems is a solar finance firm and a leader in financial innovation in the renewable energy industry. Since its inception in 2008, Sol Systems has partnered with 350 solar installers and developers to bring over 3,000 solar projects from conception to completion by offering innovative financing solutions for residential, commercial, and utility-scale projects.
Sol Systems’ financing programs catalyze investments for a broad set of solar projects by simplifying their origination, diligence, and financing processes. Developers seeking financing for solar projects can access over $2.5 billion in capital through the Sol Systems investor network.
In addition to providing financing, Sol Systems also offers project due diligence, deal structuring, and asset management services – all designed to reduce overhead and transaction costs and quicken project development timelines.
For more information, please visit www.solsystemscompany.com.
Sol Systems is proud to welcome a new member to its team. Andrew Gilligan will be joining the company full-time beginning in late June as an Analyst and will be responsible for customer relations, state registrations, and providing research support on a wide variety of solar topics. Many of Sol Systems’ SREC customers and partners may have already had the pleasure of speaking to Andrew, as he has been an intern with the company for the past 4 months.
“A hard work ethic, leadership ability, and passion for the solar space are characteristics that are hard to find when searching for new employees,” said Yuri Horwitz, President and CEO of Sol Systems. “Andrew has all three traits and more. During the course of his internship, he has proved to be a valuable and committed employee and we are excited he will be joining us full-time. I’m confident our customers and partners will enjoy working with Andrew.”
Andrew comes to Sol Systems from Georgetown University, where he recently graduated magna cum laude with a degree in Science, Technology, and International Affairs and also a certificate in Business Diplomacy. While at Georgetown, Andrew spearheaded launching and running the Georgetown Solar Co-op, a student run organization created to ease the solar procurement process for homeowners. Under his leadership, the Georgetown Solar Coop educated hundreds of prospective customers on the benefits of solar, negotiated price discounts from solar vendors, led numerous homeowners through the solar procurement process from start through installation completion, and participated in local lobbying efforts for shaping the D.C. renewable portfolio standard.