Community solar allows New York State (NYS) residents, who may be unable to install on-site solar, access to clean, low-cost energy regardless of their home or business location. NY Green Bank (NYGB) has recently invested in the community solar market with three project developers by financing their utility interconnection payments. These three projects are a part of the statewide New York-Sun (NYSun) initiative, which has a solar deployment target of 3 GW by 2023 and a goal of building a self-sustaining solar market. Since a new regulatory framework for community solar was approved in July 2015, only 15 community solar projects have been completed. The three community solar investments discussed here represent an effort from NYGB to accelerate the deployment of 312 community solar projects currently in the pipeline of NY-Sun, and help catalyze the community solar market across the state.
The Green Bank Network’s “Transaction Takeaways” series highlights notable features of Green Bank deals