Funding Solar Projects In New York
New York Solar Programs & Incentives
SolRiver Capital funds solar projects across the country but we do have a keen interest in certain markets, like New York.
We are interested in New York because of it’s strong state programs and incentives for solar, including remote net energy metering and the NY Megawatt (MW) Block program. In addition, the state has a high volume of direct PPA’s and utility PPA’s with high-quality offtakers. If you’re working on a solar project in New York, SolRiver will finance projects with schools, utilities, municipalities, and large corporations as offtakers.
RNEM
In NY, remote net energy metering or RNEM allows a farm or non-residential utility customer to generate energy in one location to apply against their meter in another location. This enables customers to use solar that would otherwise have a site that’s unsuitable or too small for it.
SolRiver is comfortable investing in RNEM projects and has seen many New York PPA’s fall under this structure.
NY MW Block
The New York Megawatt Block program provides regional incentives for commercial and industrial solar projects (>200kW). The incentive comes in the form of a $/kWh rebate based on the expected system production.
The MW Block rebates can significantly enhance a project’s overall economics and help it clear SolRiver’s investment criteria.
Utility PPA’s
A Utility PPA is an agreement between a utility and a generator, in which the utility buys power from a solar system that’s interconnected to the utility grid. In addition to buying power, it’s common to see a utility purchase renewable energy credits or RECs.
New York has an open RFP for nearly $1.5 billion in renewable energy projects by 2020. We expect numerous utility PPA’s for solar to be signed in the coming years.
Direct PPA’s
A direct power purchase agreement (“PPA”) refers to an agreement between a customer and a generator, in which the customer buys power from an on-site solar system. This is a plain-vanilla structure and very common for solar projects.
While direct PPA’s aren’t unique to New York, there is a significant volume of projects with direct PPA’s in the state.
Types of Projects We Look For
If you’re a developer or installer in New York, SolRiver is interested in the types of projects below.
Schools
SolRiver funds projects with educational offtakers – elementary, high school, and colleges/universities (public and private).
Examples of projects that SoRiver would fund:
- 750kW carport with Rochester City School District
- 1MW ground mount with Cornell University
Utilities
SolRiver actively looks to provide capital for projects with utilities, including ConEd, NYSEG, National Grid, PSEG, LIPA, NYPA, Just Energy, and CH Energy.
Examples of projects that SoRiver would fund:
- 15MW ground mount with Central Hudson
- 30MW ground mount with ConEd
Municipalities
SolRiver can finance most municipal solar projects selling power to a local government, town, or city.
Examples of projects that SoRiver would fund:
- 1MW rooftop with Rochester City
- 5MW ground mount with LaGuardia Airport
Corporations
For corporate offtakers, SolRiver can generally fund projects with Fortune 1000 companies.
Example of a project that SolRiver would fund:
- 900kW rooftop with KPMG
Let’s Discuss Your Project
We’re ready to look at your project. To get in touch with us, pick the option below that’s easiest for you.
Send Email
Submit via Form
You can also use our online project intake form. Answer a handful of questions about the project and our team will be notified immediately.
Use Excel Sheet
Alternatively, we can provide you a short Excel worksheet with our project inputs. Simply email the file back to us with your information and we’ll be sure to review it.