If you are a Long Island business owner, transitioning to solar energy is about to become more viable than ever because of PSEG LI’s new Feed-In Tariff (FIT) program, which is scheduled to launch on August 1, 2016.
A feed-in tariff is a long-term contract between an electrical utility (e.g. PSEG LI) and a renewable energy producer (e.g. your facility with an on-site solar system), designed to accelerate investment in renewable energy technologies. This is achieved through a locked-in, per-kilowatt hour price paid by the utility to the producer for all of the solar electricity generated. These FIT contracts provide long-term price risk mitigation for renewable energy producers. The LIPA FIT program incentivizes the owner of a commercial solar photovoltaic system through a fixed rate for every kilowatt-hour generated over a 20-year term.
On May 18, 2016, LIPA announced their plan for their FIT III incentive, an extension of the program specifically tailored to commercial solar properties. The per-kWh rate will be set through a clearing price auction, in which all applicants to the program bid a price per kilowatt-hour to LIPA’s committee. For example, the precursor FIT II program used a rate of $0.1688 per kWh to incentivize the development of 100 MW of solar energy. The FIT III program will be capped at a total of 20 MW, and applications will be accepted starting in early August.
The LIPA FIT program has already made Long Island one of the most attractive locations for solar energy projects in the Northeast; these benefits will only continue to grow under the FIT III incentive. If your business has a facility with 50,000 square feet or more of roof space, you are likely an excellent candidate for the Commercial Solar PV FIT III Program.
As an experienced turnkey developer of large-scale commercial solar projects, EnterSolar can help your business develop a rooftop solar project that will not only take advantage of the FIT III Program’s offerings, but also substantially enhance the bottom line of your business. Our team has vast experience working with these types of incentive programs and can help find the best solar options for you. We are also experts in finding the optimal way to finance such a project in order to maximize the benefits to your bottom line. If you are interested in taking your business solar, call us at 888-225-0270 or email us at firstname.lastname@example.org.