Uncovered Opportunity – Why New York Parking Lots are Potential Cash Cows
Renewable Energy Procurement |
By William Patterson
As any New Yorker knows, clean energy has been a priority for Governor Andrew Cuomo’s administration. However, not every New Yorker knows that thousands of parking lots in ConEdison territory have the potential to receive a substantial lease payment for converting their uncovered parking lots to covered, solar-producing cash cows! Not to mention offer cars with free shade and weather protection.
Forget Energy, Space is Your Asset
Traditionally, when a solar developer like Sol calls your number, we’re looking for customers with space and energy usage to both host a solar energy system and consume the energy it produces. In New York, however, the state’s community solar program allows parking lot owners to lease out their space for solar carports (also known as solar canopies) without requiring the energy load to use it. Through community outreach and engagement your project will find energy buyers from a large array of opt-in subscribers. An added incentive program, specifically for solar carports in ConEd territory, allows parking lot owners to generate lease revenue simply by giving that solar project a place to live.
[caption id="attachment_5723" align="alignright" width="300"] Solar canopies provide free shade while preserving the parking lot's utility.[/caption]
The Only Shady Thing About It
Unlike land or rooftop solar systems, carports effectively retain all utility of the space they are leasing, as cars simply park under the canopies. This also means that cars have reliable cover for shade in the summer, rain in the spring and fall, and snow in the winter. It’s rare that real estate owners have a chance to get paid to add physical benefits to their properties, but New York provides an exception.
How Do I Get Started?
Owners of large parking lots or real estate in ConEdison territory, or those who are interested in assessing their company or organization’s opportunity to take advantage of the current state incentives, can reach out to Sol in the contact form directly below, or send us an email directly at energy@solsystems.com. We’ll get back to you shortly.
Business as Unusual: One Company’s Story of Adapt and Adopt Part 2 (of 3): Culture, Family, and Love
Company Culture |
By William Patterson
At
a time when all of us need the support of our friends and families to cope with
the impacts of COVID-19, we also find ourselves isolated. Fortunately, thanks
to 2020 technology, digital portals offer new and creative ways to keep
connected to our families, friends, and coworkers so none of us feel alone.
In
part one of our “Business as Unusual” series about how one company, Sol, is
adapting, we shared tools
and methods for being productive as we push toward continued company and
industry growth. For part two, we’d like to shift gears and share ways we are
engaging our community and connecting with each other, preserving what makes
Sol so special.
Game Night – Kate
Brandus – Director, SREC Asset Management
In late March, I had a game night with my cousins using the "Houseparty"
app. This was my first time doing a virtual game night, but it ended up being
ton of fun! Prior to the COVID crisis, Sol Systems would host game nights every
month or so, and they were always a great time and good for team building. So I
decided to bring the game I played with my cousins to my coworkers and host our
first virtual game night.
The game night ended
up being a lot of fun and provided me with an opportunity to bond with
colleagues after work that I normally wouldn't have had the opportunity to.
Intranet Channels –
Ann Sweitzer – Human Resources Director
When we transitioned
to a remote work environment in early March due to COVID-19, one question that
we wanted to address was, “How do we
maintain our culture and employee morale in a remote environment?” What
makes Sol a special place is our people and we wanted to ensure that everyone
felt connected and engaged even though we were no longer together in the
office. We got creative and implemented various virtual sessions including
coffee meetings, morning mindfulness, evening happy hours, yoga, lunch time
roundtables, book clubs, etc., to keep the team engaged.
It was important for
us to be inclusive of all so we also used the platform Microsoft Teams to
foster communication in a remote setting and created channels Working While Parenting, Mental Health &
Wellbeing, and other groups. Channels are built around a topic where you
can hold meetings, having conversations and share resources. We also created
the Sol Hub in SharePoint as a landing page for company events, project wins,
special life events, COVID-19 related news and general team resources.
We’re continuing to
think of ideas on how we can foster our Sol culture in a remote workforce.
During this challenging time with unprecedented change and uncertainty, it is
more important than ever that our team feels supported, engaged and connected.
Sourdough Roundtable
– Sandhya Mahadevan – Business Development Senior Associate
The
thing I miss the most about being in the office is being around people I care
about and catching up on their lives. We have an extremely caring and social
culture at the office, and something everyone can connect to is food. Before
COVID, coworkers often brought in treats to share with the office, whether they
be home-made or from travel. Now in isolation, an extra focus on cooking has
become a welcome distraction, and our team has naturally been chatting more
about our culinary creations even if we can’t physically share food with one
another.
As
someone who is extremely new to bread-baking, I had questions and knew a few
people who were seasoned bakers. I collected questions in advance and sent them
to my “panelists” in preparation for a Q&A session about sourdough that we
held over video chat. People really enjoyed it, and at the very least, I
learned some new tips for my sourdough technique. I may try to host another
roundtable in the next month, potentially on coffee. Similar to sourdough, I’m
no expert on coffee, but I’m curious, and I need something to obsess over
besides washing my hands.
Sol’s coffee culture
runs deep. At any given hour in Sol’s history, two or more people are sure to
be connecting on business, family, or just fun matters over a cup of joe. In
fact, the coffee connection is so important to our bonds that it’s incorporated
into onboarding for new team members. Whether they enjoy java or prefer another
beverage, a full line-up of coffee chats is scheduled to kick off their Sol
careers with a full cup.
Fast forward to 2020
stay at home. From day one of the company starting to work 100% remotely, we
formalized and reinforced our coffee culture to maintain our community
connections even when telecommuting.
We booked team coffee
chats, at first daily, and then 2-3 times a week via Teams video. We have
actually connected even more often and more broadly through our virtual coffee
chats. We tackle any concerns if they come up, plan out the day, meet our
teammates children, dogs, and cats, and get virtual home tours.
Turns out the Sol
coffee culture is a cornerstone of our resilience toolbox as we work together
to reduce the impacts of COVID-19 on our business and in our communities.
Business Book Club –
Mike Gibson – Chief Technology Officer
Self-improvement and professional development are very important to the members of the Sol Systems team. I myself am a fan of the aphorism "a rising tide lifts all boats" - the more we can develop our individual talents and understanding of their application to our business, the better we'll perform and the more good we can do as an organization. To help in "raising the tide," we started a Business Book Club at Sol. The club is open to all members of the Sol Systems team, regardless of position or title. Each month, the club sponsors a discussion of a business or management book and its application to our work at Sol.
Thanks to the fantastic suite of Office 365 products from Microsoft, the club hasn't skipped a beat during the shift to remote work - meetings have moved from the conference room to Microsoft Teams, and participation has remained steady. With these tools, we're able to collaborate as if nothing has changed, and continue to maintain a level of personal interaction that we otherwise might have lost.
ABOUT SOL SYSTEMS
Sol Systems is a leading national solar energy firm with an established reputation for integrity and reliability across its development, infrastructure and environmental commodity businesses.To date, Sol has developed and/or financed over 850 MW of solar projects valued at more than $1 billion for Fortune 100 companies, municipalities, counties, utilities, universities and schools. The company also actively shapes and trades in environmental commodity and electricity markets throughout the United States. The company was founded in 2008, is based in Washington D.C, and is led by its founder. Sol Systems works with its team, partners, and clients to create a more sustainable future we can all believe in. For more information: www.solsystems.com
This Is How You Cut It in Solar Energy – Sol Systems Delivers 3 MW Maryland Project to Greenbacker and Under Armour
Company News |
By William Patterson
Sol Systems, Under Armour, and Greenbacker, along with government officials cut the ceremonial ribbon to celebrate the 3 MW solar project in Capitol Heights, MD
Under Armour joins the ranks of corporate leadership to prioritize renewable energy and sustainability goals. Increasingly, top U.S. corporations like Under Armour are choosing solar to power their operations, save on electricity, and reduce their carbon emissions. In fact, corporations drove nearly 25% of the total amount of solar energy capacity that was procured in the United States in 2018, pushing the industry toward more innovative financing and power-purchase agreement structures.
Sol Systems, Under Armour
and Greenbacker cut the ribbon on a freshly completed 3 MW solar project,
located in Capitol Heights, Maryland last Friday. Joined by United States Senator Chris Van
Hollen, Congressman Anthony Brown, and several Prince George’s County, Maryland
officials, the ceremony clears the way for the system to now begin powering two
of Under Armour’s facilities in Maryland, including its headquarters.
“At Under Armour, innovation
is at our core,” commented David Bergman, Chief Financial Officer of Under
Armour. “This project is a perfect example of innovation and efficiency,” he
added.
Sited on an unused plot of
land that was deemed unsuitable for residential development, the 3 MW solar
project, will produce enough energy to power the equivalent of 333 average U.S.
homes annually while contributing approximately $1.4 million in tax revenue to
Prince George’s County over the length of its service.
Sol Systems CEO Yuri Horwitz and Under Armour CFO David Bergman give remarks on the project
Sol Systems initially began developing this project in 2016, arranging the financing and construction of the project before selling it to Greenbacker Renewable Energy Company. The electricity generated by the plant will be sold to WGL Energy Services, who will then exclusively provide it to Under Armour for 12 years.
”We started our company
around a kitchen table 12 years ago, and wanted to make an impact on the
future, said Yuri Horwitz, CEO of Sol Systems. “This is the physical
representation of what we sent out to do: reinvest in the community and offer a
positive contribution to the DMV.”
To celebrate the project’s
completion and the consistent growth of solar in Maryland, Senator Van Hollen, Congressman
Brown, and Prince George’s County officials joined the project partners for a
ribbon cutting ceremony.
“The private sector has
really come together here,” said Senator Chris Van Hollen, “this is a
win-win-win for consumers, jobs, and for our environment,” he continued.
“[The project] demonstrates
that renewable clean energy and job creation are not mutually exclusive. In
fact, they are mutually reinforcing,” said Congressman Anthony Brown.
U.S. Senator Chris Van Hollen talks about the importance of clean energy to the state and country as a whole
This solar project will be almost entirely surrounded by newly planted and existing trees, including maple, oak, pine, and cedars, creating a visual buffer for the site. The new plantings constitute a 1.5 acre woodland conservation easement that will be conserved in perpetuity beyond the life of the project.
ABOUT SOL SYSTEMS
Sol Systems, a national solar finance and development firm, delivers sophisticated, customized services for institutional, corporate, and municipal customers. Sol is employee-owned, and has been profitable since inception in 2008.
Over the last ten years, Sol Systems has delivered 800 MW of solar projects for Fortune 100 companies, municipalities, universities, churches, and small businesses. Sol now manages over $650 million in solar energy assets for utilities, banks, and Fortune 500 companies.
Inc. 5000 recognized Sol Systems in its annual list of the nation’s fastest-growing private companies for four consecutive years. For more information, please visit www.solsystems.com
All Solar on the Wasatch Front: Takeaways from Solar Power International Salt Lake
Company News |
By William Patterson
[caption id="attachment_7165" align="alignright" width="240"] VP of Engineering Joe Song[/caption]
As solar continues its year-over-year growth, the massive Solar Power International conference (or North American Smart Energy Week, depending on who you ask) provides an annual opportunity for the industry to put on display its newest shiny objects. For solar veterans like Sol Systems VP of Engineering Everything Joe Song, it’s easier to wade through the vast sea of hype and find the reality that sits in the midst. We asked him about his time at SPI 2019 in Salt Lake City.
What main theme defined this year’s conference for you?
JS: Busy. The industry is just busy, more focused on execution. Past years have been clouded with uncertainty or setbacks, namely Section 201 but also unknowns presented by Illinois, SMART, and other programs that were new and untested. This year, there is more certainty – we know ITC stepdown is ahead of us, the financial impacts of the module and steel tariffs, the outcomes of Illinois, SMART, and other efforts that were all unknowns last year. Hence, people are busy bringing projects to the finish line and safe harboring modules. EPCs, equipment manufacturers, and other pieces of the chain are busy as a result. A lot of business is happening right now. And that’s great news for all of us.
What was the biggest difference in this year’s SPI from years past?
JS: On a technical front, a lot of what was at one time a “roadmap” or “to be available in 2019” has arrived on the scene. Module advancements such as PERC, Half-cell, bifacial, and Series 6 that were bright and shiny objects last year have now generally been accepted, adopted, and even accustomed to. String inverters are approaching the central inverter power class from 10 years ago or so; this is where inverter advancements are most pronounced.
What interesting technology trends or innovations did you feel flew under the radar?
JS: Module integrated power electronics. Module manufacturers continue a trend in working with DC optimizers and producing integrated products. This is still cutting edge for now, but perhaps not a huge barrier for success. This is the right direction for this technology and where we might see meaningful impact at a system level in a few years once the technology is more established. It also happens to be the most elegant solution to comply with rapid shut-down requirements.
We are also seeing improvements in balance of systems (BOS) or soft costs efficiency. There continues to be a mindfulness and acknowledgement that BOS cost reductions are a mountain of opportunity. Shoals BLA product is a great example as the benefits are numerous and there is a case that it reduces operating expenditures as well. Things like this just need field time to find maturity. Trackers that have integrated 2P technology, or simple pneumatics, are also potential solutions for labor reduction. High kW string inverters are another great example.
What was the general feeling from the industry regarding the its position leading into impending ITC stepdown?
JS: Prepared and ready to proceed forward under that plan.
This is an excerpt from the Q3 2019 edition of The SOL SOURCE, a quarterly electronic newsletter analyzing the latest trends in renewable energy development and investment based on our unique position in the solar industry. To receive future editions of the journal, please subscribe.
ABOUT SOL SYSTEMS
Sol Systems, a national solar finance and development firm, delivers sophisticated, customized services for institutional, corporate, and municipal customers. Sol is employee-owned, and has been profitable since inception in 2008.
Over the last ten years, Sol Systems has delivered 800 MW of solar projects for Fortune 100 companies, municipalities, universities, churches, and small businesses. Sol now manages over $650 million in solar energy assets for utilities, banks, and Fortune 500 companies.
Inc. 5000 recognized Sol Systems in its annual list of the nation’s fastest-growing private companies for four consecutive years. For more information, please visit www.solsystems.com
[caption id="attachment_8375" align="alignright" width="300"] The Sol Systems team, "The Mad Ones", poses after completing the 200-mile relay[/caption]
Last year, I wrote about my first time participating in a Sol Systems leg-destroying tradition: the 12-person, 200-mile Ragnar relay. Twelve months rolled by and I found myself back in New Hampshire, waking up in a crammed van at five in the morning preparing to run six miles for the third time in 18 hours. Why? Because at Sol Systems, we know that to reach our goals, whether it’s taking on a Ragnar or transforming our country’s energy grid, we need to embrace the madness that comes with it.
For the unfamiliar, Ragnar relays are run by 12 brave individuals (or in some cases, six insane individuals) who each run anywhere from 12 to 26 miles over the course of three separate legs. Ragnars are run across the country, but for the past two years, our team has run Reach the Beach. Starting in Bretton Woods,and spanning most of the length of New Hampshire, the course ends at the Atlantic Ocean near Portsmouth,will where our CEO and teammate, Yuri Horwitz was raised.
[caption id="attachment_8376" align="alignright" width="300"] Krisztina Pjeczka finishes her first leg of the relay[/caption]
Running a Ragnar feels like a condensed version of working in the solar industry. Your body and mind need to be ready for the fight. When your legs are firing signals to your brain to stop (which my non-runner’s body was doing a lot of), you need to push even harder. When a fossil-fuel-powered world is trying to slow the clean energy revolution, we need to work twice as hard to fight back. Change isn’t created by people who simply clock in and clock out every day, but by dedicated individuals hell-bent on bringing that change. In the same vein, Ragnar isn’t run by folks who are set on walking.
However, I’d like to think that even in the solar industry, it’s hard to find too many companies with 12 participants who are happily willing to spend 27 hours crammed in a van with their coworkers every year. I certainly never thought I’d be running the race, much less two years in a row. However, the feeling when finishing your last leg, and cheering on your teammates as they complete theirs, is well worth the struggle, especially with the teammates I have at Sol. Some of them will even tell you they had fun running (I’m skeptical). In solar, the feeling of putting clean energy in the ground is well worth the scrapes you inevitably take along the way. Do you need to be able to run a Ragnar to be in the solar industry? Not at all. But solar professionals would have an easier time relating to these runners than most. Perhaps the most relatable thing: at the end of each success, you deserve a cold beer.
ABOUT SOL SYSTEMS
Sol Systems, a national solar finance and development firm, delivers sophisticated, customized services for institutional, corporate, and municipal customers. Sol is employee-owned, and has been profitable since inception in 2008.
Over the last ten years, Sol Systems has delivered 800 MW of solar projects for Fortune 100 companies, municipalities, universities, churches, and small businesses. Sol now manages over $650 million in solar energy assets for utilities, banks, and Fortune 500 companies.
Inc. 5000 recognized Sol Systems in its annual list of the nation’s fastest-growing private companies for four consecutive years. For more information, please visit www.solsystems.com
Assessing Solar’s 2018: Tariffs and Tax Reform? No Problem
2018 |
By William Patterson
For seven years and counting, The Sol SOURCE has covered the news surrounding the solar industry, utilizing our unique perspective into the worlds of Solar Renewable Energy Credits (SRECs), project finance, tax equity, and policy. As we reach our twelfth publication of 2018, we look back at another ride on the solar coaster. If 2017 was known for being plagued by the uncertainty created by the 201 tariffs and tax reform, 2018 will be known as the year that provided 2017’s questions with many of its answers. To help paint that picture, we reflect on our most-read articles of the year.
As displayed by our most-read article, readers were looking to make sense of newly-passed tax reform and what it meant for solar investment, which requires investors with the tax appetite to utilize the federal Investment Tax Credit (ITC). Chief among concerns was the reduction of the corporate tax rate from 35 to 21 percent, marking an immediate and measurable decrease in available tax appetite in the market.
As predicted, tax reform has affected the market, but the mature solar investment landscape has adapted in different ways, such as bridging the new gap in tax appetite with debt. For more on how the market shaped up this year, check out our market updates from May and July.
January 2018 provided finality to the 201 trade case, as the President announced 30 percent tariffs on imported PV modules, far from a nightmare scenario. In April, after the market had begun to settle into the tariffs, we looked at where module prices were landing. At that point, pricing was falling in the mid 40’s (cents-per-watt), and pricing was looking to restart its steady decline, albeit from a higher point.
What we didn’t predict was the abrupt end to China’s feed-in tariff program in May, eliminating a large portion of Chinese demand and creating an immediate oversupply of Chinese modules. When we reassessed the module market in September, imported modules had already returned to prices in the mid-30’s, what we were seeing before the tariffs. We expect module prices to drop below 30 cents-per-watt in 2019.
Looking ahead to 2019, one of the top storylines revolves around the final year of solar’s 30 percent federal Investment Tax Credit (ITC), which will gradually step down to 10 percent by 2022. In 2020, it will be 26%, and drop to 22% in 2021. Just as we saw in Q4 2015, when we thought the ITC was about to drop to 10%, we expect a rush of projects to commence construction by the end of 2019.
Since the 2015 solar ITC extension at Congress, solar has continued to scale, prices have declined, and financing vehicles have matured. Still, when the ITC does begin to step down, states without incentives, such as Oklahoma, Wyoming and Kentucky, will be the hardest hit, and they will be a useful gauge of the effect the stepdown has on financing structures.
--
That’s all for 2018. For perspective, take a look at our top articles from 2017, 2016 and 2015.
This is an excerpt from the December 2018 edition of The SOL SOURCE, a monthly electronic newsletter analyzing the latest trends in renewable energy based on our unique position in the solar industry. To receive future editions of the journal, please subscribe.
ABOUT SOL SYSTEMS
Sol Systems, a national solar finance and development firm, delivers sophisticated, customized services for institutional, corporate, and municipal customers. Sol is employee-owned, and has been profitable since inception in 2008. Sol is backed by Sempra Energy, a $25+ billion energy company.
Over the last ten years, Sol Systems has delivered 800 MW of solar projects for Fortune 100 companies, municipalities, universities, churches, and small businesses. Sol now manages over $650 million in solar energy assets for utilities, banks, and Fortune 500 companies.
Inc. 5000 recognized Sol Systems in its annual list of the nation’s fastest-growing private companies for four consecutive years. For more information, please visit www.solsystems.com
Solar canopies provide free shade while preserving the parking lot's utility.[/caption]
VP of Engineering Joe Song[/caption]
