NY-Sun Initiative Powers Strong ROI for Commercial Solar Projects

As a NYC-based commercial solar developer, PowerFlex has been eagerly waiting for the day when large-scale commercial solar projects across NY would become economic from a corporate ROI standpoint, and we are pleased that this day is now finally upon us.For well-structured solar projects in NY state, we are now seeing some of the best project economics in the US. Governor Cuomo’s NY-Sun Initiative, and specifically NYSERDA’s Competitive Solar PV Program that is a key element of NY-Sun, are providing large scale solar project owners with significant incentives that drive compelling investment returns.The Competitive Solar PV Program (aka PON 2589) provides eligible projects with a three-year incentive that is paid out on a per kilowatt-hour basis. The NYSERDA solar incentives work in tandem with the available federal solar incentives, as well as local incentives including a valuable property tax abatement in certain jurisdictions in NY.Total funding under PON 2589 is $107 million to be awarded across three application rounds beginning in November 2012, with additional rounds in March 2013 and August 2013.PowerFlex was selected in August 2012 to receive funding under NYSERDA’s PON 2484, the predecessor to PON 2589, and we are scheduled to begin construction on the first of several NYC commercial solar projects in the next few weeks.If you are a business or real estate owner in NY and are interested in learning more about these attractive new solar incentives, please contact PowerFlex today.