SolarBank Expands Community Solar in New York with 14.4 MW Project
Disseminated on behalf of SolarBank Corporation.
SolarBank Corporation (NASDAQ: SUUN; Cboe CA: SUNN, FSE: GY2) recently announced the development of two community solar projects in Skaneateles, New York. These ground-mount solar projects, located in Onondaga County within the Finger Lakes Region, will generate 14.4 MW DC, enough to power 2,100 homes.
SolarBank Secures Key Approval to Expand Community Solar in New York
The press release revealed that the projects have successfully completed the Coordinated Electric System Interconnection Review (CESIR). This positive interconnection result is a major step forward to make the project successful. With interconnection approval in hand, the company can now focus on the ongoing permitting process.
These projects will have to qualify for New York State Energy Research and Development Authority’s (NYSERDA) NY-Sun Program incentives. Such incentives are vital for promoting solar initiatives and making renewable energy more accessible in New York.
Next, SolarBank will secure the permit, finalize financing, and then begin construction. Once underway, both projects will serve as community solar installations, supplying clean energy to the local power grid.
North American Growth Strategy
Risks and Considerations
Despite progress, the projects face several risks. Solar development relies on three key factors: getting permits, finalizing community solar contracts, and securing third-party financing. Changes in government policies or cuts to renewable energy incentives can impact the long-term success of these projects.
The company understands these risks and remains dedicated to expanding its clean energy footprint. Notably, it is actively monitoring policy changes and market conditions to ensure project feasibility.
Community Solar: Affordable Clean Energy for Everyone
Community solar is a shared renewable energy model. It allows multiple users to benefit from a single solar project. Instead of installing panels on their own property, participants subscribe to an off-site solar farm and earn credits on their electricity bills. This model makes clean energy more affordable for homeowners, renters, businesses, and communities.
Who Benefits?
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Homeowners, renters, and apartment dwellers without suitable rooftops
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Businesses, nonprofits, and government entities acting as “anchor tenants”
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Low- to moderate-income households unable to afford rooftop solar
2028 Forecast
A 2024 NREL study found that 42% of U.S. households and 44% of businesses lack access to rooftop solar. This makes community solar a crucial alternative for stabilizing electricity costs, strengthening the power grid, and creating local jobs.
As of June 2024, the U.S. had about 7.87 GW of community solar in 44 states and D.C. Yet, around 73% of this capacity is in just four states: Florida, New York, Massachusetts, and Minnesota.
Florida tops the list with 2,085 MW-AC. New York follows with 1,764 MW-AC, then Massachusetts with 1,014 MW-AC, and Minnesota with 910 MW-AC.
Wood Mackenzie and the Coalition for Community Solar Access (CCSA) predict the national market will surpass 10 GWdc by 2026 and reach 14 GWdc by 2028.
Annual installations have stayed steady at around 1 GWdc for three years, with an average growth rate of 8% projected through 2028. This indicates that this segment is one of the fastest-growing in the U.S. solar market.
SolarBank Fuels Community Solar Growth in America’s Clean Energy Shift
SolarBank has been key in expanding community solar with large renewable energy projects. The company has a development pipeline exceeding one gigawatt and over 100 MW of completed projects. This makes SolarBank a top clean energy provider in North America.
Going back in 2018, SolarBank started four community solar projects that operated commercially with a total capacity of 10.2 MW, DC
In 2023, it sold 21 MW of community solar sites in Upstate New York to Honeywell International for US$41 million. SolarBank created these projects through an EPC agreement. This ensured they will construct them to commercial operation and meet the requirements for NYSERDA incentives.
- As reported by Business Insider, the North American solar PV market, valued at $25.02 billion in 2019, was projected to reach $120.74 billion by 2027, growing at a CAGR of 21.7%.
SolarBank boosts growth through solar projects, Battery Energy Storage Systems (BESS), and EV charging. The company delivers clean energy to utilities, businesses, municipalities, and homes. This shows its commitment to a sustainable energy future.
Community solar is growing fast. It helps more people save on energy bills and supports a cleaner power grid. SolarBank’s latest project boosts this trend. Each project pushes renewable energy ahead, making solar easier to access across North America.
This article contains forward-looking information. Please refer to the SolarBank press release entitled “SolarBank Provides Update on 14.4 MW Projects in Skaneateles, New York.”
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