SolarBank Announces Development Of 7.2 MW Glor Rd Solar Project In New York State

SolarBank Corporation is excited to announce plans for the development of a 7.2 MW DC ground-mounted solar power project, named the Glor Rd Project, located in upstate New York. With the site lease secured and the interconnection study underway, this project marks another significant addition to SolarBank’s growing development pipeline, which now exceeds one gigawatt. The project reflects the company’s ongoing commitment to expanding community solar energy solutions.

The Glor Rd Project will be eligible for compensation under the VDER (Value of Distributed Energy Resources) rate, as outlined by the New York Public Utility Commission’s case 15-E-0751. The average compensation rate for the first year is projected at $0.0971 per kilowatt-hour (kWh). This rate is paid to the project owner in exchange for the electricity provided to the grid by the solar system.

If the interconnection study proves successful, SolarBank will proceed with completing the permitting process and securing the necessary financing to move forward with the construction of the project. The Glor Rd Project is also expected to qualify for incentives under the New York State Energy Research and Development Authority’s NY-Sun Program. The company is targeting incentives of up to $0.245 per watt DC, which will provide a one-time payment to help support the financing of the project.

Upon completion, the project will operate as a community solar initiative. Community solar allows a group of solar panels to be connected to the local electricity grid, providing clean energy to the area. Homeowners and renters who subscribe to the project can benefit from the solar energy generated without having to install panels on their own property. They will receive credits on their electric bills based on the portion of energy they consume from the solar project.

Solar Simplified, a key partner, will handle all customer-facing activities for SolarBank’s community solar projects. This partnership allows SolarBank to focus on developing and expanding its renewable energy portfolio while Solar Simplified ensures that the projects are fully subscribed and generate maximum revenue from day one. Their expertise in acquisition, enrollment, and management is crucial to the success of the projects and supports SolarBank’s sustainable growth.

While the Glor Rd Project is promising, it does come with risks typical of solar project development. These include the need for interconnection approval, obtaining community solar contracts, securing permits, and ensuring the availability of third-party financing. Additionally, there is a potential risk that governments may alter, reduce, or eliminate solar incentives and policy support, which could impact the economic feasibility of future projects.