Summit Ridge Energy (SRE), an owner-operator of U.S. community solar projects, and NT Solar, a subsidiary of the National Trust Community Investment Corp. (NTCIC), have closed on a tax equity partnership to finance 11 community solar projects, comprising 27 MW DC, across Illinois and Maryland. The portfolio is expected to be placed in service before the end of the year.
“We believe in the value of making solar power available to commercial and residential subscribers across multiple communities,” says Karin Berry, manager of NT Solar. “The cost savings and environmental benefits will make a difference for years to come.”
Summit Ridge currently has 47 projects in operation or under construction across the U.S. with another 25 set to commence construction by the end of the second quarter of 2021, representing approximately 183 MW DC of community solar that will be operational by the end of 2021. Projected annual cost savings for customers subscribing to these projects is more than $1,500,000.
Despite the COVID-19 crisis, community solar remains the fastest growing segment within the U.S. solar market driven largely by predictable customer savings without the need to physically install solar on one’s home or business.
SEIA reports that with the right federal and state policies in place, the solar industry will employ more than half a million Americans by 2025. With the incoming Biden Administration prioritizing the transition to a clean energy economy, that projection could increase significantly.
Photo: SRE’s landing page