Sol has been working to help corporate, non-profit and municipal entities realize the benefits of onsite solar energy in the form of energy cost reductions and stable pricing. Through a Power Purchase Agreement (PPA), Sol installs, owns, and operates the system and then sells the electricity it produces to the customer at a fixed rate ($/kWh) over a set period of time.
Why a PPA in Maine?
In 2019, Maine passed legislation greatly increasing the value that solar energy can provide to companies, municipalities, and schools in the state. From municipalities with open land to schools or companies with large rooftops, there is now a wealth of opportunity to realize significant energy savings and generate value from existing, unused assets.
How it works
Sol works with Maine customers with eligible space and energy usage to install a solar energy system on unused land or roof space at no cost. This solar energy system feeds directly into the grid, and its generation is then credited to your energy bill at the end of the billing period through incentives created by the state of Maine. The credits will offset the cost of any energy usage offset by the array, and instead the customer pays a discounted fixed-rate ($/kWh) to Sol for the electricity produced to the grid through a Power Purchase Agreement.
Essentially, customers are switching from their normal electricity rate to a lower, fixed-rate for the energy produced by the solar array, which will be financed, constructed, and maintained by Sol. For over a decade, PPAs have allowed solar energy customers to reap immediate cost savings from solar energy without any large upfront spending, long payback periods, and required maintenance and its related costs. Customers simply pay the agreed-upon fixed rate instead of their normally higher energy bills.