There is no mistaking it: New York State has become one of the hottest community solar markets in the nation. Nexamp has led the way, signing up thousands of residential subscribers across the state, as homeowners have seized the opportunity to lock in savings and support local renewable energy projects.
In addition to residential subscribers, larger energy users, such as hospitals, corporate entities, and higher education institutions have also jumped at the chance to benefit. Just recently, Nexamp was proud to welcome Albany Medical Center (AMC) and Saratoga Hospital, two of the Capital Region’s premier healthcare providers, as offtakers on several Nexamp community solar farms. All told, these projects will deliver an estimated $4.7 million in savings over the next 20 years and represent a substantial contribution to New York State’s ambitious clean energy targets.
The tremendous growth of community solar, combined with Nexamp’s position as one of the largest vertically integrated companies in this space, has allowed Nexamp to offer a compelling value proposition to commercial users. By aggregating multiple projects, we are able to offset a significant portion of the customer’s electric bill, across multiple utility service territories.
How it works
In New York, large energy users can receive up to 40% of any given community solar farm. The remaining 60% of the project is available to residential customers. The credits generated from the farm are applied to the customer’s electric bill, offsetting (dollar for dollar) what would have been owed to the utility. And because each credit is sold at a fixed discount, customers achieve significant savings.
For example, a typical 5 MW project could produce $800,000 in credit value over the course of a year. For a commercial user, Nexamp would allocate 40% of the credits, reducing that customer’s bill in this example to the utility by $320,000. A typical discount offered by Nexamp is 10%. At a 10% discount on the value of the credits, the customer saves $32,000 in the first year of the agreement. And by bundling multiple projects, Nexamp increases annual savings significantly.
Community Solar also provides the commercial subscriber with the option to carry forward the benefits to its employees, customers, and the broader community. For example, Nexamp’s partnership with AMC included a targeted marketing campaign to hospital staff, resulting in more than 85 AMC members subscribing to a share of the project.
Nexamp is thrilled to be able to call Albany Medical Center and Saratoga Hospital our long-term partners and is proud to be helping these pillars of the Capital Region’s healthcare community achieve meaningful energy savings for years to come.
As the largest community solar developer in New York, Nexamp is uniquely positioned to help customers of all sizes meet their fiscal and environmental goals. As more Nexamp projects continue to come online in New York, we look forward to new partnerships in 2021. To learn more, read about our offerings here.