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The Q3 2024 Residential Solar Finance Report highlights significant shifts in the residential solar financing landscape. Third-party ownership (TPO) financing grew to 43% nationally and 56% in key state markets, driven by increasing adoption in California, Puerto Rico, and Illinois. Sunrun led the TPO market with a 40% share, while EverBright and Palmetto’s LightReach gained traction. The entry of EnFin and GoodLeap into the TPO sector is expected to further shape the market. Meanwhile, loan-financed solar volumes remained down 49% year-over-year, with EverBright ceasing loan originations and Mosaic maintaining steady volumes. The solar asset-backed securities (ABS) market experienced record growth, reaching $5 billion in issuances, a 26% year-over-year increase. Tesla made history by securing the first-ever AAA rating for a solar loan-backed issuance, while Sunrun completed the industry's largest-ever securitization at $886 million. Investor demand for solar ABS remains strong due to its relative stability compared to traditional consumer finance markets. Amid high interest rates, loan APRs have remained elevated, making TPO financing an attractive option for consumers. The average APR edged up to 5.65% in October, with minimal changes in the loan product APR mix. The shift toward TPO financing is expected to continue into 2025, with national TPO market share potentially reaching the mid-to-high 40% range. However, the pace of adoption has slowed, particularly in lower-electricity-cost states like Texas and Florida. Looking ahead, potential reductions in the Investment Tax Credit (ITC) after 2025 could impact TPO margins and pricing. Multiple providers currently claim a weighted ITC in the 40% range, with expectations of reaching 45% in 2025. A potential 10%-33% reduction in tax credits could affect the financial viability of TPO products, influencing both consumer adoption and market competition.

Invenergy has launched commercial operations at the 300-MW Delilah I Solar Energy Center in Lamar and Red River Counties, Texas. The solar farm will supply clean energy to the grid through virtual power purchase agreements (VPPAs), with Honda Motor Co. acquiring 200 MW and Tesla purchasing 100 MW. This project supports the growing demand for renewable energy solutions and advances corporate sustainability goals. With WEC Energy Group as the majority owner, Delilah I is expected to produce enough electricity to power around 70,000 homes annually. The project has also contributed to the local economy by creating hundreds of construction jobs and offering long-term benefits to the community. Local landowners played a key role in supporting the development of this large-scale solar energy project. Bristi Cure, Senior VP of Renewable Development at Invenergy, emphasized the project’s impact: “Delilah I demonstrates our commitment to expanding clean energy while driving economic growth. Partnering with Honda, Tesla, and WEC allows us to deliver reliable solar power while strengthening local communities.” As electricity demand increases, large-scale solar projects like Delilah I are essential in reducing carbon emissions and accelerating the transition to clean energy. With major corporations investing in solar power, the renewable energy sector continues to grow, reinforcing the importance of sustainability in the future of electricity generation.

EDP Renewables North America (EDPR NA) has successfully completed three new large-scale solar projects, adding 400 MW of renewable energy capacity. Through long-term virtual power purchase agreements (VPPAs), Microsoft will acquire 389 MW of electricity and renewable energy credits (RECs) from these solar farms. This expansion strengthens the companies’ joint renewable energy efforts in the U.S., bringing their total operational projects to five. The latest solar developments include the 140-MW Wolf Run Solar Project in Jacksonville, Illinois, the 110-MW Hickory Solar Project in Jerseyville, Illinois, and the 150-MW Cattlemen II Solar Project near Austin, Texas. Wolf Run and Hickory began operations in November 2024, with Cattlemen II following in December. Hickory Solar, developed by EDPR NA, is backed by Microsoft’s Environmental Justice Power Purchase Agreement (EJ PPA). This initiative, in partnership with Volt Energy Utility, supports clean energy projects in communities disproportionately impacted by pollution. The EJ PPA helps fund the Sharing the Power Foundation, which provides financial support for equitable access to clean energy, environmental sustainability programs, and workforce training for green energy careers. The Wolf Run and Hickory projects have generated $4.8 million in lease payments to local landowners and created 500 construction jobs, alongside five permanent positions. Cattlemen II contributed to around 300 construction jobs and will provide significant tax revenue to support local schools and government services in Texas. These projects have also boosted local economies, with more than $10.4 million spent on goods and services, benefiting restaurants, hotels, and local businesses near the project locations. "Our goal is to accelerate the transition to renewable energy while ensuring local communities benefit economically," said Sandhya Ganapathy, CEO of EDP Renewables North America. "These projects contribute to meeting the rising energy demand and drive long-term economic growth." Microsoft continues to advance its sustainability initiatives, aligning with its commitment to being carbon negative by 2030. Collaborations like this with EDPR NA help the tech company expand its renewable energy footprint and support the global shift to clean energy. With the increasing demand for sustainable energy solutions, the EDP Renewables and Microsoft partnership highlights how corporations and renewable developers can collaborate to drive the clean energy transition while supporting local communities.

Enel North America has launched the Estonian Solar + Storage project in Delta County, Texas, reinforcing its clean energy commitment. The facility combines 202 MW of solar power with a 104-MW battery storage system, generating 499 GWh of electricity annually-enough to power 46,000 homes while enhancing grid stability and reducing emissions. Backed by long-term power purchase agreements (PPAs), the project supports corporate partners like BXP and Capri Holdings Limited in achieving sustainability goals. BXP secured a 21-MW share, and Capri Holdings is also purchasing clean energy to reduce its carbon footprint. Ben Myers, Senior VP of Sustainability at BXP, called the project a major milestone in their renewable energy efforts. The project has created 400 construction jobs and permanent positions for ongoing operations. Over its lifetime, it is expected to generate over $23 million in local tax revenue, benefiting schools and public services. Stephen Pike, Head of Enel Green Power North America, highlighted its role in expanding clean energy and storage capacity. Enel North America continues growing its renewable energy portfolio, managing 5 GW of wind and solar capacity, 1.3 GW of battery storage, and 200 MW of demand response in Texas. The Estonian Solar project strengthens Enel’s leadership in sustainable energy and its commitment to a low-carbon future.

Orlando Utility Commission’s (OUC) newly approved PeakSHIFT program introduces significant updates to pricing structures and compensation for future rooftop solar installations. A critical deadline for homeowners and businesses in OUC territory is June 30, 2025. Solar interconnection applications submitted by this date will still qualify for the current net metering rate, which will be locked in under a 20-year grandfathering provision. However, those who choose to take advantage of OUC’s battery incentive will not be eligible for net metering, based on recent updates from OUC. To help the solar community stay informed, OUC is updating its website and FAQ section with more information about these changes. Additionally, FlaSEIA has created a resource page with answers to frequently asked questions and is actively seeking further clarification from OUC. These resources are designed to provide clear guidance for anyone impacted by the new policies. FlaSEIA remains committed to protecting Florida’s solar industry and advocating for policies that support homeowners and businesses. Our goal is to ensure a sustainable future for solar energy, where both solar customers and the industry can thrive. By staying informed and proactive, the solar community can continue to grow and adapt to these changes. If you have questions about the PeakSHIFT program or need assistance, our team is here to help. FlaSEIA encourages everyone in the solar industry to explore available resources and take action ahead of the upcoming deadlines to secure long-term benefits for their solar investments.

Solar & Storage Policy Updates This Week CO - Black Hills Seeks Net Metering Changes Black Hills has petitioned the Colorado PUC to lower net metering compensation. Solar advocates have urged the PUC to dismiss the request. CA - DSGS Program Guideline Modifications The CEC updated the DSGS Program Guidelines. Changes include smaller aggregation sizes for storage VPPs, $1/kWh compensation for emergency event discharge, and a net discharge baseline option. Public comments are invited. CO - Xcel Battery Connect Reopened Xcel reopened its Renewable Battery Connect Program on Jan. 15, 2025, with a $350/kW residential incentive capped at $5,000 per application. It aims to fund ~46 MW across ~2,800 systems. US - Clean Electricity Bonus Credit Final Rules The IRS finalized rules for Section 48E(h), allocating 1.8 GW annually to low-income communities. Applications opened Jan. 16, 2025, and close Aug. 1, 2025. MT - Community Solar Bill Introduced Montana’s Senate introduced LC 2812, requiring utilities to interconnect community solar facilities (50 kW–5 MW) serving at least two subscribers.

Solis has achieved a significant milestone by having its residential high-voltage hybrid inverters (3.8 to 11.4 kW) and commercial power class inverters (25 to 60 kW) included on the Hawaiian Electric (HECO) Qualified Equipment List. This recognition solidifies Solis' position as a leading provider of reliable and grid-compliant inverter solutions that align with Hawaii’s clean energy objectives. The Hawaiian Electric Qualified Equipment List identifies products capable of performing essential Grid Support Utility Interactive (GSUI) functions, ensuring grid stability and compatibility with renewable energy systems. Solis inverters passed these rigorous standards, making them an ideal choice for residential and commercial solar installations across the state. Their inclusion highlights the brand’s dedication to supporting Hawaii's transition to sustainable energy. Hawaii, known for its leadership in renewable energy adoption, is pursuing a bold goal of achieving 100% renewable electricity by 2045. Solis inverters contribute to this vision by enabling reliable, efficient solar power solutions that meet the state’s unique energy needs. As grid-connected equipment plays a vital role in maintaining system reliability, Solis’ innovative technology ensures seamless energy integration. Solis’ general manager for the US, Canada, and Puerto Rico, James Qiao, expressed pride in this achievement: “We are honored to be recognized by Hawaiian Electric for our innovative inverter solutions. This milestone underscores our commitment to helping Hawaii achieve its clean energy goals.” With this certification, Solis inverters are set to power homes and businesses, driving Hawaii closer to a sustainable future.

Florida’s push toward renewable energy gains momentum with the construction of the Whistling Duck Solar Energy Center in Levy County. This new solar site is part of the Florida Municipal Solar Project (FMSP), an initiative to expand clean energy across the state. With seven planned facilities, the project aims to generate 525 MWAC of solar power, enough to supply thousands of homes with affordable, carbon-free electricity. The recently completed Rice Creek Solar Energy Center in Putnam County is already making an impact, delivering 75 MWAC of clean power to 12 Florida cities, including Jacksonville Beach, Ocala, and Winter Park. This third facility in the FMSP powers approximately 14,000 homes and sets the stage for further renewable energy growth in the Sunshine State. The FMSP is a collaborative effort led by the Florida Municipal Power Agency (FMPA) and Origis Energy, alongside 12 municipal utilities. By pooling resources, these utilities benefit from cost-effective, long-term solar power agreements that ensure stable energy prices for customers. Jacob Williams, CEO of FMPA, emphasized the importance of these partnerships in bringing affordable, clean energy to Florida communities. As construction on Whistling Duck Solar progresses, Florida continues to lead in renewable energy innovation. With each new facility, the state reduces its carbon footprint and strengthens its commitment to sustainability. The Florida Municipal Solar Project serves as a model for how collaboration can drive clean energy transformation at scale.

EDP Renewables North America has completed its 300-MW Sandrini I & II Solar Energy Park in Kern County, California. This two-phase project, consisting of the 200-MW Sandrini I and 100-MW Sandrini II, is a major milestone in the state’s renewable energy progress. Sandrini I operates under a 15-year power purchase agreement (PPA) with Shell Energy North America, while Sandrini II powers over a third of Humboldt County's energy needs through a PPA with Redwood Coast Energy Authority (RCEA). Together, the projects generate clean electricity to power over 76,000 homes annually. The Sandrini Solar Energy Park provides economic and community benefits, including $510,000 in local tax contributions since 2023 and $15 million in payments to landowners leasing property for the infrastructure. The project supported over 200 construction jobs and has created several permanent positions. These contributions strengthen local communities by funding essential services and creating employment opportunities. Sandrini II is integral to RCEA’s goal of achieving 100% renewable energy for Humboldt County by 2030. It is part of a broader effort by California’s 25 community choice aggregators (CCAs), which have already delivered 8,000 MW of clean energy and are developing an additional 10,000 MW. These projects not only support the state’s climate goals but also drive economic growth by creating over 36,000 construction jobs. This solar energy park highlights EDP Renewables’ commitment to advancing clean energy solutions. “Our mission is to provide innovative renewable energy that benefits both the environment and local communities,” said Miguel Prado, CEO of EDP Renewables North America. As California continues to lead in renewable energy adoption, the Sandrini Solar Energy Park serves as a model of how sustainable projects can simultaneously power homes and strengthen regional economies.

SolarPanelRecycling.com (SPR) has introduced cutting-edge recycling technology specifically designed for bifacial solar panels, now operational at its North Carolina and Georgia facilities. This new recycling line achieves a remarkable 99% or higher clean glass recovery rate, making it a significant advancement in sustainable solar panel recycling. Bifacial panels, known for their ability to capture sunlight on both sides, require specialized recycling methods, and SPR’s innovation sets a new industry benchmark. Unlike traditional recycling processes that shred solar panels and mix materials into unusable waste, SPR’s advanced method ensures the clean separation of glass, silicon, metals, and plastics. This approach allows high-quality materials to re-enter the manufacturing supply chain, supporting the circular economy and reducing environmental impact. “This new technology is a milestone for both SPR and the solar industry,” said Brett C. Henderson, CEO of SPR. “By maximizing recovery and minimizing waste, we are leading the way in sustainable recycling solutions.” The solar industry faces a growing challenge as older panels reach the end of their lifespan, creating substantial waste streams. SPR’s investment in bifacial-specific recycling addresses this need by providing a scalable, efficient solution that meets the rising demand for sustainable disposal methods. By recovering valuable resources, the company ensures that end-of-life panels contribute to sustainability rather than landfill waste. This breakthrough reflects SPR’s commitment to innovation and environmental stewardship. As the renewable energy sector expands, SPR’s technology demonstrates the importance of integrating recycling into the lifecycle of solar panels. By pioneering these practices, SPR is setting a new standard for the solar industry, aligning with global sustainability goals and paving the way for a greener future.