SolarBank Corporation (NASDAQ: SUUN) (Cboe CA: SUNN) (FSE: GY2) has achieved a critical milestone in the development of its 7.2-megawatt Hoadley Hill Road solar project in upstate New York by successfully completing the Coordinated Electric System Interconnection Review (CESIR). This regulatory clearance is a significant step forward in connecting the project to the local grid, paving the way for the construction of a ground-mount solar array expected to power approximately 850 homes.
The Hoadley Hill project is structured as a community solar initiative, offering local residents the opportunity to subscribe and receive credits on their utility bills. This model not only promotes the use of renewable energy but also makes solar power more accessible to the community. The project will benefit from New York's Value of Distributed Energy Resources (VDER) compensation system, with projected year-one compensation rates of US$0.0971 per kilowatt-hour, enhancing its economic viability.
This development is significant as it represents progress in the transition towards renewable energy sources, contributing to the reduction of carbon emissions and supporting New York's clean energy goals. The successful completion of the CESIR process underscores the project's feasibility and SolarBank's capability in navigating the regulatory landscape to bring renewable energy projects to fruition. For more information on the project's progress, visit https://ibn.fm/9Oe8o.
