LIPA Board of Trustees Approve First Feed-In Tariff Program in New York State
The Long Island Power Authority (LIPA) Board of Trustees voted today to approve LIPA’s new Clean Solar Initiative (CSI) that will provide Long Island with the next 50 megawatts (MW) of solar energy on Long Island.
LIPA’s Clean Solar Initiative Feed-In Tariff (FIT) is a program in which the owner of an eligible solar photovoltaic (PV) electric system is paid a fixed rate for every solar kilowatt hour generated over the term of a Purchase Power Agreement (PPA) between the owner and LIPA which will have a 20-year term.
Those payments may assist the PV system owner or developer in obtaining project financing. This model has been used successfully by other utilities in the United States to encourage solar PV projects.
The initiative will further advance the development of solar energy and the growth of clean energy jobs on Long Island.
“The growth of solar energy and LIPA’s Clean Solar Initiative is critically important for our future energy needs as well as helping to create jobs and grow our economy in the short term,” said New York State Senator Kenneth P. LaValle.
Applications for participation in the CSI will be accepted starting July 16, 2012 with the rate of $0.22 per kWh of electricity delivered to LIPA’s grid over a 20-year contract term subject to the PPA. The amount of electricity will be measured using a dedicated meter for each approved project.
For further information on LIPA’s Clean Solar Initiative visit the LIPA website at www.lipower.org/FIT.
