Source Power Ready to Assist Low-Income Residents as New York State Announces $52.5 Million for Solar Projects Serving Disadvantaged Communities

WHITE PLAINS, N.Y., August 4, 2021 (Newswire.com) - Source Power Company, a New York regulated retail energy supplier and community solar subscriber acquisition company, today announced plans to assist both community solar developers and low- to moderate-income (LMI) residents after New York State announced funding of a $52.5 million new clean energy incentive for community solar projects targeted squarely at underserved communities. The deadline to apply for these new energy incentives is Aug. 31.

The $52.5 million in funding is available through the Inclusive Community Solar Adder program, which aims to serve 50,000 households, including affordable housing providers and organizations working with disadvantaged communities. The program's end goal is to promote fairness and equity by ensuring that those with the most at risk from climate change enjoy the benefits from clean energy investments outlined in the Climate Leadership and Community Protection Act.

"We are extremely pleased to learn about New York State's push to bring community solar projects to disadvantaged communities who would most benefit from these energy incentives," said Vincent Palmieri, Chief Operating Officer at Source Power. "We have been closely monitoring the program's development and have participated in the market outreach sessions organized by NYSERDA (the New York State Energy Research and Development Authority, the sponsor of the program) to keep us in lockstep of the program's final version and allow us to hit the ground running."

Palmieri added, "This is a win-win for the environment and for New York's most vulnerable residents. We believe strongly in the democratization of the benefits of community solar and that Source Power can make a real impact in helping these communities. Our business model is centered around the belief that everyone should enjoy the benefits of community solar. This program provides another opportunity for our unique product offering to do just that."

Additional incentives for participants in NY-Sun community solar projects that dedicate 20% or more of their business to LMI households include electric bill savings of at least 10% as well as reduced operating costs for nonprofits and other affordable housing providers serving LMIs and DACs. There will also be special bonus awards given to select environmental justice communities located in and around conventional power-generating facilities. Interested parties have until Aug. 31, 2021, to apply.

As one of the few providers sitting at the junction of electric supply and community solar, Source Power is uniquely positioned to help New York's disadvantaged communities and the developers of community solar projects in taking advantage of this vital new program.

About Source Power Company

Source Power Company is a regulated Energy Service Company and Distributed Energy Resource Supplier in New York State. Source Power provides innovative solutions that pair energy supply with renewable energy generation, providing a unique value proposition to customers and advancing the state's clean energy goals. With roots in the solar development industry through its sister company Source Renewables, Source Power sits strategically at the intersection of project finance, renewable generation, and energy supply. This allows Source Power to match solar generation with power consumers and use its vertical integration to ensure efficiencies are passed along to customers at competitive prices. Source Power represents a reboot of the retail energy industry and is on a mission to improve products and services, through advanced technology and superior customer experience, while helping the environment and strengthening the communities it serves. Find out more about Source Power Company on its website: https://sourcepowerco.com/.

Media Contact:
Alyssa Pfitscher, Lansons Intermarket
845-594-7290
[email protected]

Source: Source Power