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When it comes to spring shopping, contemporary customers so far have gone big for such looks as metallic details on feminine dresses and tops, minidresses, wide-leg jeans and belted tunics. Here, a look at some of the top sellers at specialty stores nationwide and on the Web.
Saks Fifth Avenue
Where: 54 stores nationwide and saks.com. Spring bestsellers: Milly's retro print shift dress and Theory's button-front dress.
Retail prices: Milly dress, $295 and Theory, $265 Who's buying: "Milly is our fast, got-to-have-the-trend now customer," said Michael Fink, vice president, women's fashion director for Saks. "She's not worn minis before. Theory is a fashion customer who is looking for a seasonal trend that is also versatile to her many-faceted lifestyle."
Why they've done well: "The retro print in the shift dress is in the length of the season — mini," Fink said. "[The Theory dress] can go to work or weekend casual. Style and versatility — what more could you want?"
Bergdorf Goodman
Where: New York and bergdorfgoodman.com. Spring bestseller: Alice + Olivia's striped sequined T-shirt.
Retail price: $298
Who's buying: "Customers of all ages," said Shira Lauter, vice president and divisional merchandise manager for Bergdorf's 5F floor. "This T is great on its own with jeans, layered under a jacket or dress or, of course, how we featured it in the Bergdorf Goodman March magazine, with shorts."
Why it's done well: "Every girl wants a little shine this season," Lauter said. "This top can be dressed up or worn casual and is a great addition to everyone's spring wardrobe."
Henri Bendel
Where: New York
Spring bestseller: AKA New York's metallic Empire dress.
Retail price: $270
Who's buying: "She is in her 20s and is certainly trend savvy as the dress encompasses three of the most important trends this season: metallic, the Empire silhouette and the dress," said Ann Watson, vice president, fashion director for Henri Bendel.
This story first appeared in the May 3, 2007 issue of WWD. Subscribe Today.
Why it's done well: "An Empire waist-style dress is flattering and incredibly easy to wear," Watson explained. "The metallic skirt not only highlights one of the season's biggest trends, but also makes this dress a standout in a dress-saturated season. Most important, the dress speaks to our Bendel's girl who looks for pieces that have individuality, a sense of style and are feminine."
Where: The Web
Spring bestseller: Seven For All Mankind's Ginger jeans.
Retail price: $187
Why it's done well: "It's a great wide-leg jean, which is a huge trend across the board," said Erin Crandall, head buyer for Shopbop. "I think when people first get into a new trend in denim, they like to go to a reliable denim source for a fit they know they can trust."
Where: New York, Miami and Livingston, N.J.
Spring bestsellers: Nicholas K's waxed cotton/nylon "Dakota" anorak, Citizens of Humanity's Ava jeans in light blue and Corpus' skinny jeans in New York. Young Fabulous And Broke's cotton and silk baby-doll cami dress and Taverniti's Gloria zip capri in Miami.
Retail prices: Nicholas K anorak, $419; Citizens of Humanity jeans, $185; Corpus jeans, $149; Young Fabulous and Broke dress, $125, and Taverniti capri, $209.
Who's buying: "Our customer that is buying [the anorak] ranges from the fashion-forward girl to a sophisticated woman looking for something understated, yet [that] style-wise, makes a statement," said Christine Lee, Atrium women's buyer for the New York and Miami stores. "[In Miami] we are selling [the dress] to a wide variety of clients ranging from our international clients staying at the Setai hotel to our local customers who are layering it over jeans as a great everyday top/tunic."
Why they've done well: "Although denim silhouettes are getting voluminous, there is still a need and a want in the marketplace for skinny jeans," Lee said. "For spring, we have had remarkable success with Eighties-inspired clothing."
Where: New York
Spring bestseller: Robin's Jeans' embellished military pants.
Retail price: $305
Who's buying: "Women looking to spice up a classic look," said Tina Setia, women's buyer. "Women who love the classic, relaxed feel of their boyfriends' cargo pants, but want a feminine, glammed-up version. Women looking for a convertible day-or-night item — dress them down with a tank and flip-flops, then throw on heels and a sexy top for nighttime. Women who seek to be both casual and sexy at the same time."
Why it's done well: "For spring, our customer loves to mix the feminine with the masculine, the classic cut with an edge and ultimate comfort with high-end couture," Setia said. "Robin's Jeans' military pant is a representation of all of these ideas."
Where: The Web
Spring bestsellers: Knit dresses.
Retail price: Range from $60 to $199.
Who's buying: "The great thing is that everyone seems to be buying them," said a spokeswoman for Bluefly. "It's a very democratic style in that it's easy to wear, the fabric is very forgiving and it goes easily from day to night."
Why they've done well: "The dresses are affordable enough that customers have been buying multiples — black for evening and brights for day," she said.
Where: New York (eight locations) and searlenyc.com.
Spring bestseller: Searle's pleated-neck, A-line dress.
Retail price: $348
Who's buying: 18- to 55-year-old women.
Why it's done well: "It's semi-conservative and cool at the same time," said Rick Weinstein, director of sales and marketing at Searle. "It has the semi-mod look, yet it's timeless. You'll be able to pull it out in a few years in solid colors and still wear it."
Olive & Bette's
Where: New York (four locations) and oliveandbettes.com
Spring bestseller: James Perse's belted tunic.
Retail price: $175
Who's buying: "[The tunic is] one of these 'every age' winners — from teenage girls to their moms," said Stacey Pecor, owner of Olive & Bette's.
Why it's done well: "It's all about the contrast panel, which makes it a great fit for everybody," Pecor said. Also, it's a great way to wear a tunic that isn't a baby-doll silhouette. The elongated shirt is a more sophisticated take on the tunic trend. It's also super lightweight and machine washable, and who doesn't love that?"


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Preforeclosure Short Sale!! This WATERFRONT LODGE has amazing character and is priced to sell.Great plan that's Perfect for entertaining, relaxing on the deck overlooking the water, boating, with room for everyone and a bunch of Guest.Open Plan with a Chef's Kitchen complete with a fireplace, gas range, and all the upgraded features. Boat lift, boat house and shed are located on huge adjacent lot.House is professionally landscaped and ready for it's new owner.This is one you have to see.
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3961 Victoria Dr , Theodore, AL, 36582 is a Single Family Home for sale at $319,900 with 4,485 sqft. 3961 Victoria Dr has 4 bedrooms, 4.1 baths, and was built in 1981. The property's zip code is 36582 which is in Theodore, AL
Based on 20.00 % down and a 4.13 % financing rate
Includes Mortage, Insurance, and Tax payments
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Listing data provided courtesy of the Internet Data Exchange Program of the Baldwin County Baldwin County Association of REALTORS.
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The information being provided is for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.
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Friday, June 01, 2012
111 Comments | Copyright: www.india-forums.com/tellybuzz
Here comes Friday, a day which is dedicated to movies. Tellybuzz presents to you a new Friday column dedicated to 'Celebs and their movie addiction'. This week we tried to unravel Avinash Sachdev's addiction for movies. Avinash, who is popular for portraying the character of Dev in Zee TV's show Chhoti Bahu - Sawar Ke Rang Rachi is a movie addict.
Here's Avinash confessing his love for movies:
Do you like watching movies?
Yes, of course! I love watching movies.
How often you go for watching movies in a theater?
I manage to go for watching movies in a theater every week.
Which is your all time favorite movie- One that you could watch again and again?
My all time favorite movies are Dil Chahta Hai and Zindagi Na Milegi Dobara. In fact, all the movies based on friendship are my all time favorite ones.
Quick Fire: Which is your favorite?
movie: One fine day.
Action movie: 300.
Comedy movie: Hangover.
Horror movie: Ring.
The last movie that made you cry?
I have never cried watching any movie.
Which movie are you planning to go for?
Reporter and Author - Anwesha Kamal
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Gear up for some hot steamy romance in Tashan-E-Ishq.
The channel is displeased with the singer for appearing on The Kapil ...
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The display panel-making affiliates of Samsung and LG traded barbs over an ongoing police investigation into Samsung's alleged theft of LG's OLED technologies, Wednesday. Only weeks ago, the CEOs of Samsung Display and LG Display agreed to end the dispute some industry watchers had called "meaningless and ugly" at a meeting arranged by the government.
However, the two have resumed the dispute, each accusing the other of stealing its technologies. On Tuesday, police raided four factories of Samsung Display to secure evidence for LG's theft claims.
LG Display claimed some of its White OLED (W-OLED) technologies were stolen by Samsung, and asked police to look into what it called a corporate espionage case.
Samsung, however, dismissed LG's claims as groundless, saying it has no reason to steal LG's technologies because it already controls the global demand for OLED displays.
Samsung has also accused LG of similar theft but has not asked police to investigate. "We believe police will find evidence that can probe Samsung's misconduct. Samsung stole some of our high-end technologies. That's a pity for Samsung," LG said in a statement.
"Samsung brazenly accused us of stealing its OLED technologies. That is hard to understand." Gary Sohn, public relations chief at LG Display, said the firm will fully cooperate with police.
Samsung Display CEO Kim Ki-nam denied the allegations. "You should remember that Samsung Display is the only firm that manufactures and sells OLED panels. We have no reason to steal other companies' technologies. Samsung is always worrying about the possible leakage of our patented technologies," he told reporters.
Kim met with Samsung executives and was confident he could prove the company's innocence, said a Samsung spokesman. Police are investigating whether local partners of LG Display leaked its OLED technologies to Samsung.
In 2010, police secured evidences that LG's two Korean partners leaked the technologies overseas, and Samsung is involved in the case.
Last year, LG launched a damage suit against Samsung, while Samsung attempted to nullify LG's seven OLED patents. They later agreed to seek a compromise. LG is demanding compensation.


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text: BeamITDown Software company thats owns iflow Reader eBook applications and store for iphone and ipad has informed that they will be closing down on may 31, against apple policies forcing them to give 30% of revenue to apple.BeamITDown company said is not possible for small eBook seller to give 30% of revenue to apple and earn beneficially .The matter is that apple require us, as well as other eBook dealers, to give them 30% of selling price of any eBook that we sell from iOS app. Our Margin on ebooks after selling to merchant is a lesser amount of than 30%. This means we have to go through huge loss on all ebooks that we sold. We put our trust in apple and they screwed us. Our plans did not breach their policy any time. Apple can change their regulations at anytime. Unhappily they must know this .apple ibooks was already in growth when we spoke to them and certainly must have known their future plans would disaster our failure no matter how excellent our product was. We never had a chance.


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Curiosity landing: Powered descent phase
Filed under art, spacecraft, Curiosity (Mars Science Laboratory)
The descent stage will provide rocket-powered deceleration for a phase of the arrival at Mars after the phases using the heat shield and parachute. The descent stage also carries the radar system providing a stream of information about the spacecraft's altitude and velocity. As it nears the surface, shortly after the moment depicted here, the descent stage will lower the rover on a bridle and deliver it to the ground.
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Posted by Mark DuFrene on 01/10/2013 4:50pm PDT tags: photo
Music students got a visit from the world-renowned musician, who appeared as a result of efforts by the Keep Music Rockin' nonprofit group. Rick Richards, founder of the organization, says it's dedicated to keeping music education in San Leandro schools and added that he often asks musicians to talk to students. In this case, members of the San Leandro High jazz band produced a video asking for a visit from Santana.
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Hot, gorgeous, sexy women. Who loves to have a good time. Gives good advise and very wise. is very caring when it comes to other peoples problems, she is very trust worthy. Loves it rough, but you better watch out because her nice church girl personality will fool you, once you get to know her your will find that there is a wild women inside waiting to show herself. Everyone wants to bang her but she's taken. Every guy wants her but they cant have her, has amazing boobs and ass. But dont touch or she will fuck your world up.
Ight Katie
by Appledghhhhhh March 28, 2013
Top Definition
A happy person who is a good listener and reliable friend. Likes to party and is always there when you need her.
''Call katie she'll go out''
by Katie A August 11, 2006
Katie is as beautiful on the inside as she is on the outside. Katie is radiant and smiles from the inside out. She lights up a room when she walks in. A girl of good character. She has the heart of an angel, shows compassion and encourages everyone around her. She is sincere, sensitive and kind. A sensual, graceful dancer. Katie can be a bit clumsy which she demonstrates when she often falls off of her high shoes so be ready to catch her. Has a flare for fashion. Is usually a homecoming queen. Has a passion for life! Intelligent and discerning. A person you can trust with your heart. Guys gravitate towards her. She is old fashioned and will not chase guys but lucky is the guy who pursues her and wins her heart. Loyalty is one of her many attributes. Katie has a huge capacity for love. Be kind and you will win her heart forever. BUT be warned IF you are a cheater, a player, mean, hurtful, dishonest, rude or inattentive you will distroy her love for you. If you are ever lucky enough to have a Katie in your life then you have found a rare treasure. Cherish each and every moment with her like it is your last.
I love that sweetheart Katie.
by liveandlearn July 17, 2009
An absolutetly gorgeous person. Someone who is so amazingly beautiful its almost physically impossible.
That girl is so beautiful. She must be a katie.
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i want a girl like katie, one who can turn me on and tease me but do a good fuckin job at it ;) mmmbaby!
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The most beautiful, intelligent, wonderful girl. She is wiser beyond her years. Her frienship means the world to me. She had dreams greater than anyone and I believe she can achieve them all. She's to good for the boys. If you're not her friend, you're missing out!
there is noone who can compare to Katie.
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A happy, friendly person who likes to be around friends and gives lots of hugs
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by Mr. Milward Munki February 06, 2008
a supah fly chick with a crazy life,
usually enjoys parties.
usually enjoys parties.
damnn that girl is such a katie!
by hey girl February 06, 2008


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Using EVSPShortcutManager with Enterprise Vault and SharePoint
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Will the Clean Energy Jobs Bill Stabilize the Maryland Solar Market?
According to the latest Solar Jobs Census, Maryland ranks #12 in solar jobs nationally, with nearly 4,300 solar workers cross the state. 40,485 homes were powered by solar as of The Solar Foundation's latest report.
The growth of the Maryland solar market is largely due to the state's renewable portfolio standard (RPS), which has created a strong, stable market for solar renewable energy credits (SRECs). Unlike other SREC markets – such as Pennsylvania and New Jersey – which have been volatile, boom, and bust, Maryland has benefitted from consistent growth year-over-year and a stable market for SRECs. Moreover, high incentive levels in other "flashier" East Coast solar markets (e.g. Massachusetts, where we are offering $280/SREC for 5-year contracts in SREC I, $200 in SREC II) have historically led to relatively less representation by commercial and utility-scale solar developers in the state, again leading to a relatively stable supply-demand balance.
Maryland RPS = GOOD
The Maryland RPS has lived up to its promises. More than 1,000 solar jobs were added in Maryland last year alone. If market conditions stabilize (more on that below), solar employment will increase another 8.5% by the end of 2016, according to The Solar Foundation.
In addition to employment and solar deployment numbers that have come out of the Maryland RPS, it's becoming increasingly easier and more affordable for utilities and energy suppliers to meet solar requirements set forth by the RPS. That's because SREC prices, which utilities and energy suppliers must procure year-over-year to comply with the RPS, have steadily been declining.
The Maryland Solar Market is at Risk
Unfortunately, however, this stable growth is at risk. Since the start of 2016, SREC prices in Maryland have taken a nose dive from $160/SREC and are now approaching the sub-$100. Price declines will continue, as previously unattainable utility-scale projects – which had a December 31, 2016 deadline before the extension of the solar investment tax credit (ITC) – will now move forward, disrupting the SREC market's supply and demand balance. Moreover, the cost of solar has plummeted dramatically since the original passage of the RPS in 2004, and costs have continued to decline since its subsequent amendments. In fact, since 2010, the cost of a solar electric system has gone down by 70% according to the Sunshot Initiative. As costs of solar have come down, these goals need to be reevaluated to better reflect the growing demand for solar in the state.
Introducing the Maryland Clean Energy Jobs Bill
Currently, legislative action is pending to increase the Maryland RPS. HB 1106, also known as the Maryland Clean Energy Jobs Bill, calls for a modest increase in the solar carve-out provision with the RPS, pushing it from 2% by 2020 to 2.5% by 2020, and pushing the overall renewables requirement to 25% of electricity by 2025. This will essentially require more than 500MWdc of solar. This is an attainable RPS goal that the solar industry is expected to meet with ease. This slight increase in near-term demand for solar is offset by reduced Solar Alternative Compliance Payments (SACPs), which essentially act as a price ceiling for the SREC market. Moreover, this increase is modest in comparison to other states such as Oregon and California which recently passed 50% RPS bills. Maryland's neighbor, D.C., also proposed a 50% RPS last week.
Moreover, the Clean Energy Jobs Act of 2016 will support pre-apprenticeship, apprenticeship, and other workforce programs to establish career pathways within the renewable energy industry. (As a company that's been hiring constantly over the last several years, we'd appreciate being able to find more local talent with ease.)
Will the Clean Energy Jobs Bill Affect SREC Prices?
While the Clean Energy Jobs bill will not have a dramatic upward push on SREC prices, the bill's successful passage could possibly bring SREC prices back to where they were, closer to $120 for 2017, and to $85 for 2018. HB 1106 was heard in the Maryland House Economic Matters Committee on 3/3. Its corresponding bill in the Senate will be heard in committee today, Tuesday, March 8. Tell your state legislators that you want to see more solar in Maryland by doing by clicking on MDV-SEIA's Action Alert, or by calling your state legislator.
Sol Systems is a solar energy finance and investment firm. The company has facilitated financing for over 400MW of solar projects on behalf of Fortune 100 corporations, insurance companies, utilities, banks, family offices, and individuals. Sol Systems provides secure, sustainable investment opportunities to investor clients, and sophisticated project financing solutions to developers. The company's tailored financial services range from tax structured investments, project acquisition and SREC portfolio management. Inc. Magazine named Sol Systems on its annual Inc. 500 list of the nation's fastest-growing private companies for a second consecutive year, ranking it No. 6 in the nation's top solar companies in 2014. For more information, please visit www.solsystems.com.
3 Immediate Effects of the ITC Extension on the U.S. Solar Landscape
On December 18th, the U.S. House and Senate passed the Consolidated Appropriations Act of 2016, which included a multi-year extension of the solar investment tax credit (ITC). Now that we have another 5 years of ITC, here are three basics effects the extension will have on the U.S. solar landscape.
1) More [expensive] tax equity needed
Depending on who you ask (check out forecasts from UBS, GTM, and BNEF), solar capacity may increase by 30-50% over the next five to seven years, creating a strong, stable investment climate for solar assets. The added supply of solar (as well as the reinstatement of both MACRS and wind's production tax credit) projects will put tax equity investors in higher demand than ever, as we estimate that somewhere around $10 billion in solar tax equity will be needed annually, on average, over the next five to seven years. To put that in perspective, the solar tax equity market in 2015 was sized at approximately $6 billion. This increased demand for tax equity will have a positive effect on yields for these investors. For investors contemplating developing or expanding a tax equity platform, the time is now.
2) "New" markets
Before the extension of the ITC, we wrote about new markets that have emerged thanks to falling costs, PPA authorization, and other factors. The extension of the ITC will make it possible for solar to flourish in these new markets, as well as markets that have made a comeback, such as Pennsylvania – assuming each works out its respective localized challenges (e.g. net metering battles, property taxes in the Southeast, and PURPA challenges across the West).
3) SREC price decline in some markets
With the increase in supply made possible by the ITC extension, some SREC markets may experience downward pressure. Most notably, Maryland will see these effects as costs continue to come down and utility-scale projects become easier to build. On top of that, the solar requirement within the Renewable Portfolio Standard (RPS) is stagnant at 2% beginning in 2020. The combination will result in ample supply until 2020 and oversupply thereafter.
To protect yourself from SREC risk, Sol Systems offers long-term SREC contracts for as long as 15 years. Contact Kate Brandus at firstname.lastname@example.com for information on pricing.
Full Report Available
Are you an investor interested in a more in-depth analysis of the tax equity market under an extended ITC? Contact firstname.lastname@example.com to set-up a call with our team.
This is an excerpt from our January edition of SOURCE: the Sol Project Finance Journal, a monthly electronic newsletter analyzing the solar industry's latest trends based on our unique position in the solar financing space. To view the full Journal or subscribe, please e-mail firstname.lastname@example.com.
Sol Systems is a solar energy finance and investment firm. The company has facilitated financing for 410MW of solar projects on behalf of Fortune 100 corporations, insurance companies, utilities, banks, family offices, and individuals. Sol Systems provides secure, sustainable investment opportunities to investor clients, and sophisticated project financing solutions to developers. The company's tailored financial services range from tax structured investments and project acquisition, to debt financing and SREC portfolio management. Inc. Magazine named Sol Systems on its annual Inc. 500 list of the nation's fastest-growing private companies for a second consecutive year, ranking it No. 6 in the nation's top solar companies in 2014. For more information, please visit www.solsystems.com
Approaching the Tax Credit Horizon: Where Will Commercial Solar Succeed in 2017?
This post was co-authored by Sol Systems Portfolio Analyst Eric Scheier and originally published by Greentech Media.
Last year, solar installations in the U.S. commercial sector fell by 6 percent. The market is expected to bounce back in 2015, but there are still many challenges in financing and aggregating commercial-scale projects.
Sol Systems has focused heavily on financing commercial-scale solar, with the same kinds of success and bruises as others. This focus mirrors a broader philosophy of ours: solving complex problems to deliver value to both investors and developers in the United States.
As such, we're quite focused on understanding how the planned federal Investment Tax Credit (ITC) step-down from 30 percent to 10 percent will impact this market segment. It is a topic we've explored in the past in our two-part series "Peering Over the Horizon," in which we discussed the continued decline in the cost of capital and the impact of the step-down in the ITC.
This article builds on that work, as well as recent reports from Morgan Stanley and a recent LCOE analysis from Lazard. We believe all of these articles are critical reading, as they provide a framework to analyze the industry. Our research reaches different conclusions because it is designed to serve our investor and developer partners, and because we disagree with previous assumptions about SREC prices, build costs and the cost of capital.
Investor returns will tighten
Not surprisingly, the reduction in the ITC means an overall smaller "economic pie" that can be split between solar developers, the EPC, the financier and the host customer. Assuming turnkey costs do not change, the ITC step-down correlates to a 3 percent to 5 percent unlevered post-tax return for the investor that is purchasing a project. This means that an investor that used to be securing a 9 percent return on their investment in a commercial project would receive a 4 percent to 6 percent IRR, if turnkey prices did not change.
Structured transactions like a flip or lease-pass-through will either scale in size (portfolio sizes will need to increase to support the same investment) or disappear. Further, structured transactions will have a reduced impact on overall implicit IRR (these structures can effectively reduce IRR by 1 to 300 basis points in certain markets currently). Given this combination, we believe that there will be more tax-advantaged capital (like utility affiliate funds) buying solar projects.
This analysis can be illustrated through a "heat graph" comparing costs of capital, PPA rates and build costs. We originally provided this graph in 2014 and have updated it below. The reader can use his or her own assumptions to arrive at a conclusion. (Click to enlarge.)
The industry has matured to a point where investors are bidding on commercial projects within a 150-basis-point differential, generally between 8 percent and 9.5 percent. If build costs are not reduced from an all-in price of $2.09 per watt, as SolarCity recently accounted, investors will need to be comfortable with a 5 percent to 6 percent return for many commercial projects. That will not happen in the next 18 months. Instead, our industry needs to focus its energies on increasing build and development efficiency.
Build costs will come down
Sol Systems' research team has run what we term our "Sol Map Analysis" to look at required build costs on a state-by-state basis, and to provide a national snapshot that summarizes the planned 2017 step-down.
This analysis runs a specific project through each state model simultaneously, calculating differences in taxes, average commercial retail electricity, SREC monetization, production tax credits, etc., to determine the break-even build costs for that state. In each iteration, we assume that the PPA is 90 percent of the expected retail electricity rate, a savings of 10 percent for the customer. Our model utilizes proprietary forward SREC curves based on those we see in the market.
We contemplate a tax-efficient buyer acquiring these projects. Structured transactions are slightly more efficient, generally lowering the overall effective cost of capital 100 to 300 basis points for projects depending on state incentives and electricity prices.
We ran four different scenarios in our model, with the worst-case scenario representing an 8 percent cost of capital, and the best case 6 percent. We do not make assumptions about build costs, but instead offer a state-by-state break-even build cost based on a stated investor hurdle rate and the average commercial retail electricity rate for the state.
We use EIA retail electricity rates, which, critically, do not include a consideration of demand / energy split in any given state. We have excluded Alaska, Hawaii and the District of Columbia from these charts, but those regions are on the extremes, one would expect, in all scenarios.
Similarly, we have excluded states where power-purchase agreements (PPAs) are either illegal or unproven, according to DSIRE. Finally, we measure addressable market by load, and not by available space or other technical limitations. These market sizes are most helpful for comparison purposes.
Mapping the future: 2015 commercial market
Build costs: $2.10
Cost of capital: 8 percent
ITC: 30 percent
Approximate addressable market: 258 gigawatts
Utilizing relatively conservative cost of capital estimates of 8 percent, the United States looks like a relatively attractive place for commercial solar. Developers can build solar at a realistic price and commercial customers can save.
It is a challenging market, but one in which a properly aligned developer can succeed. We utilize best-in-class build costs of $2.10, which is aggressive but realistic for larger commercial systems. We believe that an 8 percent hurdle rate is realistic for larger systems. With these assumptions, the addressable commercial market in the United States is 258 gigawatts in our state-by-state analysis.
2017 Aggressive scenario: 30% ITC with declining costs of capital and build costs
Build costs: $1.80
Cost of capital: 6 percent
ITC: 30 percent
Approximate addressable market: 437 gigawatts
In the best-case scenario, we assume that the commercial segment will secure acquisition capital at a 6 percent IRR for the investor, and that the 30 percent ITC will not change. We also assume that build costs are reduced dramatically in the next 18 months to $1.80, from $2.10.
This could happen as the industry expands and investors become increasingly comfortable with the asset class, but this is a full 200 basis points below where investors are buying large commercial projects today. Structured portfolios would be most likely to achieve this hurdle for investors.
If the industry can adjust this quickly, reducing both the build costs and also the cost of capital for commercial projects — and the ITC does not step down — the addressable market explodes in 2017 to 437 gigawatts, or almost a doubling of market size. Texas, Arizona and New Mexico, all relatively modest markets at the moment, become critical new commercial solar markets.
2017 positive case: 10% ITC, aggressive drop in cost of capital and declining build costs
Build Costs: $1.90
Cost of Capital: 6 percent
ITC: 10 percent
Approximate Addressable Market: 239 gigawatts
A potential (but optimistic) scenario, would include the step-down to 10 percent in the ITC, and a less aggressive reduction in cost of capital and build costs. In that scenario, we see the commercial addressable market shrink from 258 gigawatts to 239 gigawatts, a small decrease of 7 percent.
We would note that this is an aggressive drop in the cost of capital of 200 basis points, but a fairly realistic build cost as developers scale and equipment costs come down. In this scenario, markets remain fairly stable, with a reduction in penetration.
2017 base case: 10% ITC, declining cost of capital and declining build costs
Build costs: $1.90
Cost of capital: 7 percent
ITC: 10 percent
Approximate addressable market: 138 gigawatts
Unless there is a policy bridge to extend the ITC, we think this is the realistic scenario for commercial solar. In this scenario, the cost of capital naturally declines as project economics become less reliant on tax benefits. There is also slight decline of capital, and together they lead to a weighted average cost of capital for these systems of 7 percent. There is also a continued drop in solar build costs based on scale and technology.
As a result, we see a decline in the addressable market from 258 gigawatts to 138 gigawatts, a 47 percent reduction in the market. The commercial segment retreats to core markets, including California, the Northeast, and the Mid-Atlantic.
2017 worst case: 10% ITC, no decline in cost of capital and slight build-cost drop
Build Costs: $1.90
Cost of Capital: 7.5 percent
ITC: 10 percent
Approximate Addressable Market: 138 gigawatts
Finally, the worst case scenario is a market in which the ITC steps down to 10 percent and investment hurdles do not change. In that case, the commercial segment survives in a much smaller pool of states, primarily driven by high electricity prices and SRECs.
We should extend the 30% ITC
As we approach the expiration of the ITC, we are able to more accurately predict the impact that it will have on the solar industry, and where the industry needs to improve in order to survive. When asked, many solar executives maintain that they are not worried about the expiration of the ITC, and even go so far as to say that it would be good for the industry. We disagree.
The "good for the industry" hypothesis is premised upon the assumptions that 1) there will be more cash to lever, and 2) there will be lower transaction costs. We won't argue either of those points.
However, a drop in the blended cost of capital for a project from 8 percent with a 30 percent ITC to even 5 percent with a 10 percent ITC does not yield a higher, or equal, takeout price for the developer, regardless of transaction costs. Nor does it produce a better structured return for a tax equity investor or sponsor. We encourage those of you who think otherwise to model an actual project with whatever aggressive debt terms you can imagine.
We point out that the original reasoning behind the 30 percent ITC also still holds true — it offers solar operators a rough approximation of the tremendous tax benefit offered to fossil operators, who simply write off their fuel as an expense.
Fewer markets, but large markets
The good news is that while only a limited number of states will be attractive for developers looking to do commercial solar, those states represent a disproportionate part of the addressable market. Based on current state electricity rates, and current estimated build costs, we estimate the current addressable U.S. market for commercial solar to be 200-300 gigawatts.
With the ITC step-down, and with decreasing build costs, that market is likely to shrink to between 150 and 250 gigawatts (which, it is worth noting, may not be a shrinkage at all). The heat chart below provides some useful parameters for that analysis.
While there may be a reduction in the current market, we estimate that reduction to be around 20 percent to 35 percent, not a wholesale destruction. We make a number of conservative assumptions about state incentives and the viability of PPAs that will probably be revised in favor of solar over time.
Additionally, as overall construction and development costs come down because of scale and technological development, and as storage technologies enable solar to viably attack demand as opposed to merely energy charges, dormant state markets will re-emerge. Finally, the addressable market will expand even further as industry participants like ourselves become better at evaluating "off-credit" hosts.
It is clear from this analysis and others that all market participants hold the future of the industry in their hands: smart investors will become more comfortable with the asset class, sophisticated financiers will lower transaction costs, developers and EPCs will streamline their processes, and suppliers will continue to drive down input costs.
We say "will" because the commercial market has such enormous untapped potential: the industry has installed fewer than 10 gigawatts of the hundreds that the market may be able to support. We fully anticipate that the commercial market will be a large part of the solar future.
Sol Systems is a solar energy finance and investment firm. The company has facilitated financing for 262MW of distributed generation solar projects on behalf of Fortune 100 corporations, insurance companies, utilities, banks, family offices, and individuals. Sol Systems provides secure, sustainable investment opportunities to investor clients, and sophisticated project financing solutions to developers. The company's tailored financial services range from tax structured investments and project acquisition, to debt financing and SREC portfolio management. For more information, please visit www.solsystems.com.
SOURCE: The Sol Project Finance Journal, June 2015
SOURCE is a monthly solar project finance journal that our team distributes to our network of clients and solar stakeholders. Our newsletter contains solar statistics from current real-life solar projects, trends, and observations gained through monthly interviews with our solar project finance team, and it incorporates news from a variety of industry resources.
Below, we have included excerpts from the June 2015 edition. To receive future Journals, please email email@example.com.
The following statistics represent some high-quality solar projects and portfolios that we are actively reviewing for investment.
- *Our all-in price statistics exclude projects from Ontario, Hawaii, the U.S. Virgin Islands, and Puerto Rico where all-in prices remain over $3.50/W.
California: Because you know it's all about that rate, 'bout that rate… The gold rush is here. Already, 184MW out of the eligible 400MW have been filled for Southern California Edison's (SCE) Option R rate. Remember, Option R allows developers to better pitch ROI to hosts by focusing on Time of Use (TOU) rate charges instead of demand charges. Get it while you can; we expect the remaining 200MW+ to fill up quickly. Meanwhile, Pacific Gas and Electric's (PG&E) Option R became available on June 1; look for that to open the market for commercial solar projects in PG&E territory. Unlike Option R in SCE territory, PG&E's has no cap on the number of customers or megawatts.
New Jersey: We are consistently surprised by the lack of commercial-scale pipeline coming out of New Jersey. Perhaps many hosts are opting for cash purchases instead of third-party financed deals. Or perhaps developers look at the $225 SREC prices of today and long for the $600/mWh pricing from yesteryear. Maybe more third-party financed deals going to leases? We're stumped; you tell us. Meanwhile, the Garden State seems particularly primed for merchant opportunities.
Rhode Island: Unfazed after falling slightly short of its goal to procure 40MW of renewable energy by 2014, the Ocean State upped the ante with an even more ambitious goal: 25MW of renewable energy for 2015, increasing to 40MW each year for 2016-2018. Applications for small-scale solar (<25kW) opened up on June 15, while applications for projects 26kW – 5MW will be accepted between August 3 and 14. Take note, highly creditworthy utility off-take and above-market rates in this state will continue to appeal to investors. We strongly suggest this market for Northeastern developers, especially as Massachusetts remains stalled, and New York has fallen short of expectations. There's much to consider for this state that runs only 48 miles long and 37 miles wide.
- Ready, set, go! Bids for 15-year Connecticut ZREC contracts are due on June 18th at 1pm. We expect for LREC and ZREC pricing to ultimately get closer to the price of Class I RECs.
- Residual value is a hot topic among financiers who realize that they must take into account the value of the asset once the PPA expires in order to maintain their competitive edge over the other sources of capital flooding the space. How does Emilio Estevez feel about this?
- This is your monthly reminder that Maryland is the best market where nobody else is doing business. Hint, hint.
- Watch for the Illinois solar market to pop now that its first SREC procurement deadline has passed. Subsequent rounds will take place in November 2015 and March 2016. Meanwhile, pending legislation pushes for a longer term, more robust solar market in the Land of Lincoln.
- Vermont has been gaining traction among developers for its high electricity prices, SPEED program, and Green Mountain Power's solar adder for projects under 500kW AC. The challenge with the Green Mountain Power program, however, is that its floating rate PPA structure spells out risk to many investors. To increase the likelihood that these deals are financed, put a floor in the PPA to make the investor more comfortable with underwriting the deal.
- The latest Solar Market Insight report showed that residential and utility-scale solar each added more capacity than the natural gas industry brought online in Q1 2015.
- The verdict is still out on Massachusetts net metering, though many in the industry are cautiously optimistic that a solution will be put in place to keep the industry going until the end of 2016. Support is strong in the state senate, while the support from state house of representatives is questionable. In the meantime, developers should look into NSTAR territory.
- According to the International Monetary Fund (IMF), 6.5% of 2015 global GDP – or approximately $5.3 trillion – will subsidize fossil fuel use. Hopefully that will put the solar-haters to rest.
- Got a project in PJM territory that wouldn't mind a little cash flow boost? Sol Systems is offering compelling SREC contract to projects in PJM territory; some North Carolina, Illinois, Indiana, and even Virginia projects are eligible. Contact email@example.com for more information.
Sol Systems is a solar energy finance and investment firm. The company has facilitated financing for 200MW solar projects on behalf of Fortune 100 corporations, insurance companies, utilities, banks, family offices, and individuals. Sol Systems provides secure, sustainable investment opportunities to investor clients, and sophisticated project financing solutions to developers. The company's tailored financial services range from tax structured investments and project acquisition, to debt financing and SREC portfolio management. Inc. Magazine named Sol Systems on its annual Inc. 500 list of the nation's fastest-growing private companies for a second consecutive year, ranking it No. 6 in the nation's top solar companies in 2014. For more information, please visit www.solsystems.com.
Massachusetts Updates 2016 Managed Growth Allocation, Developers Still on Edge
Massachusetts solar developers breathed a sigh of relief after last week's announcement.
After the initial August 26th announcement that the 2016 Managed Growth Capacity Block would be 0MW, the Massachusetts Department of Energy Resources (DOER) opened a public comment period. As expected, solar stakeholders expressed their concern over the 2016 allocation, citing that the DOER had projected overly ambitious growth in Market Sectors A-C. In response to these comments, DOER adjusted the 2016 Managed Growth Capacity Block allocation from 0MW to 20MW .
What is Managed Growth in Massachusetts?
The Massachusetts SREC-II Program, initiated in April, creates differentiated financial incentives for each market sector ("SREC Factor") to level the playing field. This program makes smaller solar projects more competitive compared to larger ones by ideally giving financial preference to residential and rooftop projects (a higher SREC Factor close to 1.0) and providing less support for larger projects (ground mount, landfill or brownfield projects less than 650kW.) Previously, this program allocated 26MW and 81MW for the Managed Growth sector in 2014 and 2015 respectively. As the legislation mandates, the reconsideration and final decision of the 2016 Managed Growth Capacity Block came from the following formula:
Sol Systems Completes the Massachusetts Solar Market's First SREC II Transaction
Sol Systems is pleased to be the first to close a transaction in solar renewable energy credit (SREC) II, the newest iteration of the Massachusetts solar market. Under this agreement, Sol Systems will provide solar project financing via a prepaid SREC contract to EthoSolar, an Ontario-based solar power provider with over 600 systems installed in North America, for a 150 kilowatt (kW) solar energy project.
This landmark deal is the first prepaid SREC contract in the nascent Massachusetts SREC-II market, which will be promulgated on April 25. Sol Systems provided a Sol Upfront contract, issuing pre-payment to EthoSolar's client for generation of SRECs in 2014 and 2015; this capital was key in pushing the project over the finish line in light of a tight deadline.
"Combining an upfront sale of a percentage of SRECS with other traditional and nontraditional solutions allowed us to negotiate an attractive financing solution from a local bank that has our client in the black from day one on this project. Sol Systems brought creativity and value that was outside the box," said Ethan DeSota of EthoSolar.
Massachusetts Finalizes SREC-II Program: Here's What You Can Expect
On April 11th, the Massachusetts Department of Energy Resources (DOER) announced that they have officially filed the final revisions for the SREC-II program with the Secretary of State's office. These final revisions will go into effect on April 25, 2014 once the rules have been promulgated.
To qualify for SREC-I, all systems less than 100 kW must both submit an application and demonstrate that they have been authorized to interconnect by April 25th. For systems larger than 100 kW, projects may receive an extension beyond June 30, 2014 only if the project can demonstrate that interconnection depends only on receipt of authorization to interconnect and such receipt is delayed only by the local distribution company or due to remaining steps required by other parties for safe and reliable interconnection. In addition, the DOER announced that they will be using a new online registration platform for all SREC II applications. This new platform and application process will be made available to the public on May 6th.
Sol Systems Speaks at Solar Power Finance and Investment Summit in San Diego
Sol Systems' CEO Yuri Horwitz, CFO George Ashton, and other members of the team traveled to the Solar Power Finance and Investment Summit in San Diego, California this week. As experts in solar project finance, both of Sol Systems' co-founders spoke at this conference: George spoke on a panel on matching developer desires with their financing needs, and Yuri spoke on project economic viability and deal structuring, especially as they are related to tax equity investment. Yuri also spoke on project underwriting.
To date, Sol Systems has facilitated financing for approximately 85 MW of solar energy projects through its tax equity, debt, take-out financing, and SREC portfolio management services. To meet with Sol Systems at a future conference, please visit our events page.
Why the New Jersey Solar Market Just Got Hot Again
New Jersey has long been a cautionary tale of the boom and bust cycles of solar renewable energy credit (SREC) programs. In 2009, New Jersey's SREC values were close to $700 per megawatt hour. Then, in fall 2012, prices dipped to the $70 mark, demonstrating the true volatility of SREC markets. However, a recent rebound in SREC prices offers owners several profitable ways to profit from their SRECs.
After a lull period, the New Jersey SREC prices have ticked up once again. No, they are not back at $700 (and likely will never be again). However, we have traded as high as a healthy $170 per SREC in the last month on behalf of our SREC portfolio management clients.
New Jersey's PSE&G's Second Solar Loan III Solicitation is Coming. Here's What You Need to Know.
The Public Service Electric and Gas Company of New Jersey (PSE&G) will begin accepting applications in less than a month, on February 25, for its Solar Loan program. While no major changes have occurred since the first solicitation late last year, data is now available on pricing from the first round of applications and awards.
The first solicitation of New Jersey's PSE&G Solar Loan III program began last year and closed the period on November 12th, 2013. The program provides loans that make up significant portions of project construction costs (see an example here). The loans can be repaid through SRECs, with payment plans set at the closing of the loan. Cash can also be used to pay in case of low production. Once the loan has been paid in full, any SRECs produced thereafter belong to the owner of the system. The following capacities are available per each program segment:
Sol Systems Welcomes Bridget Callahan
Sol Systems is continuing to expand to accommodate its rapid business growth. This week, Sol Systems is proud to announce the arrival of our new SREC Operations Analyst, Bridget. Welcome to the team, Bridget.
Bridget Callahan joins Sol Systems after graduating from the University of Michigan. Prior to joining Sol Systems, Ms. Callahan worked with the State of Michigan, as well as with several environmental non-profit organizations. As SREC Operations Analyst, Ms. Callahan answers inquiries for Sol Systems' 4,000 person customer network, manages customer meter readings and production monitoring, conducts policy research and analysis, and interacts with the various public utilities commissions for SREC registrations. She holds a Bachelor in Arts in Public Policy from the Gerald R. Ford School of Public Policy, with a concentration in environmental policy.
At Sol Systems, our biggest asset is our team, and we will continue to hire sharp, passionate team members. We are currently hiring for a Controller. To learn more about careers with Sol Systems, please visit our careers page.
Updates to the Massachusetts 400-MW Solar Carve Out Program that You Didn't Hear at the June Stakeholder Meeting
In the excitement of the recent stakeholder meeting that the Massachusetts Department of Energy Resources (DOER) held on June 7, which focused on the emergency regulation to address the over-subscription of the 400-MW solar carve-out program and the proposed policy for the post-400 MW program, some important updates to the current 400-MW program have not received due attention. As of June 7, 2013, the proposed changes to the 225 CMR 14.00 regulation went into effect, with no changes made to the red line version that the DOER proposed to the House at the end of April. Here, we summarize some of the most pertinent changes relevant to solar developers and investors who operate in the Massachusetts market.
Adjustment to the Rules of the Solar Credit Clearinghouse Auction
The updated regulation now states that "Any entity that owns Solar Carve-Out Renewable Attributes is eligible to make deposits" of SRECs into the annual July auction run by the DOER. Previously, the DOER restricted the type of entity who could deposit SRECs to only system owners or operators; essentially, unless you were the first entity to receive the SREC into your NEPOOL account following generation, you were excluded from the auction. Now, you simply must have possession of an SREC in your NEPOOL account to participate in the auction. This change will open the auction up to a much larger number of participants, and may result in a greater number of SRECs being deposited into the auction. The 2013 auction has been closed to further deposits, and will begin with the first round on Friday, July 26th.
Prior to the revisions to the regulation, market participants generally understood that any SRECs that do not clear in the first, second, or third rounds of the auction and thus re-mint with a 3-year shelf life are not eligible to be placed into future years' auctions. The DOER has inserted a clause into the regulation that explicitly states this rule, which was not formally included prior to the revision.
10-Year Opt-In Term for the 400 MW Program
The revised regulation removes the control mechanism previously in place for the length of the Opt-In Term. Before this change, the DOER was mandated to reduce or increase the original Opt-In Term set at 40 quarters in 2010, as follows:
- Each time the number of SRECs deposited into the annual auction reached 10 percent of the current year's compliance obligation, the Opt-In Term assigned to projects that qualified for the 400-MW carve-out program following the annual announcement at the end of July would be reduced by four quarters
- Each time the amount of compliance obligation met with ACP payments reached 10 percent of the current year's compliance obligation, the Opt-In Term assigned to projects that qualified for the 400-MW carve-out program following the annual announcement at the end of July would be increased by four quarters
In addition, the regulation set bands around this mechanism; the Opt-In Term could not be reduced by more than eight quarters in any given year, and for 2010-2016 there was a minimum Opt-In Term of five years.
The revised regulation fixes the Opt-In Term to 40 quarters (10 years), for all projects, regardless of whether they come online during a period of oversupply or under supply in the market. This is good news for commercial project developers and financiers, and for homeowners, as it removes the difficulty of trying to predict when a reduction in the Opt-In Term may occur, the result of which would be decreased revenue and a longer payback timeline on the system.
Increase to the SREC Demand in 2013
The DOER has increased the Total Compliance Obligation for the 2013 compliance year, from 135,495 MWh, or SRECs, to 189,297 MWh/SRECs. The increase is thanks to the removal of the component of the compliance obligation formula that subtracted the MWh volume of compliance met with ACP payments from two years prior. This adjustment exemplifies the DOER's commitment to supporting SREC prices; however, even with this increase the market will be oversupplied in 2013 due to the substantial acceleration of solar installation in Massachusetts in 2012 and the first quarter of 2013.
Timeline and Queue for Applications to Get Into the Second Solar Carve-Out Program
The regulation has been revised to begin to handle the transition between the first and second solar carve-out programs. The DOER has created a new concept, the Assurance of Qualification, which will in a way act as a soft Statement of Qualification until the rules for applying into the second program are drafted, approved, and implemented. In other words, projects that do not qualify for the first program, assuming they meet the requirements specified in the regulation and in the Assurance of Qualification Guidelines, will be given assurance by the DOER that they will be eligible to produce SRECs in the second program.
In order to encourage complete and accurate applications, the DOER will introduce a new timeline for the expiration of a Statement of Qualification issued to a project. The details have not been finalized, but are expected to be released in the final version of the Assurance of Qualification Guidelines.
A Lot of DOER Tinkering but Progress in the MA Solar Market
Each of these changes will help to provide clarity for the market in the coming years, for both the current program and the post-400 MW program. The proposed policy for the second solar carve-out program, although not finalized, has hopefully provided comfort, if not certainty, to developers and project owners on how to apply and become qualified for the next program, so that they can continue to develop projects with confidence.
About Sol Systems
Sol Systems is a boutique financial services firm that offers investor clients direct access to the renewable energy asset class and provides developers with sophisticated project financing solutions. Founded in 2008, Sol Systems focuses on meeting the most critical needs of the industry, including SREC monetization, capital placement, tax equity, and New Market Tax Credits. To date, the company has arranged financing for thousands of projects and facilitated hundreds of millions in investment on behalf of Fortune 100 companies, private equity, family offices and individuals.
For more information, please visit www.solsystemscompany.com.
Legislation Introduced in 2013 to Increase the Pennsylvania Solar Carve-Out
On February 25, 2013, Representative Greg Vitali introduced House Bill (HB) 100 to the Pennsylvania House of Representatives, legislation that would amend the Pennsylvania Alternative Energy Portfolio Standards. HB 100 was later referred to the House Environmental Resources and Energy Committee, and hearing has not yet been scheduled. If passed, HB 100 would take steps to revive the suffering PA SREC market. Similar legislation (HB 1580 and SB 1350) was introduced to the PA legislature in 2012; however, neither of these bills made significant progress in the General Assembly.
The original Pennsylvania Alternative Energy Portfolio Standards Act currently requires Pennsylvania's electric utilities to obtain eight percent of their power from renewable sources by 2021, and of that eight percent, 0.5 percent of their power must be generated by solar energy systems.
Future of Massachusetts Solar – After the 400 MW Program Cap
Investors, developers, SREC aggregators, and other stakeholders in the Massachusetts solar market gathered at the State House today for meetings relating to the state's RPS Solar Carve-Out Program. The Department of Energy Resources (DOER) sought public comment for two pivotal changes to the solar policy regime currently underway—the establishment of a post-400 MW solar program, and the ongoing rulemaking to address changes to regulation 225 CMR 14.00.
Policymakers noted the success of the Solar Carve-Out program in "aggressively growing solar installation and businesses in Massachusetts", pointing to the rapid pace at which the state has neared Governor Deval Patrick's goal of 250 megawatts of solar capacity by 2017. The latest DOER data from this month shows nearly 215 megawatts of solar capacity qualifying for the Solar Carve-Out Program, 195 megawatts of which is already operational. With this pace of growth, everyone is asking, "What will happen to incentives for solar development once current capacity meets the 400 megawatt cap of the Solar Carve-Out Program?"
Massachusetts DOER Announces Solar Policy Stakeholder Meetings
On February 22, the DOER announced their intent to actively develop policy to maintain the growth of the solar PV market in Massachusetts, beyond the 400 MW cap of the current RPS Solar Carve-Out. The DOER released a statement Wednesday, March 13 providing further notice to all stakeholders of two public meetings that will take place this Friday, March 22.
At a morning stakeholder meeting, the DOER will unveil the policy objectives and potential changes under consideration for a post-400 MW solar policy in Massachusetts. The meeting will give market participants a chance to provide comments ahead of any final decision on this key policy. A legislative public hearing will follow in the afternoon, to separately address the on-going rulemaking of the 225 CMR 14.00 regulation of the current Solar Carve-Out Program.
Community Solar Bill Reintroduced to the DC Council
In January, Councilmembers Alexander, Cheh, Bonds, Grosso, Barry and Wells co-introduced the Community Renewables Energy Act of 2013 (B20-0057).
The Community Renewables Energy Act of 2012 (B19-0715), the 2012 version of B20-0057, was originally circulated in early 2012. A hearing followed in the middle of June 2012, where Sol Systems Chief Business Officer, Sudha Gollapudi, testified in support of the legislation. The hearing resulted in a working group dedicated to finding an effective way to implement the community solar bill. The working group was unable to complete its work during last year's legislative session, and thus the bill was reintroduced in 2013.
The Community Renewables Energy Act of 2013 is almost identical to the 2012 version. Many DC residents are unable to use solar energy because they are renters, or they own a property that is not ideal for a solar installation. With these restrictions, a large portion of DC residents do not have the ability to participate in the solar industry. The legislation would allow for any and all DC residents to purchase a share in a community solar system located anywhere in DC and receive credit for solar electricity from that system to offset their own utility bill in the form of virtual net metering. This form of virtual net metering would allow for anyone to reap the energy benefits associated with owning a solar installation.
The re-introduction of this bill to the DC Council for the 2013 legislative session illustrates the Council's commitment to expanding access to solar for all DC residents. Furthermore, the passage of the Community Solar Act would help the District to achieve its aggressive solar carve-out requirements by installing a great capacity of solar.
Developers or investors interested in commercial scale project finance within the District should contact our project finance team at email@example.com. In addition to project financing services, Sol Systems currently offers three SREC solutions for photovoltaic and solar thermal systems located in the District: Sol Annuity, Sol Brokerage, and Sol Upfront. Please email email@example.com for more information.
Sol Systems will continue to track the progress of this bill. Please check out our blog for further updates.
About Sol Systems
Sol Systems is a boutique financial services firm that offers investor clients direct access to the renewable energy asset class and provides developers with sophisticated project financing solutions. Founded in 2008, Sol Systems focuses on meeting the most critical needs of the industry, including SREC monetization, capital placement, tax equity, and New Market Tax Credits. To date, the company has arranged financing for thousands of projects and facilitated hundreds of millions in investment on behalf of Fortune 100 companies, private equity, family offices and individuals.
PUCO Releases New Generation Start Date Eligibility
The Public Utilities Commission of Ohio (PUCO) recently ruled on changing the generation start date for all eligible renewable energy resource generating facilities submitted for approval to the PUCO in 2013. For all applications received after December 31, 2012, all facilities submitted to the PUCO for approval will have a generation start date of the date the application was filed with the PUCO.
Credit will not be given for generation that occurred before the date of the facility's application for certification as an eligible Ohio renewable energy resource generating facility. Facility owner's will be able to report generation from the date of application for Ohio's purposes, unless the facility is not yet online, in which case the facility owner can begin reporting from the in-service date.
Previously, solar facilities submitted to the PUCO for approval would receive a generation start date beginning on the date the application for the system was approved by the PUCO (which is 61 days after the date filed), or a facility could receive retroactive credit back to the date the facility began reporting so long as there was supporting documentation from a remote monitoring system. Solar facilities will no longer be able to submit remote monitoring information or documentation to the PUCO for retroactive credit.
This generation start date change will only affect facilities located in OH and adjacent states. Sol Systems has reviewed these generation start date changes and is making the necessary changes to our registration service to allow for timely registration of solar facilities to the PUCO. Please continue to follow our blog for any further updates to the registrations process.
About Sol Systems
Sol Systems is a solar finance firm and a leader in financial innovation in the renewable energy industry. Since its inception in 2008, Sol Systems has partnered with 350 solar installers and developers to bring over 3,000 solar projects from conception to completion by offering innovative financing solutions for residential, commercial, and utility-scale projects.
Sol Systems' financing programs catalyze investments for a broad set of solar projects by simplifying their origination, diligence, and financing processes. Developers seeking financing for solar projects can access over $2.5 billion in capital through the Sol Systems investor network.
In addition to providing financing, Sol Systems also offers project due diligence, deal structuring, and asset management services – all designed to reduce overhead and transaction costs and quicken project development timelines.
For more information, please visit www.solsystemscompany.com.
Sol Systems Issues Call for Solar Projects – New Project Finance Platform Now Has $400 Million in Available Funding
Sol Systems Issues Call for Solar Projects – New Project Finance Platform Now Has $400 Million in Available Funding
Washington, DC: September 14, 2011 – Less than two weeks after launch, Sol Systems is proud to announce that its new solar finance platform, SolMarket, has increased from $350 million in available investment dollars to $400 million. In addition, reception by solar installers and developers across the country has been overwhelmingly positive. SolMarket's network now includes over 180 companies and 300 users.
SolMarket is a financing platform that will catalyze investment in solar energy projects nationwide by transforming how solar projects are financed. SolMarket provides investors and developers with the tools they need to efficiently originate, evaluate, finance, and construct renewable energy projects. It provides a standardized origination platform, a document library, modeling software, and a standardized document suite. SolMarket will also offer developers group purchase discounts for solar modules and other equipment. There are no costs for developers to participate in SolMarket.
"We talk to hundreds of solar developers about prospective commercial and utility-scale projects, and unfortunately, many of these solar projects are never built due to an inability to efficiently locate financing," said Yuri Horwitz, CEO of Sol Systems. "We have created SolMarket to help drive efficiencies into the solar market and connect investors and developers effectively. SolMarket will reduce the cost of financing transactions and enhance the tempo of solar project development."
SolMarket is currently seeking projects ranging from 50 kW to multi-megawatts in size. Solar developers are encouraged to submit their projects prior to September 30th, when investors will get their first look at projects. Projects entered prior to this date increase their visibility and the likelihood of getting included in the investors' 2011 portfolios.
Sol Systems invites interested solar developers to attend a SolMarket webinar, hosted every Tuesday, Wednesday, and Thursday during the month of September at 2 pm EST. For more information, please email firstname.lastname@example.com or visit www.solmarket.com.
About Sol Systems
SolMarket is a wholly owned subsidiary of Sol Systems. Sol Systems is a Washington D.C. based solar finance firm, and the largest solar renewable energy credit (SREC) aggregator in the nation, with over 2,300 customers and over 20 MW of solar capacity under management. Through its SREC offerings, it has promoted the development of the solar market by providing long-term financing options for SRECs, facilitating over $100 million in solar development.
Ms. Sudha Gollapudi, Director of Strategic Partnerships
888-765-1115 x1
When is 1 MWh of solar electricity equal to 1 SREC?
Many definitions of solar renewable energy credits ("SRECs") say that an SREC is equivalent to one megawatt-hour (1,000 kilowatt hours) of electricity generated by a solar facility. While this is mostly true, it's not always the case that 1 MWh of solar = 1 SREC. In order for an SREC to be created (or "awarded"), the system must receive certification from the state where that SREC will ultimately be sold – and the system must be registered with the regional transmission organization, such as PJM GATS or NEPOOL GIS. These organizations are the entities that acknowledge solar electricity production of 1 MWH and award the system owner with 1 SREC.
In other words, if a solar energy system is not registered with at least one state and registered with PJM GATS or NEPOOL GIS, the system may produce solar electricity without producing any SRECs. This is important because if no SREC is created, no SREC can be sold.
To further complicate matters, each state has different rules about retroactive SRECs — or how far back SRECs can be awarded. In select situations, SRECs can be retroactively awarded years into the past, whereas other circumstances only allow SREC creation from the state's certification date forward.
Most often, systems are registered with the state in which they are located, but in certain circumstances, SRECs from one state may be sold into another state which has an open SREC policy and a higher price for SRECs. In cases where the SREC will be sold into a different state, the system must be registered in the state where the SREC will be sold.
In order to ensure that a solar energy system is producing SRECs, the system owner must complete various forms with one or more state agencies. This paperwork can be submitted by system owners themselves, or it may be done through the installer, or an SREC aggregator, such as Sol Systems — the nation's largest and oldest SREC aggregator.
Once a system is registered and producing SRECs, the SRECs can be sold to entities that are willing to buy them.
Why would anyone buy an SREC?
Some states in the U.S. have created Renewable Portfolio Standards (RPS) that require energy suppliers and utilities to produce a minimum amount of their energy from renewable energy sources. These pieces of state legislation essentially create a marketplace for renewable energy at a premium price and thus stimulate the development of renewable energy markets. Some Renewable Portfolio Standards have specific provisions that require a portion of the electricity to come from solar (a "solar carveout"), and these states typically have strong solar energy markets and robust SREC markets.
When faced with an RPS with a solar carve-out, utilities have three options: build solar power facilities and produce the solar energy themselves, purchase Solar Renewable Energy Certificates (SRECs) or pay a Solar Alternative Compliance Payment (SACP) – a set price for each Megawatt-hour (MWh) of renewable energy they fail to acquire.
SREC Prices
The price at which SRECs are sold is dependent on 3 market factors: supply, demand, and the level of the alternative compliance payment (ACP). Demand is driven by state RPS requirements and supply is driven by the number and size of individual solar energy systems which are certified to produce SRECs in a given state. In markets that are undersupplied, the ACP tends to set a ceiling price on the price of SRECs, so a state with a high ACP often leads to high SREC prices – at least until supply catches up to demand. Depending on the intersection of supply, demand, the level of the ACP, as well as the terms of the SREC contract – SREC prices can vary widely.
For more information about SRECs, please visit www.solsystemscompany.com.
NJ Solar Driven by SRECs (Even More than Before)
New Jersey has been the leading SREC market in the U.S for some time, but the phase-out of the REIP program and the introduction of the SREC Registration Program (SRP) mean that New Jersey's solar market is now truly driven by SRECs — and market growth appears to be quite robust.
Since the start of 2011, the New Jersey Clean Energy Program has:
• been receiving approximately 575 new applications per month
• been approving about 50 MW of SRP & REIP Applications per month
• seen an average of 16 MW of system completions per month.
The New Jersey Board of Public Utilities Board is proposing the re-adoption of some amendments to its Renewable Energy and Energy Efficiency rules at N.J.A.C. 14:8 (Chapter 8). These rules lay the groundwork for New Jersey's SREC program.
Some of the tenants and requirements of the Chapter 8 Readoption Proposal are summarized below for the convenience of our readers.
SREC Lifespan
An SREC associated with energy generated on or after July 1, 2010 shall be used to comply with RPS requirements for any one of the following three energy years:
• The energy year in which the underlying energy was generated
• Either of the two energy years immediately following the energy year in which the underlying energy was generated
An SREC based on energy generated before July 1, 2010 shall be used only to comply with the requirements of this subchapter for the energy year during which the underlying energy was generated, and/or the subsequent
energy year.
Once an SREC has been submitted for compliance, the SREC shall be permanently retired.
SREC Generation
In order to measure SREC generation, the Board or its designee shall accept either of the following measurement methods:
• Periodic readings of a meter that records megawatt-hour production of electrical energy. The readings may be taken or submitted by any person, but shall be verified by the Board or its designee, or
• For a solar electricity system with a capacity of less than 10 kilowatts, annual engineering estimates and/or monitoring protocols
SREC Registration Process
In order to qualify to produce SRECs, systems need to go through the SREC Registration Program (SRP) and be issued a New Jersey State Certification Number.
The SRP process requires:
• The submittal of an initial registration package- generally 10 business days after execution of the contract for purchase or installation (whichever comes first) of the photovoltaic panels to be used in the solar facility.
• Construction of the solar facility to not begin until after Board staff has issued a conditional registration for the facility.
• Construction of the solar facility to be completed and local code approval granted prior to the expiration of the conditional registration.
If the applicable submittal deadline is met, SRECs shall be usable for compliance with this chapter immediately upon the issuance of a New Jersey State Certification Number for the facility. However, if the applicable deadline is not met, any SRECs based on electricity generated by the solar facility shall not be usable for compliance with this chapter until 12 months after the solar facility has received authorization to energize in accordance with the Board's interconnection rules.
Registration of a solar electric generating facility requires completion of the following process:
1. The registrant shall submit an initial registration package to the Board.
2. If the initial registration package is incomplete or deficient, Board staff shall notify the registrant in writing of the deficiencies.
3. Once the registration package is complete, Board staff shall review the package to determine whether the solar facility meets the SREC eligibility requirements of this subchapter. If the facility does not meet these requirements, Board staff shall notify the registrant. The registrant shall revise the package and resubmit it within one year of this notice. Failure to resubmit within this time will result in cancellation of the registration process, in which case a complete new registration process shall be required for the solar facility to obtain a New Jersey State Certification Number.
4. If the solar facility as described in the initial registration package meets SREC eligibility requirements, Board staff shall issue notice to the registrant of a conditional registration for the facility. The notice of the conditional registration shall:
• State that, if the solar facility is constructed as described in the initial registration package, Board staff will issue a New Jersey State certification Number for the solar facility upon construction completion and inspection; and
• Include an expiration date 12 months after the date of the notice
5. After issuance of the notice of conditional registration, construction of the solar facility as described in the initial registration package may begin. Construction of the solar electric generating facility shall be completed prior to expiration of the conditional registration.
The registrant may request one extension prior to the expiration of the conditional registration, and shall include an updated schedule for completion. Board staff may authorize one extension for the project on a case-by-case basis, based on the likelihood of timely and successful completion of the solar facility. If the conditional registration or extension expires before construction is complete, the registrant shall begin the entire registration process again by submitting an initial registration package and the Board staff shall treat the new registration package as if it were a first-time submittal.
The application will require the following:
• Information identifying and describing the owner, host location, builder/installer and operator of the solar electric generating facility
• Basic information describing the solar facility, including its capacity, manufacturer and expected output
• A technical worksheet detailing the technical specifications of the solar facility
• A construction schedule for completing the solar facility, including significant milestones;
• A signed contract or other binding legal document between the owner and installer of the solar facility
• Basic information regarding the cost of equipment and installation
• A site map of the land upon which the generating facility will be located
• Any other data or information necessary for Board staff to determine whether the solar electric generation will meet the requirements for SRECs.
When construction of the solar electric generating facility is complete, the facility owner (or installer) shall submit a post-construction certification and request an inspection or inspection waiver from the Board staff.
A post-construction certification package would include the following:
• A copy of the conditional registration notice issued by the Board
• A final "as built" technical worksheet, detailing the technical specifications of the completed solar electric generating facility, including any changes from the technical worksheet submitted as part of the initial registration package
• Digital photographs of the site and the completed solar facility
• A shading analysis
• An estimate of the electricity production of the solar facility
• Documentation of compliance with all applicable Federal, State and local law, including eligibility for any tax incentives or other government benefits, where applicable.
The facility owner (or installer) should supply a copy of the initial application to interconnect the facility to the distribution and transmission system, as well as the EDC or PJM approval to interconnect and energize the facility; and a statement that an inspection of the solar facility, or an inspection waiver, has been requested through the Board's NJCEP website, and the date of the request.
After receiving the inspection request and complete final documentation required, Board staff will conduct an inspection or notify the registrant that no inspection is required (waiver).
If no inspection is required, or if the inspection indicates that the solar electric generating facility has been constructed in accordance with the conditional registration, and/or any Board-authorized changes, Board staff shall assign a New Jersey State Certification Number to the solar facility for use in obtaining SRECs from PJM-EIS GATS.
If, after submittal of an initial registration package, an increase or decrease of more than 10 percent in the solar electric generating facility's generating capacity is planned, the registrant shall notify Board staff by e-mail
Interconnection Review (for systems under 10 KW)
Once a customer-generator has met the level 1 interconnection, the EDC shall notify the customer-generator in writing that the customer-generator is authorized to energize the customer-generator facility, as follows:
• The EDC shall send the authorization to the e-mail address, and to the U.S. Postal Service mailing address that is listed on the customer generator's submitted interconnection application form; and
• The EDC shall not condition the authorization to energize on the EDC's replacement of the customer-generator's meter.
An applicant shall submit an application Interconnection Application/Agreement Form for level 1 interconnection review.
If a customer-generator facility meets all of the applicable criteria above, the EDC notifies the customer-generator under that the facility will be approved, the EDC shall, within three business days after sending the notice of approval do both of the following:
• Notify the applicant by e-mail or other writing of whether an EDC inspection of the customer-generator facility for compliance with this subchapter is required prior to energizing the facility or that the EDC waives inspection; and
• Return to the applicant a level 1 interconnection agreement, unless: Part 1 of the original application, signed by the appropriate EDC representative.
The EDC does not require an interconnection agreement for customer generator facilities that qualify for level 1 interconnection review; or
The applicant has already submitted such an agreement with its application for interconnection.
An applicant that receives an interconnection agreement shall execute the agreement and return it to the EDC. If the EDC requires an inspection of the customer-generator facility, the EDC shall promptly complete the inspection and the applicant shall not begin operating the facility until completion of the inspection.
Upon receipt of the executed interconnection agreement from the customer generator and satisfactory completion of an inspection, if required, the EDC shall notify the customer-generator in writing that the interconnection is approved, conditioned on approval by the electrical code officials with jurisdiction over the interconnection.
If an EDC does not notify a level 1 applicant in writing or by e-mail whether the interconnection is approved or denied within 20 business days after the receipt of an application, the interconnection shall be deemed approved. The 20 days shall begin on the date that the EDC sends the written or e-mail notice or application receipt required.
A customer-generator shall notify the EDC of the anticipated start date for operation of the customer-generator facility at least five days prior to starting operation, either through the submittal of the interconnection agreement or in a separate notice.
Once an applicant receives Part 1 of the application with the EDC signature, and has installed and interconnected the customer generator facility, the applicant shall obtain approval of the facility by the appropriate construction official.
The customer-generator shall submit documentation of the construction official's approval to the EDC, along with a copy of Part 2 of the application, signed by the customer-generator.
If inspection of the customer-generator facility was waived, the EDC shall, within five business days after receiving the submittal required under above, notify the customer-generator of authorization to energize the facility. The notice to the customer-generator shall be provided in the format required.
If inspection of the customer-generator facility was not waived, the following process shall apply:
• The customer-generator shall submit the construction official's approval and signed Part 2, and inform the EDC that the customer-generator facility is ready for EDC inspection
• Within three business days after the customer-generator notifies the EDC that the facility is ready for inspection, the EDC shall offer the customer-generator two or more available four-hour inspection appointments.
• The appointments offered shall be no later than 10 business days after the EDC offers the appointments (that is, within 13 business days after the customer-generator submittal.
• The customer-generator shall notify the EDC which of the offered inspection times the customer-generator prefers, or shall arrange another time by mutual agreement with the EDC.
• Within five business days after successful completion of the EDC inspection, the EDC shall notify the customer-generator that it is authorized to energize the facility.
The official version of the Chapter 8 rules was published in the New Jersey Register on May 2, 2011.
About Sol Systems:
Sol Systems is a solar energy finance and development firm that was built on the principle that solar energy should be an economically viable energy solution. With thousands of customers and hundreds of partners throughout the United States, Sol Systems is the largest and oldest SREC aggregator. We provide homeowners, businesses, solar installers, and developers with sophisticated financing solutions that help make solar energy more affordable. Sol Systems also helps energy suppliers and utilities manage and meet their solar RPS requirements efficiently by providing them with access to diverse portfolios of SRECs. For more information, please visit www.solsystemscompany.com.


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Publisher's Description+
What's new in this version:
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- Match play multiplayer mode
- New course selection screen
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- New in-game scorecard (Lite)
- Fixed iCloud backup overwriting newly purchased items
- Improved water reflection resolution
- Requires iOS 7.0+ (iOS)
- Improved pi... See all new features »


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Miller Paneling Specialties was founded in 1984 in Southern California by John Miller who had a desire to be the best in the industry. With hard work and a dedication to taking care of customers, Miller Paneling Specialties is an industry leader in FRP and interior wall systems from coast to coast. With offices in Northern and Southern California to service the western United States, and offices in the Washington, DC and Florida to service the eastern United States, no project is too far or too complex.
The main industries we focus on are restaurants, educational facilities, health care, and pharmaceutical/research facilities. We have a thorough understanding of the construction industry and realize that our success is due to customer satisfaction. Hence, we strive to provide superior customer service, with honesty and integrity.
Our Services
We specialize in the installation of Marlite, Kemlite, Life Science, Nudo and Panolam brand products. These products include FRP (Fiberglass Reinforced Plastic) panels, Marlite's wood planking, Modules, Surface Systems, Displaywall, and laminated panels from Panolam and Kemlite.
We also specialize in wall protection products by IPC, Acrovyn, Pawling, and Korogard, which include handrails, crash rails and corner guards.
Our newest product line is the installation of stainless steel panels, rails, guards, and other custom products.