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Many people mistakenly believe that Medicare is free. They believe that once they turn 65 years old, the cost of going to the doctor or a hospital will be taken care of by Medicare. This is simply not true.
If you choose to enroll in Original Medicare (Medicare Part A and Medicare Part B) there are still monthly insurance premiums you may have to pay.
If you have Original Medicare, you can contact your plan administrator to have monthly Part B premiums deducted from your monthly Social Security benefit (or Railroad Retirement Board or Civil Service benefit). If you do not get these types of benefits, you will receive a monthly bill for your Medicare Part B premium, which you must pay out of your own funds.
Each state has a program called a Medicare Savings Program that may help pay for Original Medicare premiums. The rules are different depending on where you live.
Typically, each state looks at your monthly income and your other resources to determine if you are eligible for this help. Your other resources include things like checking accounts, savings accounts, Individual Retirement Accounts, mutual funds, stocks, and bonds.
The Medicare & You handbook advises people who need help to call or visit the State Medical Assistance (Medicaid) office to ask for information on Medicare Savings Programs. Even if you are unsure or believe you are not eligible, you should call to find out if you qualify for any of these programs. To get the phone number for your state visit the Medicare.gov Helpful Contacts page. You can also call 1-800-MEDICARE (1-800-633-4227), and say "Medicaid." TTY users should call 1-877-486-2048.
The National Institute on Aging, a part of the National Institutes of Health, has a website called NIH Senior Health. It can be found at nihseniorhealth.gov. This site has a full and rich section that discusses the basics of Medicare. This site even offers videos, so you can watch and learn about your Medicare options, eligibility, premium payments and more.
Another resource is the Social Security Administration's website which includes a section about Medicare. It also offers information about higher incomes and Medicare Part B premiums. This website allows you to apply online for Medicare benefits.
Anthem Blue Cross is an HMO plan with a Medicare contract. Enrollment in Anthem Blue Cross depends on contract renewal. Anthem Blue Cross is the trade name of Blue Cross of California. Independent licensee of the Blue Cross Association.
Anthem Blue Cross Life and Health Insurance Company is an LPPO plan and PDP plan with a Medicare contract. Enrollment in Anthem Blue Cross Life and Health Insurance Company depends on contract renewal. Anthem Blue Cross Life and Health Insurance Company is an independent licensee of the Blue Cross Association.
Anthem Blue Cross Life and Health Insurance Company (Anthem) has contracted with the Centers for Medicare & Medicaid Services (CMS) to offer the Medicare Prescription Drug Plans (PDPs) noted above or herein Anthem is the state-licensed, risk-bearing entity offering these plans. Anthem has retained the services of its related companies and authorized agents/brokers/producers to provide administrative services and/or to make the PDPs available in this region.
Anthem Blue Cross Life and Health Insurance Company is an independent licensee of the Blue Cross Association. ®ANTHEM is a registered trademark of Anthem Insurance Companies, Inc. The Blue Cross name and symbol are registered marks of the Blue Cross Association.
Log in or use your Anthem ID card to make sure you find a doctor or hospital in your network, which will help keep your costs down.
Note: If you are a member with Medicaid or other state-sponsored programs, search with the alpha prefix (first three letters) of your identification number or search by selecting a plan/network.
If it's not an emergency (and you can't get to your regular doctor) - there are other options for fast, more affordable care.


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CAD tip # 8927:
% platform category
applies to: Inventor · Inventor 2013 ·
|See also:
|Tip 11034:
|Mass property depending on the current LOD in an Inventor assembly.
|Tip 10161:
|Automatic checking of design limits in Inventor.
|Tip 9952:
|iLogic rule - check whether iProperties are overridden.
|Tip 8834:
|Inventor assembly properties on the LCD panel of your 3D mouse.
|Tip 8718:
|How to show COG of subassemblies in an Inventor drawing?
HEC-RAS Import/Export in higher versions of AutoCAD Civil 3D. « | » Do you know the AutoCAD command AI_DOWNLOAD_LANGUAGE_PACKS?
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subset: commoncrawl


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I know there are lots of Stella and Dot fans and jewelry party hostesses out there – so I'm excited to share this creative & budget-friendly Stella and Dot inspired dessert table with you!
Nazra from Make It, Bake It, Create It and her friend Jenny did a great job drawing inspiration from the colors and "dot" element from Stella and Dot, and incorporating a gorgeous color-coordinating necklace to really bring their dessert table to life. For the edible element of the table, they went with the "Salty and Sweet" theme and offered up {mostly homemade} treats like chocolate dipped Pringles and salted caramels… YUM! I also ADORE the hanging fabric flower balls… such a great, reusable decor idea!
Read on for more pics and all the creative details (plus a sneak peek of the Chocolate Dipped Pretzels & Pringles DIY that Nazra created!)…
Stay tuned for the Dipped Pringles and Pretzels DIY…coming later today!
PARTY DETAILS, as told by Nazra…
"With a combination of different inspiration pieces and mine & Jenny's dessert making abilities…the table was created and very RESOURCEFULLY! We decided to go with the main colors of Stella and Dot which is the aqua with an accent of hot pink.
I also wanted to incorporate the 'dot' details for the serving pieces – so I decided to use my actual everyday dinner plates that I had on hand! I also had quite a few silver pieces that also included the 'dotting' details – that I decided to put to use.
I wanted something that tied all the desserts together – and decided on chocolates/desserts that would taste good with SALT. IT turned out fabulously! I made the chocolate covered Pringles, chocolate covered raisins, and chocolate dipped pretzels. Jenny made most of the other desserts: caramel corn w/ chunks of snickers, scrumptious chocolate cupcakes with peanut butter frosting, chocolate pudding cups, salted caramels, and chocolate 'n' caramel donuts. The only thing desserts we bought -ready to be served were the sweet and salty mixed nuts and pistachio and chocolate toffee squares from Trader Joes.
The hanging fabric ornament balls – were inspired by the cupcake toppers from CURIOUS CHARLEY'S MONKEY PARTY – an adorable birthday party that was featured on HWTM! I made 2 different sizes and hung them up on a branches that were displayed in a large vase. They turned out great!
– Photography: Make it Bake it Create it
– Dessert Tags: Hand: Make it Bake it Create it
– Necklace-Center-Piece: Stylist Jenny Brien Knight via Stella & Dot
– Fabric Ornament Inspiration & DIY: Paiges of Style
– Table Cloth Inspiration: Bird's Party Blog
– Aqua "Tablecloth" (Queen Size Flat Sheet for $8): Wal-Mart
– White Plates used for Dessert Stands: World Market
– Silver Pieces used for Pedestals: Goodwill
Comments 14
- May 20, 2011 by jennifer
- tags:
- Dessert Tables
- posted in:
- Sweets
- Theme Parties
You might also like
1Ashley Victoria Photography - Pensacola Wedding Photographer SAYS:
What a great idea!! I love the color palette!
2Coretta Johnson Gray, Stella & Dot Independent Stylist SAYS:
How Wonderful!!! And the Bamboleo is so stunning in person. It deserves this kind of presentation. Gorgeous, gorgeous!
3naz (Make It, Bake It, Create It) SAYS:
Wow! Thank you so much for featuring my submission on your blog this morning! How exciting!! I LOVE LOVE LOVE the graphics you designed for it – it matches PERFECTLY!!!
4Mae SAYS:
Wow. The whole thing looks so wonderful esp the tree piece. You are so creative o.0
5Chris Komine SAYS:
I really like your table and general concept inspired by Stella and Dot. I'll suggest this dessert table idea to our local rep., I think she'd love it!
I recently did a "Bling Your Beverage" Station for guests to decorate their beverage glasses, at a Stella and Dot party. Everyone got a kick out of that, too! check out the post for "BeDazzle Your Beverage" at http//www.MissPartySmarty.com
6Xio SAYS:
Love all the budget friendly ideas! Great job!
7Suzy Homeaker SAYS:
I must try those dipped Pringles….Yum!!!
8Leah SAYS:
Oh my god, this is absolutely adorable. I love the way the jewelry served as an inspiration, then tied the whole table together. This is just darling.
9Jaclyn SAYS:
Can you pleaaase post the recipe or source for those delectable looking Chocolate salted caramels??? Thanks!!!
10Sarah {A Paper Proposal} SAYS:
Sweets AND accessories? Yes, please! Great concept :)
11Jan Smith, Stella & Dot Independent Stylist SAYS:
Just the inspiration I needed. Will have to have have something…perhaps a spur of the moment, end of school,summer kick-off party for my teacher friends! the table is stunning!!
12Pam Dorfman SAYS:
I loved the bare branches with the fabric flower centerpiece best.
Love Mom
13Kim SAYS:
Gorgeous!! I love the tree with the fabric ornaments!
14Jenny B SAYS:
Where did you get the branches from? Can you order them online? Thanks!


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|Assistant Coach and Recruiting Coordinator
|Alma Mater:
|Graduating Year:
|3 Years
|(813) 974-4083
Former St. Thomas head coach Desma Thomas Bateast joined the USF women's basketball staff in July of 2013, filling head coach Jose Fernandez's staff and she taking on the role of assistant coach and recruiting coordinator.
The Bulls are Thomas Bateast's fifth stop in her coaching career, as the former WNBA guard has spent time at St. Thomas, FIU, Rhode Island and Dillard University prior to joining USF. The Bulls will make use of Thomas Bateast's ability to evaluate talent and recruit, as well as her on-court instruction and strong knowledge of the game as they attempt to make a return trip to the NCAA Tournament in 2014.
In Thomas' first season with USF, the Bulls posted their lowest opponent field goal percentage in school history, winning 23 games (second-most in school history) and hosting a WNIT Final Four game. Thomas helped coach sophomore Courtney Williams to her first All-Region award, as well as a First-Team All-American Athletic Conference award.
Prior to USF, Thomas Bateast spent seven seasons with the FIU women's basketball program, working under head coach Cindy Russo and helping to develop All-American guard Jerica Coley. Under Thomas Bateast's direction, Coley joined the 1,000-Point Club as a sophomore, becoming the sixth player in program history to achieve 1,000 career points in two seasons.
Thomas Bateast helped lead FIU (23-11) to its first 20-win campaign in the last 10 years as the Panthers posted their second-straight, 10-win Sun Belt Conference season and advanced to their second-consecutive SBC Championship semifinal. FIU would then earn an at-large bid to the Postseason WNIT, advancing to the postseason event for the first time since 2005-06.
Prior to her arrival at FIU, Thomas Bateast served as an assistant coach at the University of Rhode Island for two seasons. During her time at URI, she helped guide the Rams to a second-place finish in the Atlantic 10 Conference East Division in 2004-05, the program's best finish since 1995-96. Her responsibilities included recruiting, player evaluation, opponent scouting, individual instruction and player development, practice and game preparation, and overseeing team academic progress.
Before joining the URI women's basketball staff, Thomas Bateast served as an assistant coach at Dillard University in New Orleans, La., for two seasons. Under her leadership, the Lady Blue Devils captured back-to-back Gulf Coast Athletic Conference Tournament crowns.
A two-time All-BIG EAST Third Team selection at the University of Miami, Thomas Bateast scored 1,284 points over her four seasons (1992-97) to rank 11th on the school's all-time list. The Hurricanes' all-time leader in both three-point field goals made and three-point field goals attempted, Thomas Bateast also holds UM's single-game record for most free throws made (18) and attempted (22).
Upon graduating from UM in 1997 with a bachelor's degree in business administration for sport management, Thomas Bateast joined the Phoenix Mercury of the WNBA in 1997 and went on to play in Italy, Sweden and Turkey before returning to the United States to play for the Birmingham Power of the NWBL in 2002. The University of Miami inducted her into its Sports Hall of Fame in 2012.
Thomas Bateast lives in Tampa with her husband, Wil, and children, Kayla and Keion.


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Support for Benefit of Physical Activity on Satiety, Weight Control, and Diabetes Risk—Reply
Arch Intern Med. 2009;169(6):633-637.
Published online March 23, 2009
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About 6,600 Amarillo homes and businesses remained without power Tuesday morning in the wake of a thunderstorm that pounded the city Monday night with wind speeds exceeding 75 mph. By Tuesday evening, crews restored electrical service to most of those affected.
The locations without power were scattered throughout the city rather than concentrated in particular neighborhoods, Xcel Energy spokesman Wes Reeves said.
"We had a lot of individual outages, in just about every part of town," Reeves said.
As of Tuesday evening, the number of customers without electricity had been whittled to less than a thousand, Reeves said. By Wednesday morning, that number should be reduced further still, he said.
Restoration efforts were slow initially because damage occurred at thousands of properties rather than at major infrastructure sites, he said.
"This isn't like some situations where a large feeder line or a substation can be repaired and bring a lot of people online all at once," Reeves said.
"This is a house-to-house restoration effort."
Some houses and businesses that sustained structural damage might need to be serviced by an electrician before Xcel can safely restore power, Reeves said.
Amarillo Fire Department answered about 100 calls beginning with the storm's onset and continuing though early Tuesday, and "a big chunk" of those were related to downed or arcing power lines, Wes Hall, a fire department spokesman, said.
Other calls included water-rescue incidents, usually simple matters of rescuing stranded motorists.
Firefighters did have to tether a runaway floating vehicle near the 3500 block of Wolflin Avenue, Hall said.
Amarillo police answered more than 200 calls during that time, many of them storm-related, police Cpl. Jerry Neufeld said. Those calls included major and minor traffic accidents, debris in roadways and stranded motorists, he said.
Widespread tree damage kept local tree-service companies busy.
"It's been crazy," Nick Hernandez of Texas Tree and Lawn said.
The storm dumped about an inch or more of rain throughout the city and environs, weather service officials said.
The weather service offices near the airport recorded .7 inch, while much of Amarillo received 1 to 1½ inches, officials said.
The highest readings in the local area occurred just north of the city limits, where locations received up to 1.8 inches, the weather service said.


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Is Prison Increasing Crime?
Martin H. Pritikin
Whittier Law School
Wisconsin Law Review, Vol. 2008, p. 1049, 2008
Whittier Law School Research Paper No. 09-03
Scholars have identified various ways in which incarceration may unintentionally cause crime. What the literature lacks, however, is an attempt to catalog all of the crime-causing, or "criminogenic," effects of incarceration, and estimate their aggregate impact. This Article makes an initial attempt to do just that. Drawing inferences from existing data, the Article estimates that as of roughly a decade ago, incarceration practices were driving up crime rates by at least 7 percent, and were preventing as little as 13 percent of would-be-crime. However, given trends since then, we may now be at or near a tipping point where prison is causing a net increase in crime. The implications of this phenomenon are also addressed.
Number of Pages in PDF File: 60
Date posted: March 14, 2009 ; Last revised: July 17, 2012
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Hot Tub Reviews > Wailea Spa Review
Pros: When it works its good
Cons: Pump Over heating, Very Poor Service
Price Paid: $13,500
Had it for 2 years now, first problem was jet covers falling/blowing off. That took months to get the dealer to fix and its still happening. Next was pump shutting down due to over heating. Contacted dealer, by this time warranty had expired and I was looking at a $900 repair fee. I decided to seek other options, next I find out that this pump problem is on a vendor re-call (thanks dealer for telling me) I follow the steps required for the re-call only to find out I have to shut the tub down and wait 8 weeks for repair. You'd think for giving up $13,500 you'd get much better turn around wouldn't you? Buyer Beware folks.
--Review submitted by Mike from the GTA 2007
Another review sent by Eric Kreiling on 03/30/2008
Hot tub model: Coast Spas Wailea
Pros: was nice when brand new
Cons: lousy service parts workmanship and support
Price Paid: 8,500
Stay away from coast spas. We have had problems with pumps jets and enclosure. Coast is located in Canada and is extremely poor in the service area. If you get any response from them at all, it is to tell you that you didn't take care of your spa. They will do anything possible to make it impossible for you to get warranty service. Do Not BUY COAST spas ever!!!!
Copyright 2004-2008 Hot Tub Reviews. Do not copy without permission.


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The family of slain RCMP officer Dave Ross held an emotional press conference in Victoriaville this afternoon.
They paid tribute to the young man whom they described as one who found strength in his family, his faith and his job.
Flanked by her family, Helene Rousseau fought back tears, her voice breaking several times as she recalled the last time she spoke to her 32-year-old son just two days before Wednesday evening's shooting.
Rousseau spoke of his love of the outdoors and his devotion to his pregnant wife, their 19-month-old son and his duty as an RCMP officer.
"He was a happy man. He really liked his job," she said. "He was my hero. I'm really proud of him."
She also spoke of his relationship with his wife.
"They were a really happy couple. They wanted to have four children. He was a good father and she is a good mom."
His brothers described him as their idol, whose decisions inspired them.
All said he would have been happy to know he died doing what he loved so much.
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LOUDON, N.H. - Brad Keselowski completed a flawless weekend at New Hampshire Motor Speedway and won Sunday under a green-white checkered finish.
Keselowski followed up Saturday's Nationwide Series victory with his first Sprint Cup win at New Hampshire, dominating in the No. 2 Ford for his third victory of the season.
After the last caution came with four laps left, Keselowski pulled away on the final restart to become the first driver to sweep the weekend in track history. He had the fastest car most of the weekend, even leading the speed charts during both Sprint Cup practices on Saturday.
"It is every driver's dream," he said. "Every once in a while, you get these cars and thankful and try like hell to not screw them up."
Keselowski tied Jimmie Johnson for the series high in wins. Keselowski and Dale Earnhardt Jr. clinched spots in the Chase for the Sprint Cup championship, provided they attempt to qualify for the final seven races before the cutoff.
Pole sitter Kyle Busch finished in second. Kyle Larson, Matt Kenseth and Ryan Newman completed the top five.
"I don't think anybody had anything for," Keselowski, Busch said.
Keselowski hopped out of his car and grabbed an oversized broom to give a playful sweep of all the confetti already collected around the Ford.
Keselowski had been in a slump with, of all things, his victory celebrations.
He needed four stitches to close a wound he received during his Victory Lane celebration in the Sprint Cup race at Kentucky. He tried to open the bottle of champagne by hitting it against a podium, and the bottle broke and cut his hand.
Keselowski dropped the American flag out of his No. 22 Ford on Saturday and was retrieved by an official to let the frivolity continue.
He joked he brought Kevlar-reinforced gloves that were touted as cut-proof.
Good thing. The New Hampshire winner traditionally receives a live lobster in Victory Lane.
"Apparently, I've got to win more and I'll get better at it," he said. "I think everybody got to hold the lobster. We're looking forward to eating the lobster later this week. I hear they're going to overnight the meat."
Keselowski keeps piling up wins and has proved he may be even better than he was during '12 championship run.
"I think in a lot of ways, we're stronger than that," he said. "I don't think we've had this much speed before."
He led 138 of 305 laps (four more than the scheduled 301) and helped Ford to its fourth straight win. Ford last won four consecutive Sprint Cup races in 2001.
Clint Bowyer, Tony Stewart, Denny Hamlin, Ricky Stenhouse Jr. and Dale Earnhardt Jr. rounded out the top 10.
Joey Logano was running inside the top five late in the race when he connected with Morgan Shepherd. The 72-year-old Shepherd, who extended his mark as the oldest driver to start a race in NASCAR's Sprint Cup series, was about 15 laps down when his No. 33 slid up into Logano.
"I feel like there should be a driver's test before you get out in a Cup car and make sure you know how to drive before you drive one," Logano said.
Shepherd was 39th and completed 278 laps.
"It's an accident. Those things happen," NASCAR vice president of competition Robin Pemberton said.
"It could happen to anybody. It could happen with any competitor."
Six-time NASCAR champion Johnson was knocked out of the race early after two rear left tire issues.
The first time the tire was flat; the second time, the tire exploded and slammed the No. 48 Chevrolet into the fence. He finished 42nd.
Goodyear said the tires weren't the problem.
"The tires failed in a manner consistent of low inflation pressure," Greg Stucker, Goodyear's director of racing, said.
- Keywords


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Employee Spotlight: James Machulak
At Sol Systems, our team is the foundation of our continued success. With nearly sixty full-time staff and counting, our talented team of industry professionals have brought creative financing solutions to the solar industry for the past eight years. Giving our clients, partners, and growing staff a chance to get acquainted with the Sol family, our Employee Spotlight blog series features interviews with new hires. This month, we sat down with James Machulak, the Director of the Asset Management Team.
1. What first made you interested in the solar energy industry?
I have always been interested in the environment. As an undergraduate and graduate student, I studied economics, so having the chance to combine two of my favorite things, finance and the environment, was an opportunity I was very excited to pursue.
2. Why were you attracted to accept a position at Sol Systems?
I joined the team in October 2015, and when looking at Sol Systems at the time, I thought that it would be very interesting to join the company at such a strong and clear inflection point. With the solar industry and Sol Systems itself growing so quickly, I knew that there was going to be a lot of new and engaging work happening. The opportunity to build-out the Asset Management department was something I really looked forward to when accepting this role. There is still a significant amount of progress going on at Sol Systems and my role continues to develop.
3. Since joining the team, what has been your favorite part about Sol Systems?
Definitely the people. The people make all the difference and here at Sol Systems they are the core of what we have been doing. Everyone here is really passionate and smart, and the organization allows them to bring new innovative ideas and perspectives to their work here. Also, the people are so dedicated to the mission of Sol Systems and the work that we are doing here.
4. What are you currently working on the Asset Management Team?
Our role continues to develop and be defined since we are still a smaller team and continue to bring on more people. Currently, Asset Management means that we manage the investments of tax equity assets for investors. For companies investing who are not in the solar industry, we make sure that we maximize the returns that they get on their investment. Additionally, since the solar industry is a little more technical than others companies may be investing in, we also manage technical performance and make sure that the stakeholders understand how their finances are being invested and any issues that may come up and impact their returns.
5. In what ways do you see the solar energy industry, and the role of asset management in the field, changing?
Since solar is still relatively new and growing rapidly, the available pool of assets is also increasing. As the industry progresses, asset management is definitely going to see a lot of growth. With this increase, asset management in solar will likely get more mature and see considerable standardization, such as more polished electronic reporting and data. Also, with more tax equity and credit options available, there will be extensions of opportunities for new tax investors who may need guidance and advice in the process of investing in solar energy.
6. Outside of Sol Systems, what do you like to do with your free time?
I actually really enjoy playing bridge a lot. I also like playing videogames when I get a chance. Walking and hiking around parts of D.C. is something I really like to do too.
Interested in becoming a member of the Sol Systems team? We are currently seeking new employees at all three of our offices, in Washington, D.C., Philadelphia, and San Francisco. To learn more about available solar energy careers with Sol Systems, please visit our careers page.
Sol Systems is a leading solar energy investment and development firm with an established reputation for integrity and reliability. The company has financed approximately 450MW of solar projects, and manages over $500 million in assets on behalf of insurance companies, utilities, banks, and Fortune 500 companies.
Sol Systems works with its corporate and institutional clients to develop customized energy procurement solutions, and to architect and deploy structured investments in the solar asset class with a dedicated team of investment professionals, lawyers, accountants, engineers, and project finance analysts.
2016: Rush Hour is Over, But…
Q4 is always the most intense part of the year for the solar industry, as developers and EPCs rush to complete year-end deadlines. This Q4 was no different. In fact, it was even more so. Financiers all rushed to close 2015 deals. Developers rushed to lock in 2016 pipeline. MUSH hosts were rushing to issue RFPs for projects that could be built by the December 31, 2016 ITC placed in service deadline. Rush, rush, rush.
But then, everything changed.
Since the ITC extension passed, developers and host customers alike have stopped to ponder: "Why the rush?" End users that issued RFPs are asking: "Maybe I should put this project on hold and see if costs come down over the next couple years." More often than not, we're seeing these potential solar customers as the ones putting the brakes on a deal to retool it, or even re-shop it.
As for developers, some are noticing that in the mad rush to lock in 2016 pipeline by year-end, key diligence items were overlooked. If you have a contract for a 2016 project and missed a key item in diligence ("Shoot, how am I interconnecting this thing again?"), by all means, use this short reprieve to take a step back and get your ducks in a row before shopping your project to a financier. But, don't wait too long. Contracts expire, SREC values decline, and pricing may change as a result. With much delay, lenders may reallocate funds.
Similarly, if the end user is asking for more time to see where the market goes, tell them there is no time like the present. Since 2010, the cost of a solar electric system has gone down by 70% according to Sunshot. Moving forward, the most potential for dramatic costs declines will come from soft cost reductions (permitting, financing, O&M, customer acquisition, etc.) that are challenging to predict. Moreover, who knows if the cost of capital will continue to drop or begin to climb as interest rates rise and YieldCos pause many of their actions in the market.
Solar has some great momentum right now, but remember: there are many unknowns. As the saying goes, a bird in the hand is better than two in the bush. Rush hour is over, but don't get left behind.
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.
"Commence Construction" Conjecture for the Solar Investment Tax Credit
No one can predict the future of the solar industry after 2016 – but don't let that stop you from trying. If a full extension or gradual step-down of the thirty percent investment tax credit (ITC) is out of reach, the next best compromise may be an extension for those projects that are under construction when the 2016 step-down to a ten percent ITC occurs. At the Novogradac Financing Renewable Energy Conference in Las Vegas this past April, Keith Martin of Chadbourne & Parke predicted a "better than 50/50" chance that a form of "commence construction" language is passed, while Michael Novogradac went on record as being "cautiously optimistic" that we will see commence construction language as part of an extensions package. Why the optimism, and how might this work for the solar industry?
The "commence construction" concept in solar dates back to the 1603 Treasury Grant program, which allowed investors to take the thirty percent ITC as an upfront cash grant instead of applying it towards their tax bill (particularly convenient in a recession). Created in 2009 as part of the American Recovery and Reinvestment Act (ARRA), the 1603 Treasury Grant program expired on December 31, 2011, but with one key exception – projects that started construction before the end of the program could qualify for the cash grant until the expiration of the thirty percent ITC in 2016.
Commence construction language for 1603 grants sounds simple – and for projects that were unequivocally under construction, it was. But for projects in development rushing to qualify for the extension, the guidelines became quite technical. If a similar provision is passed for the thirty percent ITC, we should expect an equally meticulous process determining which projects do – and don't – qualify before 'the cliff'.
What can we expect if commence construction language is applied to the thirty percent ITC? With the 1603 program, we saw specific guidance surrounding 1) how a project qualifies as under construction, 2) the sale of "safe-harbored" projects, and 3) the final deadline for interconnection.
- How can a project qualify as "under construction"? Under the 1603 program, a project could use one of two methods. The owner could either incur five percent of construction costs before the end-of-year deadline, or begin "physical work of a significant nature" on site – with no interruptions of work between beginning and completing construction. The first method proved most popular, since it did not require the permits or approvals otherwise necessary for commencing construction on a site, and did not bring up potentially vague questions of "significance". ("Physical work of a significant nature" is generally interpreted as pouring concrete pads for inverters or beginning installation of racking; site clearing, grading, and geotechnical work do not qualify; anyone who's seen a site undergoing site clearing as opposed to the infrastructure for a pad pour might disagree, but the line has to be drawn somewhere.)Incurring five percent of costs, by comparison, is a relatively easy matter. Land acquisition costs and legal fees do not qualify, but most system equipment does. If equipment is ordered, it must be delivered within three and a half months of payment, providing that the accounting method of the solar company incurring the cost books the expenditure upon payment and not delivery. Just one more wrinkle: the five percent cost calculation must be on the final, eligible cost of the system used as basis for the tax credit – not the cost as estimated when the equipment is purchased. In other words, if cost overruns are likely, a company would be wise to overestimate their five percent safe harbor by a comfortable margin.
- Can projects be sold once they have commenced construction? In short, yes – though a tax attorney specializing in solar tax credits should sign off on any transfer of the project assets to avoid losing the safeharbor qualification. Sales to a related entity (with greater than twenty percent common ownership) are easier than sales to unrelated parties. Similarly, sales of project companies are easier than assignment of individual assets (like the PPA and the safe harbored equipment) so long as the project company is a "real" project company, and not a shell LLC company created specifically for warehousing safe harbored equipment without any additional project assets (like a PPA, permitting, or an interconnection agreement). But be wary – with the 1603 program, the longer the wait between the expiration of the credit and the placed in service date of the project, the greater the likelihood that the full expected value of the credit is jeopardized due to haircuts applied by the IRS.
- How long of a runway will projects have before they are required to be placed in service? The 1603 program allowed safe harbored projects until the end of 2016 to reach completion, in line with the thirty percent ITC step-down. A five-year term is more than sufficient to benefit fully from commence construction language. Of course, an extension term for safe harbored thirty percent ITC projects is very much up in the air, since the impending step-down is a permanent change – with no additional milestone or change on the books that might serve as a de facto final deadline.
If we do see commence construction language similar to the 1603 program, we can expect to see equipment orders from project owners seeking to safeharbor their deals flood an already tight supply situation. Considering the veritable juggernaut of projects rushing for completion by 2016, delivery schedules will likely feel the crunch. One question everyone should be asking is – it's June of 2015, do you know where your equipment supplier relationships are?
The primary benefit of the commence construction language would be to reduce the frightening risk that a project misses a December 31, 2016 deadline and loses the key to its value proposition. The importance to investors of this safety net cannot be overstated. However, it would also introduce a layer of complexity to deals that would increase transaction costs and risk for projects hoping to qualify for the thirty percent ITC well after 2016. Our takeaway if a commence construction clause is passed? Build in a little something extra for legal fees – our blog won't serve as a definitive authority if you get audited.
Sol Systems is a solar energy finance and investment firm. The company has facilitated financing for over 200MW 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.
Sink or Swim in Rhode Island: Another Year of Renewable Procurement in the Ocean State
Starting on June 15th, 2015, National Grid will once again be accepting applications for the latest version of the RE Growth Program in Rhode Island. National Grid initially launched the RE Growth program in June 2011, with a goal of reaching 40MW of renewable energy procurement in Rhode Island by the end of 2014. The 2015 program plans to allow customers to sell generation under long-term tariffs at fixed prices. The program is open to solar, wind, hydro, and anaerobic digesters.
Previous Voyages
Starting off slow, the first two procurements of 2014 only totaled 4.5MW of renewable energy. The third procurement, however, totaled about 11MW, bringing the total amount of renewable energy to 15.5MW, split among 18 contracts.
|2014 Procurements
|Contracts Awarded
|Total Capacity
The more successful third procurement pushed the total for the 2011-2014 procurements to 38.6MW, just shy of the 40MW goal. While both wind and medium solar (26-250kW) exceeded their target allocations of 1.5MW each, small (<25kW) and large (1-5MW) solar did not meet their targets of 500kW and 8.5MW, respectively. Small hydroelectric and anaerobic digestion were also very under-represented. There were no hydroelectric systems and only one anaerobic digestion facility awarded a contract in 2014.
One change to note is that during the 2014 procurements, the amount of contracts awarded in the third round was 12, compared to the first two rounds with 3 contracts each. The weighted average price awarded for solar also rose from 16.7 cents/kWh during the first procurement to 20.076 cents/kWh during the third. Because the program was not filled, those who did enter received higher pricing.
What's Keeping People Out?
Why hasn't Rhode Island's latest incentive program been overwhelmed with applications? Non-participation could be due to a number of factors such as program structure, difficulty in finding sites, or lack of knowledge of the program. Developers may have also migrated to more cash rich Northeastern states such as Massachusetts, where they could build a larger or more lucrative pipeline of projects. Still, with development stalled in Massachusetts, don't cross this state off from your list; it has the potential to be a great market to fit in a couple, although smaller, bonus projects each year.
Setting Sail for 2015
Announcing the RE Growth program structure for 2015, National Grid set new annual targets starting with 25MW for 2015, increasing to 40MW each year for 2016-2018, eventually reaching a total of 160MW by 2019. Pursuant to recommendations from developers and stakeholders, National Grid has changed the contract terms from 15 to 20 years, hopefully making the program more appealing and projects more financeable. The new program will also be implemented through a tariff rather than contracts. In an innovative move reflecting recent German practices as they transform into a scheme with more customer participation, and reminiscent of recent Massachusetts legislative proposals, qualifying facilities can be directly paid the tariff or integrate these tariff payments with net metering for the kWh value of their usage.
Selection Process
National Grid will be accepting small-scale solar applications on June 15th, and then will accept applications for the remaining classes between August 3 and August 14. For the 2015 enrollment period, the Distribution Generation Board set ceiling prices and capacity targets. (see table.) Small-scale and medium solar projects will receive a Standard PBI and will be selected on a first come, first served basis. Large and commercial-scale projects must submit a competitive bid at or below the ceiling price. These projects will be selected by lowest-price first. If any projects bid the same price and would exceed the specified target capacity, National Grid will select the project(s) that appear to be farthest along and that are most likely to be deployed.
Classes and Targets Applicable to the 2015 Enrollment
Renewable Energy Class
(Nameplate kW)
Enrollment Target (Nameplate MW)
Ceiling Price/Standard PBI
[20-yr Tariff Terms except *]
Small-Scale Solar – Host Owned
(1-10kW DC)
(*15-yr Tariff)
Small-Scale Solar – Host Owned
(1-10kW DC)
(*20-yr Tariff)
Small-Scale Solar – 3rd Party Owner
(1-10kW DC)
Small-Scale Solar
(11-25kW DC)
Renewable Energy Class (Nameplate kW)
Target (Nameplate kW)
Standard PBI
applicable to Medium Solar only (cents/kWh)
Ceiling Price w/ITC (cents/kWh)
Ceiling Price w/ PTC (cents/kWh)
|Ceiling Price w/o ITC/PTC (cents/kWh)
of Service (years)
(26-250 kW DC)
Scale Solar
(251-999 kW DC)
(1,000-5,000 kW DC)
Fair Winds and Following Seas?
While the Rhode Island market has been understated in the past, highly creditworthy utility off-take and above-market rates will continue to appeal to investors, providing sufficient capacity can be won or aggregated in either the current program or future RE Growth Tariff program. We expect for this market to remain especially attractive to developers looking for opportunities as the Massachusetts market has stalled, and New York has fallen short of expectations.
Interested developers should contact our project finance team at firstname.lastname@example.com or (888) 235-1538 ext. 2 to see how Sol Systems can help secure financing for Rhode Island solar projects. Sol Systems has previously facilitated financing for solar projects in Rhode Island with feed-in tariff contracts.
Sol Systems is a solar energy finance and investment firm. The company has facilitated financing for nearly 200MW 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.
This Post is Powered by Wind
Sol Systems' Washington, D.C. office now runs on 100% clean energy. Through our Clean Energy Partnership with Arcadia Power, the energy used at the company headquarters is offset through the purchase of wind renewable energy credits (RECs).
Arcadia Power is the first nationwide Clean Energy Utility option, and provides business and homes with 100% pollution-free energy via local utilities. Through this partnership, Sol Systems and other partners support sustainable values through their monthly utility bills by decreasing demand for fossil fuels, combating climate change, and promoting a better future for the planet.
Sol Systems strives to continually meet and enhance our sustainability goals, and our partnership with Arcadia Power is just one small step we're taking. Other actions include a recent composting partnership with a local restaurant, encouraging emission-free commutes to the office, an energy audit through Green Impact Campaign, and ongoing support for local organizations in our community through our Giving That Matters program. In 2012, Sol Systems was the winner of the D.C. Mayor's Sustainability Award .
Sol Systems is a solar energy finance and investment firm. The company has facilitated financing for nearly 200MW 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.
Financing Partnerships Drive North Carolina's Solar Boom
Three new utility-scale solar farms have been added to North Carolina's energy mix, propelled by a partnership between Washington, D.C.-based solar investment and financing firm Sol Systems, National Cooperative Bank, and Strata Solar. The projects are located on rural farmland in Erwin, Efland, and Hickory and total 18MW of solar capacity which equals the reduction of automobile travel by approximately 24 million miles.
This second deployment for the partners follows on the heels of another 18.2 MW earlier this year. Sol Systems managed the investment on behalf of an international bank as part of the firm's tax equity initiative to produce secure, sustainable solar investments for banks, insurance companies, utilities, and Fortune 100 clients. Strata Solar developed the project opportunities provided EPC services, and National Cooperative Bank served as the lender in the transactions.
If C&I Solar Projects Were Thanksgiving Dinner
A well-executed solar project can be almost as satisfying as Thanksgiving dinner; the only difference is that you are still left hungry for more.
With a little bit of digging (and an active imagination), we found plenty of parallels between a commercial and industrial (C&I) solar project and Thursday's familiar feast.
- Deal Structure: Good meals start with a great recipe. Whether you're taking on a project with a PPA, lease, or cash purchase will affect every other piece of the deal. When developing a project, we encourage our partners to think ahead and select off-takers and materials with the deal structure in mind.
- Modules: Obviously, the center of the meal is the turkey. Just as the turkey is the centerpiece of the meal, modules drive the project's value in producing clean, secure solar energy. While there remain alternative brands in the space, we typically recommend sticking to a familiar brand in order to avoid additional steps of diligence (the blog author has a personal aversion to tofurkey as well…). Tier 1 turkey, anyone?
- Inverters: Just like with mashed potatoes, the question with inverters is how to distribute them. If placed correctly, they boost the performance of all other components.
- Mounting Type: The variation in racking is reminiscent of stuffing/dressing. There are a lot of options here—numerous manufacturers combined with options for tracking, carports, etc. mirror the countless ways that your Thanksgiving chef can stuff their bird.
- Contracted Revenue: Let's be honest with ourselves: the entire Thanksgiving meal is essentially a carrier for the gravy. Investors are flocking to the solar space for the long-term cash flows that solar project assets deliver. The value statement for solar remains stronger than ever.
In sum, Thanksgiving is much like a C&I solar deal: they both require careful preparation, essential ingredients, special knowledge, and hard work. The comparisons between solar projects and Thanksgiving dinner are as endless as our appetites. However, getting a project built is not as easy as pumpkin pie, particularly in under-served market segments.
As 2014 comes to a close, it's a good time to reflect on what's gone well this year and how we'll add to it in 2015 (or hustle to finish projects by the end of the year). Only a few weeks are left in what's been an incredible year for the solar industry—let's bring it home strong!
About Sol Systems
Sol Systems is a solar energy finance and investment firm. The company has facilitated financing for 171MW distributed generation solar projects on behalf of Fortune 100 corporations, insurance companies, utilities, banks, family offices, and individuals. It has over $550 million in assets under management as of October 2014. 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.solsystemscompany.com.
What Game Theory Can Tell Us about Middle Market, C&I Solar
The decisions made along the path of solar project finance and development have major implications for the growth –or stagnation—of the commercial and industrial solar market. How does a developer choose the right financier for their project, or an investor decide to interact during contract negotiations? Together, what impacts do these decisions have on the value chain?
Come on & Feel the Illi-Noise: Why 2015 Will be a Big Year for Illinois Solar
Prepared in collaboration with Sol Systems Intern Mark Noll
On September 29, the Illinois Power Agency released its draft 2015 Procurement Plan regarding renewable portfolio standard (RPS) compliance for the state's two regulated utilities, ComEd and Ameren – and then, on the very same day, decided to release a second "Supplemental" Procurement Plan for solar PV. The two plans both share great intentions for the best of interventions – and could bring projects with the right entrepreneurial conditions to glory.
Both plans call for the Illinois Power Authority to procure solar renewable energy credits (SRECs), but that's where the similarities end. They differ with regard to funding, project eligibility, contract lengths, system requirements, and other factors. Sound confusing? It's OK. We're here to clear up the confusion.
The First Illinois Plan: Of the Four Procurements, Only Three Matter
The first, "regular" plan sets out the IPA's 2015 plan for procuring power from renewables for those customers of the state's two main utilities who have not "shopped" for electricity (most of Illinois' residents actually have shopped for energy on their own, thanks to electricity market deregulation, and rely on their retail electricity suppliers for compliance). In addition, the IPA has set up a procedure for spending the hourly "alternative compliance payments" (ACPs) the agency has collected from retail suppliers. This is because unlike in many states, some amount of these ACPs are collected each year whether or not the suppliers are otherwise in compliance. It proposes to use ~ $13M of this funding to procure ~80,000 SRECs in one-year contracts.
Ohio Opposition to Renewables & Solar Energy Mounts
Sacrificing renewables promised reduced prices for customers; but now could end up raising the bill for Ohioans.
Ohio's electrical market structure has long been based on market forces such as varying supply and demand, rather than by political regulation. But recently, moving away from an economy driven, market based structure, to one driven by political whims, has not benefited OH ratepayers. The result of this style of decision making has caused a change of heart on a previously supported energy initiative. Ohio's recently elected conservative Senate, along with Gov. John Kasich, agree that renewables are too expensive to continue funding.
On June 13, the Senate passed Senate Bill 310 and effectively froze Ohio's Renewable Portfolio Standard (RPS) and immediately halted all projects that solar developers and investors were working on. Not only did the construction of solar arrays freeze, but the prices of Solar Renewable Energy Credits (SRECs) associated with solar electricity production also plunged. Prices went from a prosperous and positive-trending $70/SREC to $30/SREC, and have not rebounded since. The SREC market in Ohio was not the sole victim of a market freeze; it also knocked the value of surrounding States' (Indiana, Kentucky, West Virginia, Virginia and Michigan) market prices.
A Sixth YieldCo Goes Public as the Asset Class Has its First Anniversary
Today TerraForm Power Inc. (TERP), a spinoff from SunEdison (SUNE), had its IPO making it the sixth yield corporation or "yieldco" to go public since NRG Yield (NYLD) became the first yieldco one year ago. High dividend yields and rising stock prices have encouraged a wealth of investment in these new companies. However, investors should be aware of the differences that exist between yieldcos and longer term risks associated with the application of this new corporate structure to the power generation industry.
Ohio Becomes the First State to Freeze its Renewable Portfolio Standard
With the signing of Senate Bill 310 (SB 310), Ohio has become the first state to "freeze" its Renewable Portfolio Standard (RPS). Ohio Governor John Kasich signed the bill into law on June 13th, effectively halting the state's mandates for efficiency and renewables until 2017. Come 2017, these mandates will pick up where they left off when the freeze occurred, as opposed to the annual increases in renewable energy and efficiency measures that would have occurred with the RPS.
SB310 will significantly harm Ohio's solar industry by driving SREC prices down in both the Buckeye state as well as the surrounding states such as Kentucky, Pennsylvania, West Virginia, Indiana, and Michigan that sell their SRECs into Ohio. The bill faced tremendous opposition from health and environmental coalitions, as well as a group of 70 businesses and organizations, including Honda and Whirlpool, who urged Governor Kasich not to sign the bill.
Sol Systems Seeks Renewable Energy Intern
Position: Solar Analyst Intern (position beginning in January 2014) targeted towards undergraduates
Description: The Solar Analyst Intern will assist with registration processes, administrative duties, and research tasks, and will be expected to provide clearly defined deliverables. The position will require attention to detail, excellent record keeping, and efficient allocation of time and resources.
Through this position, the Solar Analyst Intern will gain familiarity with solar legislation, solar finance mechanisms, industry news, and industry vocabulary, as well as new product development in a fast paced, start-up environment. This position provides a fantastic launching pad for a career in renewable energy.
Reaching Beyond the Roof: Three Strategies for Corporate Investments in Solar
The Compelling Solar Asset Class
There are many options available to corporations interested in investing in solar projects. The market for investing in solar projects is an expanding financial sector that provides corporate investors with an opportunity to diversify their investment portfolios and develop or expand tax credit platforms. In 2012, the volume of solar projects being installed in the United States grew 76 percent year over year, with 3,313 MW of projects built at an estimated value of $11.5 billion. These solar projects will provide enough electricity to power over 350,000 households in the United States. In 2013, it is projected that the asset class will grow by an additional 29 percent across residential, commercial and industrial, and utility scale solar projects.
Many corporations are joining retailers, tech companies, utilities, and major financial institutions in the solar space with investments both on and off their properties. In numerous locations, the rooftops of Staples, Best Buy, Wal-Mart, IKEA, Kohl's, and others within the retail industry feature solar arrays. These retailers, as well as many other solar investors, secure reduced energy costs, tax benefits, and clean electricity for their stores, which further company-wide sustainability efforts and appeal to consumers.
Strategies for Solar Investments
There are three primary strategies for corporations to invest directly in the solar asset class and realize the benefits of solar energy: (1) purchasing electricity from an on-site or nearby solar project through a Power Purchase Agreement (PPA), (2) directly purchasing a solar project to provide free renewable energy to a company's buildings or property, and (3) strategically investing in solar projects to secure long-term cash flows and significant tax benefits. Each is explored below.
California Solar Incentive Alert: Re-MAT Feed-in Tariff Program
Pursuant to Senate Bill 32 of 2009, the California Public Utilities Commission (CPUC) implemented the Renewable Market Adjusting Tariff (Re-MAT) program on July 24, 2013. The Re-MAT program is a Feed-in Tariff (FiT) through which customers can sell electricity produced by qualifying facilities* directly to the utility at a set rate for a term of 10, 15, or 20 years. The bill also raises state renewable energy targets from 500 MW to 750 MW, and increases the size cap on qualifying energy facilities from 1.5 MW AC to 3 MW AC. All investor owned utilities (IOUs) in California with more than 75,000 customers must participate in the program. Although all qualifying facilities are eligible to participate in the program, it is clear that solar will play a large role given the amount of attention the program has already gained with developers in the state.
The first round of solicitations for the Re-MAT program will begin on October 1, 2013, and will continue every two months thereafter until it is fully subscribed. The amount of time it takes for the program to become fully subscribed will depend on the ability for projects to be financed at the set energy price, which is one of the more unique aspects of the program. The base price is currently set at $89.23/MWh, pre-Time of Delivery (TOD) adjustments. This price is subject to adjustment after every solicitation depending on program participation.
Renewable Portfolio Standards Face Stiff Opposition Across the Country
Renewable Portfolio Standards across the nation are under re-examination by state lawmakers, aiming to diminish or eliminate these programs. Despite benefits to local economies and environments, some politicians and lobbyists feel the programs are unimportant. To date, a number of proposals have reached State Senate and House floors throughout the country. Many lawmakers hold that RPS programs across the board create unduly costs for electricity consumers and taxpayers in order to support an industry that should be able to stand on its own. However, organizations funded by oil and gas interests like the American Legislative Exchange Council (ALEC), the Heartland Institute, and others have also played a strong role in fostering anti-renewables legislation across the country. Our company has been tracking the movement in many states and provides an overview of legislative progress thus far.
S-REITs – The Closest Option to Public Solar Financing?
Solar finance is not a new concept, but it's predominately controlled through private and business to business transactions. The limited availability of capital, combined with the risks associated with a still maturing solar market, leave developers with a higher transaction costs in the search of financing for solar projects. Platforms such as SolMarket attempt to mitigate the challenges of solar finance by matching projects with an appropriate network of pre-qualified investors.
In the search for new sources of capital, topics of "real property" and REITs (Real Estate Investment Trusts) have arisen within the solar community. A REIT, as defined by the Securities and Exchange Commission, "is a company that owns – and typically operates – income-producing real estate or real estate-related assets." REITs act similar to exchange traded funds where public investors can participate in a diversified pool of real estate investments without owning or purchasing property. Investors would earn a share of the income produced through the commercial site through dividend payments. Currently, there are two tests for REITs. First, the income test requires that 95% of income must come from approved sources (usually rent). Second, the asset test requires that 75% of its assets must be real property.
If the property definition for solar PV systems is changed through tax code reform, investors could begin to explore the potential world of S-REITs (Solar Real Estate Investment Trusts). S-REIT's would allow for a more transparent, secure, and competitive method of financing solar projects. The pool of investors would expand beyond private investment funds, to retail investors and even pension funds. One of the most attractive features of a REIT is its exemption from corporate taxation, as long as it distributes 90% of income to investors. In the case of solar, the main challenge arises with the income test. Unfortunately, the qualifications of a power purchase agreement as a form of rent are, at best, questionable.
Of course, even if solar fulfills the requirements of a REIT system through PPA installments, PV systems are still considered personal property. A change in the property tax code has to occur in order for S-REITs to exist. One important definition by the Internal Revenue Service regarding real property includes "land or improvements thereon, such as buildings or other inherently permanent structures thereon," (Section 1.856-3(d) of the Income Tax Regulations) while personal property is essentially everything else that you own.
While solar energy systems can be physically moved, they are often fixed for periods up to, and beyond, 25 years. The main inhibitor to establishing solar as real property is the concept that solar panels operate in a system. That is, if the inverter or mounting is removed from a solar installation, the array's functionality is reduced or completely eliminated.
The National Renewable Energy Laboratory recently wrote a detailed report on S-REITs.
S-REITs are yet another innovation of the solar finance community. However, like other facets of the solar market, S-REITS face the challenges of complex state regulations and tax codes. While the concept may never come to fruition, the idea signals a greater demand for a more transparent, liquid, and stable solar market.
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 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 the origination, diligence, and financing processes. Developers seeking financing for 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.
Life After the 1603 Grant: the Road Ahead
The following is a mutli-part series on the Cash Grant and the Road Ahead. It is part of Sol Systems' continuing efforts to provide the industry with the information and ideas (where we can) that we believe it needs to continue to succeed. For additional resources on project development, we recommend you join the SolMarket community, which provides a number of informational resources and the SolSmart suite of legal documents.
In February of 2009, the federal government passed ARRA, and the 1603 Investment Tax Credit (ITC) Cash Grant program with it. The Program effectively transformed what was traditionally an investment tax credit into a cash grant, awarded by the treasury, within 60 days of commercial operation. It was perhaps the single most important piece of legislation for solar in recent history, spurring huge growth in the sector, recently estimated to be 69% year over year. In January of 2012 the 1603 ITC Cash Grant will expire, and with it the ability for developers and investors to secure the cash grant in lieu of a tax credit.
So what's next? Well, let's take a look.
Part I: Looking Back
Under the Emergency Economic Stabilization Act of 2008, a 30% tax investment credit for qualifying renewable energy projects was extended through 2016, allowing owners of solar projects to offset 30% of a solar system's cost through tax credits. So long as a system owner had enough tax liability over the course of 5 years, he or she would be able to deduct 30% of the system's gross cost from their federal taxes.
Because most solar project companies or developers working on commercial and utility-size PV projects do not generate enough taxable profit on their balance sheets to utilize the 30% tax investment credit (ITC), they had to seek a financial intermediary with the necessary tax liability to buy a stake in the project company and monetize these tax credits, what is commonly referred to as "tax equity investors". Tax equity investors are effectively companies with large balance sheets, traditionally banks and more recently larger corporations, which purchase tax credits to shelter otherwise taxable income, while also providing an essential financing tool for large renewable projects.
In 2007, the Solar Energy Industries Association (SEIA) estimated there were up to 28 tax equity investors, primarily financial institutions led Morgan Stanley, JP Morgan and others. However, the collapse of Lehman Brothers and the financial crisis of 2008 effectively ended most of these companies participation in the tax equity market for renewables. Several companies, such as AIG and Prudential, departed the tax equity market entirely because of bankruptcy or uncertainty about whether they would have sufficient taxable income.
II. The 1603 Program
In response, President Obama approved the Section 1603 Cash Grant Program (as part of the American Recovery and Reinvestment Act of 2009), to effectively stabilize renewable energy market by providing $1.9 billion of cash grants in lieu of tax credits. Under the 1603 Program, owners of a renewable energy system could simply apply for a cash grant to cover 30% of the system's cost, regardless of their tax liability.
The 1603 Program catalyzed the solar market, with approximately 80% of solar projects opting for the cash grant, driving growth of 104% between 2009 and 2010 in the United States. As of mid-August 2011, 87% (2,095) of the 2,410 cash grants awarded under the 1603 program were provided to solar energy projects (although only 27% of the nominal value if these grants). Since October of 2010, the federal government has invested over a billion dollars in solar projects through the 1603 Grant Program.
Unfortunately for the solar industry, the Section 1603 Program is set to expire at the end of this year, and it appears highly unlikely that it will be renewed again. With the expiration, interested parties without the necessary tax liability will again have to rely on tax equity investors to fully monetize the ITC. The problem is twofold: (i) the tax equity market has not yet fully recovered and there are only an estimated 10 to 15 investors looking for tax equity deals and (ii) integrating tax equity into deal structures will significantly increase transaction costs, raise the costs of development, and potentially limit smaller deal sizes.
The result will be a bottleneck in 2012-13, where a substantial number of solar developers and other interested parties look to construct or own commercial-sized solar system, but only a select few can secure the requisite tax equity financing. This will mean a number of projects will not be developed, and those projects that do secure tax equity will see increased yields. Some projects are likely to seek safe harbor under the 1603 Program by securing 5% of the total costs of the system, but this strategy brings with it its own challenges.
So now, as we look towards the horizon, what's next? What will happen to this 80% of the industry opting for the cash grant? Companies like Sungevity, Sanyo and Vivent are quickly lining up tax equity for the upcoming year, and some believe market growth will slow by up to 50% in the second half of 2012. Might these challenges be mitigated by solar modules priced below $1.10/watt? What creative solutions will our industry implement to meet these financing challenges?
Please join us(and others) next week for Part II of this Series: "Life After the 1603 Grant: Looking Ahead"
Sol Systems featured on AOL Energy!
Hope Shines Through Bankruptcy Clouds for US Solar Sector
All Eyes East
Competition has intensified for solar panel manufacturers as cheaper Chinese modules have become more widely available. Manufacturing costs are lower in China, due in large part to relatively cheap labor and low-cost loans from China's state-dominated banking system.
"It's not like they're making huge profits either, but they can probably take on more", said Andrew Gilligan, an associate with solar finance firm Sol Systems.
Another factor that has driven down costs is a reduction of feed-in tariffs in some European countries, according to Gilligan.
"The demand they thought was going to be there in Europe for solar has drastically been reduced in 2011," he said.
Solar manufacturer and project developer SunPower's investments in Italy were hit when the government reduced feed-in tariffs in response to debt crisis, according to project development analyst Brian Bailey.
"SunPower basically lost a major market, and we've been moving modules to other markets and trying to fill the gap," Bailey said at the conference.
The Problem With Policy
SunPower's experience in Italy also highlights the importance of policy risk in the solar industry, as firms are still working towards lower costs that would allow them to compete without government incentives.
Q-Cells is employing innovative means of raising project funds, such as going through a traditional project finance route but "wrapping" it in an insurance policy, according to director of new market development Nick Chaset. A wrap provides a guarantee against potential losses.
"We'll provide a parental guarantee as a publicly traded company or we'll go through a third party like [insurance company] Zurich," Chaset said.
SunPower is continuing to fund projects using power purchase agreements, as well as lease financing, according to Bailey. The company's creditworthiness benefits from French oil major Total's decision, announced in April, to buy 60% of the solar firm's shares and provide $1 billion in credit support over five years.
"We have one of the strongest balance sheets in the world behind us", Bailey said.
And the companies' solid track records give them a leg up over less established firms.
"Big investment banks, financial institutions aren't interested in taking risks on a new developer," said Gilligan.
Two Certainties: Natural Gas And Taxes
But the US solar industry may face additional challenges in the coming years. One of the primary drivers behind a recent boom in solar projects is the option for solar developers to receive a 30% investment tax credit in the form of a cash grant, according to Gilligan. He does not expect the cash grant option to be renewed next year, which would force solar project developers to seek tax equity financing, which may not be as readily available.
And if the price of US natural gas fails to rise, it could act as a barrier to development of all renewable fuel generation sources.
"As long as this natural gas price stays around $4…it's so cheap that it's not going to be a good financial decision to build big wind and solar farms," Gilligan said.
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


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After about eight hours of searching, Santa Clarita Valley sheriff's deputies arrested a man Thursday for allegedly threatening to kill his girlfriend, a sergeant said.
The hunt began shortly after midnight, when deputies responded to a call for help regarding a criminal threat.
The victim told investigators her boyfriend threatened to kill her with a knife, and that she had been the victim of domestic violence resulting in severe injuries during the past few weeks.
She said her boyfriend was known to carry a firearm and has an extensive criminal past.
Deputies began their search at the suspect's last known residence in the 17000 block of Sierra Highway in Canyon Country.
By 8 a.m., with the aid of a helicopter, deputies arrested the man and booked him at the Sheriff's Station jail, said sheriff's Sgt. Rich Nagler.
Detectives assigned to special units including the Special Enforcement Bureau — Santa Clarita Valley's equivalent of a SWAT team — the Aero Bureau and the canine unit worked together to locate the suspect.
They also seized a knife believed used in threatening the woman's life. It was recovered from the suspect's car.
Scott Barrowclough, 38, of Canyon Country is charged with making criminal threats.
Barrowclough was taken into custody without incident, and no firearm was found.
During the search, Sierra Highway in Canyon Country was shut down for for a time from Vasquez Canyon Road to one-quarter mile north of Baker Canyon Road.
Evacuations were considered but not ordered.
on twitter @jamesarthurholt


text:
What makes a good teacher?
Length: 342 words (1 double-spaced pages)
Rating: Red (FREE)
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There are many things which make a teacher great and they all can`t be defined.However i`ve always considered several of them essential.In my opinion a good teacher is someonewho first of all creates interest in studying,doesn`t underestimate the children,has equal expectations of siccess from everyone and last but not least likes his job.
A good teavher always has a sense of purpose.He chooses very carefully the teaching programme and adjusts it to the needs of his students.Children always come first and that`s why the decision he makes are based on how they will affect them.He shares experience with other teachers and thus is always learning new things.
It is very important for a teacher to be a good communicator.He doesn`t just stand in front of the class and lecture but tries to establish a dialogue and tofind the best group activities in which every child to be involved.Discussion,peer-to-peer coaching are the things which make the process of teaching more interesting and challenging so that all students attend classes and participate actively.
The good teacher works with all students.A friend of mine told me how her maths teacher tolerates only students who are good at mathematics or those who have special interest in the subject.Towards the rest of the class my friend says she`s very exacting.She gives homeworks and tests without bothering to ask about difficulties.She doesn`t try to explain it and as a result many students keep getting bad marks.
I firmly believe teachers shouldn`t forget that all students no matter of their colour,race or gender have equal ability to study.Different students have different learning systems.Some can learn things easily while others need to spend more time over a given task.That`s why it is advisable for a teacher to know his students individually so that he can remember what kind of problems they have and find the right way to help them.
There`s no doubt that teachers have immense influence on their students.That`s why it is their responsibility to find the best approach of teaching and make classes more amusing and interesting.
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"What makes a good teacher?." 123HelpMe.com. 24 Sep 2016
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Trio face trial on charges in two Erie armed robberies
An Erie man on Monday admitted he took part in a pair of armed robberies in the city as he testified against two other men accused in the crimes.
Eric A. Akins, 23, waived to trial the criminal charges filed against him in both robberies after first testifying against Michael T. Toran Jr., 20, and Dominique L. Moffatt, 23, during a lengthy preliminary hearing in Erie County Central Court on Monday morning.
After Akins waived his hearing, Erie 1st Ward District Judge Sue Mack changed the bonds holding him in the Erie County Prison from $50,000 and 10 percent of $125,000 to $50,000 and $125,000 unsecured.
Toran and Moffatt were held for trial after the hearing. They both remain in jail.
Toran, Akins and another person, who has not been identified, are accused of committing a home-invasion robbery at a residence in the 700 block of East Fourth Street on Sept. 23. The victim testified Monday that he was asleep on the couch of his father's residence when three men entered the residence and one pointed a gun at him and shot him in the buttocks before the three fled. Some keys and a cell phone were taken from the residence, the victim testified.
The victim said under cross-examination by Toran's lawyer, Erie County Assistant Public Defender Nicole Sloane, that he could not identify the suspects and didn't know who shot him.
Akins testified that he, Toran and a man he didn't know went to the house to get "weed" out of it and thought no one was home. He said he and Toran went through the front door after the other man climbed through a window, and they were searching the house when the victim woke up and told them to get out.
Akins testified that Toran had a revolver, and that he heard a shot as he was fleeing the house but didn't see the shooting. He said under cross-examination by Sloane that he saw Toran with a gun before they went into the house, but not when they were inside.
Toran, Akins and Moffatt are accused of robbing Barbato's Italian Restaurant, 1164 W. Sixth St., of cash while threatening a customer and an employee with a gun Oct. 5. The employee testified Monday that she heard the pizzeria's door chime and came to the front to find the female customer over the counter with a gun to her head. The gunman then pointed the gun at her and told her to give them all of the money, she said.
Akins testified that Toran and Moffatt went into Barbato's while he waited across the street. He said he knew they were going to rob the pizzeria, and he followed them to a vehicle after Toran and Moffatt ran out of the pizzeria.
The robberies were among many armed crimes that plagued Erie in late summer and fall. Erie Police Chief Randy Bowers cited the captures of Toran, Akins and Moffatt in highlighting some successes police had in catching suspects in the crimes.
Toran was also charged in November with taking part in beating and robbing a man in an alley behind a State Street restaurant Aug. 30. But those charges were withdrawn during Toran's preliminary hearing in that case on Dec. 30.
TIM HAHN can be reached at 870-1731 or by e-mail. Follow him on Twitter at twitter.com/ETNhahn.


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May 1, 2012
Global Bank is set to price what would be the region's first covered bond as soon as Wednesday, though investors find it tricky to find the appropriate pricing level for the debut. The Panamanian bank was scheduled to finish a roadshow Monday, and the buyside reported no solid price indications yet for the deal of up to $200m, at a 5-7-year tenor with a legal maturity of 30 years. "Interesting deal, but a shot in the dark in...
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July 5, 2010: Zest Bakery Announces Partnership with Anticupcake Company - Zest Bakery is partnering with local cheesecake business Anticupcake Company to provide gluten-free cheesecakes.
June 30, 2010: Zest Bakery Announces Grand Opening Celebration - Zest Bakery will celebrate the opening of their gluten-free bakery in San Carlos on July 15th, 2010. To celebrate the grand opening, the bakery will give away free samples throughout the day.
June 24, 2013: Bay Area Gluten-Free Bakeries - by Meredith, Plate it Safe
Spring, 2013: Gluten-Free for Many - by Kate Daly, Edible Silicon Valley
March 13, 2013: Gluten-Free Zest Bakery, San Carlos, CA - by Margaret, Plate it Safe
July 6, 2011: Zest Bakery & Deli - Adding Zest to the Bay Area's Gluten-free Community - by Sara Angove, Oakland Examiner.
June 27, 2011: Review: Zest Gluten-free Bakery and Deli in San Carlos, Ca - by Brenda Sea, Book of Yum.
May 14, 2011: Sf Blogger Bake Sale a treat - by Angela Rosoff, San Francisco Examiner.
February 17, 2011: Zest Bakery and Gluten-Free Grapefruit Bars - by Danielle Tsi, Beyond the Plate.
January 11, 2011: Zest Bakery in San Carlos is a gluten-free winner - by Amy Fothergill, San Francisco Examiner.
December 15, 2010: Patrick Luke of Zest Bakery brings gluten-free goodies to the Peninsula - interview by Carmelo Sigona of Sigona's Markets.
November 30, 2010: Gluten-Free Bakeries Bring Holiday Cheer - by Stephanie Stiavetti, KQED Bay Area Bites.
September 20, 2010: Introducing Zest Bakery in San Carlos CA 94070 - by Lottie Kendall, Peninsula Living.
July 23, 2010: Zest Gluten-Free Bakery in San Carlos - by Sheryl Davies, Breaking Bread.
July 21, 2010: New San Carlos shop bakes up wheat-free goodies - by Shaun Bishop, Daily News.