EnergyMark to Distribute $175M in Solar Credits

EnergyMark to Distribute $175M in Solar Credits to Local Electric Customers

June 20, 2022

Today, EnergyMark announced that it has reached an agreement with one of America’s largest solar developers to distribute over $175 million dollars in solar credits to New York state electric consumers over a 25 year term.

The agreement provides for the distribution and management of 30 megawatts of solar generated electricity from 6 new solar farms – enough energy to power the equivalent of 7,000 homes annually. The solar facilities cover 25 acres with 18,000 solar panels at each.

New York State has mandated that 70% of electric use is to be generated by renewable sources by 2030. EnergyMark’s 25-year initiative will support the growth of renewable electricity generation in Western New York. The credits will benefit electric customers during a time of rising energy prices and record inflation.

EnergyMark’s role will be to manage the distribution of the solar credits of these projects, distributing savings via credits applied directly to customers’ monthly utility bill. The credits will be applied to commercial and industrial users as well as residential customers, saving them up to 10% each month on their electric bill.  

“This long-term investment demonstrates our commitment to helping our customers save money through local renewable energy generation,” said Luke Marchiori, EnergyMark’s Executive Vice President. “For the last several years we have brought the benefit of Community Solar credits to our customers. Now, we are making a much larger and longer-term investment in our community.”

“Community Solar brings the benefit of renewable electricity, without the burden of ongoing or upfront costs – providing simple guaranteed monthly savings. This deal allows us to extend the economic and environmental benefits of solar energy to customers who may not have been able to take advantage of solar programs in the past.”

The six new projects will be located in National Grid, New York State Electric and Gas (NYSEG), and Rochester Gas and Electric (RG&E) service territories, and will begin generating electricity in late 2022.