NOCO Electric recently partnered with solar developers throughout New York to obtain community solar credits from 15 installations. The credits are coming from the New York State Electric and Gas Corporation and the National Grid territories. NOCO agreed to pay $120 million for a contract that is expected to generate around 60 million kilowatt-hours of annual electricity.
The decision to purchase the community solar credits came as part of the energy company’s goal to offset 40% of its portfolio with community solar by 2024. Community solar allows companies like NOCO and the developers it purchased the credits from to provide solar power to homeowners, small businesses, and tenants. The push for community solar in New York is part of the state’s “NY-Sun” initiative orchestrated as part of Governor Cuomo’s “Reforming the Energy Vision.” Offering community solar also creates an affordable option for switching to renewable energy that won’t require costly rooftop solar panels.
The press release regarding the acquisition of community solar credits confirms that homeowners and small businesses can subscribe to the program. These participants will draw from the solar energy provided by the National Grid or NYSEG while saving approximately 10% on their monthly utility bills. Their participation is also beneficial to the environment and helps in the reduction of carbon emissions.
Though NOCO started as a coal company, it has since switched to solar energy. Its sustainability division is always looking for new ways to generate clean resources while keeping up with the ever-growing demand for power. Community solar is the latest addition to its portfolio and remains one of the more beneficial means of distributing solar energy.
Along with its acquisition of the solar credits, NOCO also purchased a composting site, the Buffalo River Compost. NOCO will continue to move into sustainable industries to play an active role in the reduction of carbon emissions and the protection of the environment.