Sunnova Energy Corp., called on Congress to aid in power outage restoration efforts for the people of Puerto Rico, 55 percent of which still lack electricity more than three months after Hurricane Irma and Maria made landfall.
Sunnova, the largest residential solar service provider in Puerto Rico, has been working alongside a number of suppliers, companies and organizations to push for policy solutions and aid measures in the upcoming disaster supplemental that would support the construction of a more resilient, reliable power system in Puerto Rico.
Sunnova believes that a viable policy solution would be to modify the existing investment tax credit into a cash grant for disaster-hit U.S. territories. Such a solution would leverage the investment of private capital into a market that desperately needs it, while at the same time strengthening the island’s energy infrastructure and helping prepare it for the next inevitable storm.
The ITC grant solution includes the following provisions:
· The Investment Tax Credit would be replaced by a cash grant
· The cash grant option will be limited to U.S. territories recovering from disasters
· This provision will sunset in three years
· The costs shall be limited to cost per MW per Treasury guidance or cost paid to a third party to construct
· The paperwork shall be limited for grants under $20k
· The grant would be contingent on service date, not ‘placed in service’ date, due to difficulties connecting to the grid right now