#United States #New York #Renewable Energy #PowerBank #NY-Sapbush

PowerBank Corporation Announces 5 MW Hybrid Solar Project

PowerBank Corporation (NASDAQ: SUUN), a frontrunner in energy infrastructure development, is thrilled to announce the execution of a lease agreement for a groundbreaking 5 MW AC hybrid solar and battery energy storage project, dubbed the NY-Sapbush project, located in New York. This innovative initiative is poised to significantly enhance the local energy landscape by providing clean, renewable energy to residents without requiring rooftop installations.

The NY-Sapbush project stands to gain eligibility for numerous financial incentives under the New York State Energy Research and Development Authority's (NYSERDA) NY-Sun and Retail Energy Storage Incentive Programs. This marks a crucial step forward as New York strives to integrate increasing amounts of renewable energy into its grid. Energy storage systems are becoming essential infrastructural elements in this transition, allowing for the storage of surplus renewable energy generated during sunny or windy conditions, which can then be utilized during periods of lower production.

Recent statistics indicate a dramatic decline—approximately 90%—in battery costs over the last decade and a half, largely due to the emergence of new production facilities. This trend has propelled the growth of energy storage sectors globally, making now an opportune time for such investments.

Currently, PowerBank is embarking on a preliminary screening analysis as part of the interconnection process. If approved, the next steps will include navigating the permitting landscape and securing the financing needed for construction. Once operational, the project is expected to function as a hybrid community solar and energy storage system.

Community solar projects allow residents to access solar power without the need for personal solar panel installation. When the NY-Sapbush project becomes operational and begins producing electricity, it will supply energy to the local grid, ultimately benefiting local homeowners and renters alike. Through a subscription model, customers can earn monthly credits on their electricity bills aligned with their contribution of the project's solar output, thus enjoying the advantages of renewable energy at reduced costs compared to standard utility rates.

PowerBank's expertise in this domain is noteworthy, with over 100 MW of projects successfully completed and a robust development pipeline exceeding 1 GW. The company's strategy is fortified through strong partnerships and top-tier development capabilities, enabling it to deliver reliable and impactful renewable energy solutions effectively.

Moreover, the NY-Sapbush project aligns with New York's progressive Climate Leadership and Community Protection Act, which aims to achieve 6 GW of solar capacity by 2025. New York is a leader in community solar initiatives, claiming nearly a third of the United States' total installed solar capacity of 6.2 GW, making PowerBank's contribution to this goal particularly significant.

Nonetheless, the path forward isn’t devoid of potential challenges. Key risks encompass the procurement of necessary community solar contracts, securing interconnection approvals, obtaining the requisite permits, and assuring the availability of third-party financing. Furthermore, changes in governmental policies or incentives for solar projects might influence the project’s financial viability. Understanding these risks is pivotal and prospective stakeholders should take into account the broader market conditions when evaluating their engagement with renewable initiatives.

In conclusion, PowerBank Corporation is not only catalyzing a shift towards renewable energy in New York but also empowering local communities by making clean energy accessible and affordable. For further information about PowerBank and their ongoing projects, visit their official website at www.powerbankcorp.com.