Last week, US residential solar and storage installer Sunnova announced it has secured a position of 85 megawatts in the recent ISO-New England Forward Capacity Auction (FCA15). Sunnova’s aggregated residential solar portfolio will offer competitive renewable energy capacity to help meet the region’s future energy needs. The company expects the complete portfolio to begin participating with the FCA15 commitment year beginning June 2024.
Overall, Sunnova’s commitment priced at nearly $3/kW-mo across the region. The company expects the first-year value to be approximately $2 million and the gross value across the term to be approximately $38 million. The final pricing for FCA15 increased from prior years with systems in the surrounding Boston area (Northeast Massachusetts and Boston, Southeast Massachusetts, and Rhode Island) securing $3.98/kW-mo, Connecticut and Western Massachusetts clearing $2.61/kW-mo, and New Hampshire pricing at $2.48/kW-mo.
“Our ability to win capacity in a competitively priced auction with the largest aggregation of distributed renewables to date demonstrates our commitment to leading the energy transition in the region,” said William J. (John) Berger, Chief Executive Officer of Sunnova. “More importantly, Sunnova is looking forward to supporting ISO-NE on its path to a clean resilient grid and providing homeowners with the affordable and reliable energy they deserve.”
“Sunnova’s continued high growth in New England, and our strong dealer relationships allowed us to bid tens of thousands of new rooftop solar services into the auction,” said Michael Grasso, EVP and Chief Marketing Officer of Sunnova. “The participation of Sunnova’s portfolio secures the long-term involvement of our assets in the New England capacity program.”