Puerto Rico solar power green energy

What's going on with Puerto Rico's energy plan?

The plan is to transition away from imported fossil fuels — petroleum, natural gas and coal — to cleaner sources such as solar and wind. Another goal is to make electricity more affordable. The island's power rates are about twice as high as average rates across the U.S. The federal study is expected to be completed by the end of this year.

How can Puerto Rico meet its energy goals?

The federal study is expected to be completed by the end of this year. Four different scenarios have been modeled to meet Puerto Rico's targets — all include more rooftop solar combined with battery storage. First is a focus on installing distributed energy on buildings where owners could then get the financial benefits of generating electricity.

How much money does Puerto Rico have to pay for solar?

Up to $190 million is available to Puerto Rico’s Housing Administration and a private company to pay for solar and battery installations in public housing common areas and subsidized, multifamily housing properties. Another $175 million is available for certain healthcare and dialysis centers.

Can solar panels help a low-income Puerto Rican household?

Funding will Support Solar Panels for up to 40,000 Low-Income Households and Create Local, Good-Paying Jobs; Part of a $1 Billion Effort to Increase Resilience for Puerto Rican Households

Can credit unions finance solar projects in Puerto Rico?

Our report highlights how Puerto Rico’s exponential growth in rooftop solar has been accompanied by a robust growth in locally chartered credit unions, called Cooperativas, offering financing alternatives for solar projects.

What is solar financing in Puerto Rico?

Cooperativas are the financial institutions that communities in Puerto Rico traditionally use for a whole array of financial services. To date, however, most of the solar financing in Puerto Rico has come from U.S.-based solar companies.