Welcome to another inciteful post on my solar power blog, your go-to resource for all things solar. I’m here today to discuss an intriguing new development in the solar industry that could potentially spark a wave of new strategies among solar companies. So, whether you’re contemplating solar panels for your home, looking for information on a solar array for home, or just interested in where the journey of solar power is heading, this post is for you.
There’s a new approach in the world of solar that’s all about repowering and maximizing existing solar power farms—think of it as rehabbing decrepit housing but for solar farms. The idea is simple yet ingenious: Zack Hobbs and Casey Gilley are partnering up to scout for solar “fixer-upper” farms, purchase them, and thrust them back into their prime.
This dynamic duo has chosen to shift the focus from new projects to repowering existing ones. Zack Hobbs, a well-seasoned specialist in the operations and maintenance of solar farms, has identified a myriad of solar power plants in need of repowering services. He noticed that numerous solar farms in North Carolina built between 2010 and 2015 are entering their “middle age” and are showing signs of age with deteriorating modules and unsupported, underperforming inverters. The owners of these assets are more inclined towards new ventures instead of engaging with these aging systems.
Enter Casey Gilley, the fractional CFO for Carolina Solar Services. A former CPA with a keen eye for identifying sound investments, Gilley utilizes analytical spreadsheets to project the return on investment for revitalizing these solar assets. As a result, helping the asset owners to realize the financial feasibility of extending the lifespan of their existing solar farm rather than abandoning it for a newer one.
The fusion of their skills birthed CSS Repower, targeting distressed and underperforming solar assets. CSS Repower’s primary focus is on solar farm “fixer-upper” projects valued between $2 million to $20 million—a significant benefit for potential sellers of such assets.
Their strategy doesn’t stop at acquiring these underperforming assets at a discount. CSS Repower intends to replace worn-out modules & inverters, maximize DC capacity under existing interconnection, or apply to expand system sizes with the addition of battery storage. This approach not only breathes new life into these solar farms but also enables them to qualify for new tax credits by replacing at least 80% of the existing equipment.
Gilley and Hobbs believe their auxiliary expertise in financial optimization, engineering, and operations & maintenance well positions them to take on this new trend in the solar industry. As interest in solar power continues to grow, so does the need for forward-thinking, innovative approaches like this one. Whether you’re contemplating a solar array for your own home, or you’re a part of a solar company looking to evolve your strategy, keep an eye on the work of CSS Repower—it’s an excellent example of innovation and resurrection in the solar industry that we all can learn from.
Stay tuned for more enlightening solar news and tips! Remember, the sun never sets on those who ride into the future!
Original Articlehttps://pv-magazine-usa.com/2024/08/08/om-executives-seeking-underperforming-solar-assets/
