The Puerto Rico Industrial Development Company announced Tuesday it has earmarked $10 million to create an incentive program for solar energy projects designed to lower energy costs for manufacturing companies leasing the agency’s buildings.
The new incentive, which becomes available Oct. 15, seeks to stimulate the installation of solar panel projects on building rooftops or adjacent land, said Economic Development and Commerce Secretary José Pérez-Riera, who also heads Pridco.
“This new incentive for manufacturing joins other initiatives such as the Green Energy Fund, which started last year and has been well received,” Pérez-Riera said during a news conference at the agency’s Hato Rey headquarters. “Through this initiative, we will help our tenants finance their solar projects so they can reduce their energy costs substantially and immediately.”
Pridco building tenants may also choose to purchase energy through a solar energy services provider at below-market rates that will result in savings in the cost of electricity. This alternative may be more attractive, since it requires no advanced investment advanced by the tenant, he said.
Solar energy projects with a capacity of up to 5 megawatts will be eligible under this program, but the incentives will be provided based on a maximum of 1 megawatt. The incentives will be allocated through a competitive bidding process, he said.
For more information on the program, click here.