NOTE: There is one application period per quarter. Applications must be submitted by the fifth day of each quarter (July 5, October 5, January 5, and April 5). Incentives are expected to be available through June 30, 2015 or until funds are fully committed, whichever occurs first.
With funding from Puerto Rico's Green Energy Fund, Tier II competitive grants are available for photovoltaic (PV) and wind systems over 100 kilowatts (kW) and up to and including one megawatt (MW). Projects are eligible for up to 50% of installed project costs, although because this is a competitive grant, projects that request less are more likely to receive funding. The Reference Costs used for calculating the maximum incentive amount are:*
- Solar Photovoltaic (PV): $4.00/Watt (W)
- Wind turbines: $4.00/Watt (W)
The maximum incentive is determined by multiplying 50% by the corresponding Reference Cost and system capacity. There is a one-time application fee of $2,000 for systems up to and including 300 kW and $4,000 for systems greater than 300 kW. Awarded projects must execute the Reservation Agreement and pay the Reservation Guarantee or provide a performance bond of 1% of the total installed cost. Once the system is installed, subsequent documentation and a site visit is required to receive the incentive payment. Projects will be evaluated on a scoring system including but not limited to the following criteria:
- Incentive amount requested
- Project development experience and local experience
- Total project cost per system
- Project benefits including the expected production over the lifespan of the system; amount of avoided greenhouse gas emissions, avoided waste water, avoided solid waste generated and avoided water usage; green jobs created and/or economic development benefits
- Project location and siting, including potential interconnection issues, possible permits, land access or ownership, and availability of green energy resources
- Project finances, including the ability to provide expected development costs through self-funding or third-party financing.
All awarded projects must carry sufficient insurance per the regulations and must install utility grade performance meters. Additional requirements and application steps apply; refer to the Green Energy Fund regulations and the most recent Tier II Reference Guide for additional details, both found on the program web site.
*Higher Reference Costs are allowed in the Special Vieques-Culebra Economic Development Zone.