Genie Energy Breaks Ground on Community Solar Project in Perry NY

Genie Energy Ltd (NYSE: GNE) has commenced construction on a new four megawatt (MW) community solar array in Perry, NY, expected to generate sufficient electricity to power over 440 homes.

Rhea-AI Summary

Genie Energy Ltd (NYSE: GNE) has commenced construction on a new four megawatt (MW) community solar array in Perry, NY, expected to generate sufficient electricity to power over 440 homes. The project will produce more than 5,000 MWh annually and reduce carbon emissions by over 3,500 metric tons each year. Genie Solar aims to complete the project within the year while utilizing local labor for construction tasks. This initiative is part of New York's community solar program, allowing local residents to benefit from discounted electricity bills without needing their solar panels. The project signifies a step towards increasing renewable energy access in the region, promoting energy affordability and local job creation.

Positive

• Construction of a 4 MW solar array will generate over 5,000 MWh annually.
• Project will reduce carbon emissions by over 3,500 metric tons each year.
• Utilizes local labor for construction, supporting the local economy.
• Enables residents to benefit from discounted electricity bills through the community solar program.

Negative

• None.

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4 MW Solar Array will Generate Clean Electricity Sufficient to Power Over 440 Homes

Project Will Reduce Carbon Emissions by Over 3,500 Metric Tons Annually

NEWARK, N.J., April 18, 2023 /PRNewswire/ -- Genie Solar Energy, a Genie Energy Ltd., (NYSE: GNE), ("Genie") renewables business and a rapidly growing developer of commercial and community solar projects, today broke ground on construction of a four megawatt (MW) community solar array in Perry, NY.

"We are excited to bring all the benefits of clean, renewable solar energy to the residents and businesses of Perry," said Michael Stein, Genie's CEO. "We are grateful to the board and staff the New York State Energy and Research Development Authority for their leadership, and to the Perry community for their support throughout the planning process."

The Perry project will comprise approximately 9,000 panels. With a projected annual production of over 5,000 MWh, it will generate electricity sufficient to power over 440 homes while offsetting over 3,500 metric tons of carbon emissions annually.

Genie Solar expects to complete construction of the Perry solar array later this year. To facilitate the project's connection with the local electrical grid, Genie Solar will pay for the project's required grid interconnection upgrades. That work must be performed by the local utility, National Grid, with the timing determined by its ability to schedule and complete the work.

New York State's community solar program enables households and businesses across the state to access the environmental and economic benefits of solar electricity generation without the need to install panels on their properties. Instead, the solar project developer constructs and interconnects a solar array to the grid while enrolling local subscribers. 

Once the project begins to generate electricity, subscribers receive a discount on their electricity supply bill by agreeing to receive electricity from a local, renewable source of power. 

"New York's community solar program is leading the way to bring the benefits of clean, affordable solar energy to residents and businesses across the state," said Nathan Knapke, Director of Community Solar for Genie Solar Energy. "For the Perry project, we not only will lower electricity bills for hundreds of local subscribers, but we also plan to utilize highly-skilled, local personnel from Perry and its immediately surrounding areas for critical tasks during the project's construction including land preparation, panel installation, and electrical work."

Residents of Perry and the surrounding communities who are interested in subscribing to this project can sign up for the project's subscriber waitlist online and follow project construction at https://perrycommunitysolar.com/.

Landowners with acreage crossed by, or adjacent to, utility transmission or distribution lines can learn more about Genie Solar lease opportunities at https://geniesolarenergy.com/services/solar-land-lease/.

In this press release, all statements that are not purely about historical facts, including, but not limited to, those in which we use the words "believe," "anticipate," "expect," "plan," "intend," "estimate, "target" and similar expressions, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. While these forward-looking statements represent our current judgment of what may happen in the future, actual results may differ materially from the results expressed or implied by these statements due to numerous important factors, including, but not limited to, those described in our most recent report on SEC Form 10-K (under the headings "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations"), which may be revised or supplemented in subsequent reports on SEC Forms 10-Q and 8-K. We are under no obligation, and expressly disclaim any obligation, to update the forward-looking statements in this press release, whether as a result of new information, future events or otherwise. 

About Genie Energy: 

Genie Energy Ltd. (NYSE: GNE, GNEPRA), is a global provider of energy services. The Genie Retail Energy division (GRE) supplies electricity and natural gas to residential and small business customers in the United States. The Genie Renewables division (GREW) includes Genie Solar Energy and Prism Solar, which design, supply and install commercial solar solutions; CityCom Solar, which provides customer acquisition, billing & management services for GREW and third-party solar projects; Sunlight Energy Investments, Genie's investment vehicle for acquiring commercial, community and utility-scale solar projects; and Diversegy, a commercial and industrial brokerage and consultative services company. For more information, visit Genie.com. 

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SOURCE Genie Energy Ltd.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What is the significance of Genie Energy's solar project in Perry, NY?

The solar project is expected to generate over 5,000 MWh of clean energy annually, powering more than 440 homes and reducing carbon emissions.

How will the community benefit from the Perry solar array?

Residents will receive discounts on their electricity supply bills and local job opportunities in construction.

When did Genie Energy break ground on the Perry solar array?

Genie Energy broke ground on the project on April 18, 2023.

What are the expected environmental benefits of the solar project?

The solar array will reduce carbon emissions by over 3,500 metric tons annually.

What is the project timeline for the Perry solar array?

Genie Solar expects to complete construction of the Perry solar array later in 2023.