Can Appendix C be used to assign SREC ownership from the Property Owner to the Developer who will not own the system, or to assign SREC ownership to a bank or lending institution?
Many commercial arrangements can be accommodated within the Program, including the ownership of the premises, the ownership of the Project, and the benefit of the electricity generated by the Project all belonging to different parties. However, the assignment of SRECs to a party other than the Owner of the Project is not contemplated by the standard contract (the SREC Purchase and Sale Agreement or SREC PSA), which must be used for all awards under the Program. Under the SREC PSA, the party that owns the Project and the party that receives the SRECs and sells the SRECs to the EDC is one and the same. Thus, Appendix C cannot be completed to accomplish the commercial arrangements that you are considering and generally these arrangements are neither contemplated nor permissible under the SREC PSA or the Program. We note, however, that once the Owner of a successful Project has signed the SREC PSA with the EDC (assuming the project is successful), the Owner may assign the benefits of the S
Related Questions
- WHY WOULD AN OWNER OR REALTOR SELLING AN ENTIRE PROPERTY DEVELOP THE FRACTIONAL OWNERSHIP STRUCTURE AND AGREEMENT BEFORE MARKETING? WHY NOT LET THE BUYERS DEVELOP THEIR OWN FRACTIONAL AGREEMENT?
- Does the Travel Quarters By Owner reservation system let people know if a property is not available?
- Which political and economic belief system advocates shared ownership of property?
