- UGE’s (UGE) project backlog in Virginia has reached 12.3 MW
- The company reached the milestone after adding a 5 MWac community solar project in Gloucester County, Virginia, earlier this month
- It is well-positioned to capitalize on Virginia’s Shared Solar Program opening in July 2023, as well as an up to 20 per cent solar project credit offered through the Inflation Reduction Act
- UGE develops, owns and operates commercial and community solar projects in the U.S. and strategic markets abroad
- UGE (UGE) is unchanged, trading at $1.04 per share
UGE’s (UGE) project backlog in Virginia has reached 12.3 MW.
The company reached the milestone after adding a 5 MWac community solar project in Gloucester County, Virginia, earlier this month.
UGE’s two other development projects in the state include a 3.9 MWac project in Halifax County and a 3.4 MWac project in Sussex County.
The company’s investment in the state will allow it to capitalize on Virginia’s Shared Solar Program opening in July 2023, which will allow Virginians to subscribe to community solar projects such as UGE’s and benefit from electricity cost savings of up to 20 per cent.
The program mandates that 30 per cent of customers must reside in low-to-moderate income households. It will also waive subscriber and minimum bill fees for anyone who makes under 80 per cent of the area’s median income.
The recently passed Inflation Reduction Act provides further support through a maximum 20 per cent bonus credit for solar projects serving and/or located in qualified low-to-moderate income communities. UGE intends to apply for this credit for its projects in Virginia, potentially increasing its investment tax credit on Virginia community solar projects to at least 50 per cent.
UGE develops, owns and operates commercial and community solar projects in the U.S. and strategic markets abroad.
UGE (UGE) is unchanged, trading at $1.04 per share as of 10:34 am EST.