38 Degrees North secures $260 million in financing for community solar

A solar developer called 38 Degrees North has lined up $260 million in financing to build about 85 megawatts of community solar projects in New York and Illinois. Community solar lets homeowners and renters buy into a shared solar installation, usually offsite, and get credits on their electric bill, without putting panels on their own roof. This financing news doesn't create a new program you can sign up for, but it points to more of these projects getting built in the two states over the coming months.

New York already has more installed community solar capacity than any other state, and Illinois has its own strong market, backed by a state law (the Climate and Equitable Jobs Act) requiring the state to get all its energy from renewable sources by 2050. That law includes incentives meant to keep new community solar projects coming. So homeowners in either state who are curious about community solar have reason to expect more subscription options as these projects move from planning to construction.

The company says it now has more than 100 solar projects, totaling over 500 megawatts, either operating or under construction across seven states, including California, Maryland, Massachusetts, Minnesota and Pennsylvania, plus New York and Illinois. If you live in one of those states, it may be worth checking whether a community solar project near you is accepting subscribers, since that's typically how homeowners benefit from projects like these, through bill credits rather than any home upgrade or installation of their own.