The Solar Power Free-Market Financing Act was signed into law on July 1, 2015. This act allows financing options for installations throughout the state. Customers who install solar generation at their home or business have always had the option to enter into solar energy procurement agreements; however, now agreement prices can be calculated based on the performance and output of the solar generator. Solar generation can be installed behind or in front of the meter and generating capacity cannot exceed 10 kW for residential installations and 125% of actual or projected maximum annual peak demand for commercial installations.
The Solar Power Free-Market Financing Act allows for Solar Energy Procurement Agreements (SEPAs) from solar financing agents in which the payments are based on the energy production of the solar system. However, it does not allow for 3rd party sales of retail electric service through Power Purchase Agreements (PPAs). In accordance with the Act, customers or solar financing agents must notify their electric supplier thirty (30) days prior to the operation of their financed solar technology.