Empower has the flexibility to tailor different power purchase agreements for you based on your renewable power needs and strategy.
PPA (Power Purchase Agreements)
No CAPEX: A PPA is a great way to generate solar power on-site to supply your facility without the upfront capital costs involved in owning the system yourself.
Third Party Financing: Empower has dedicated financing for PPA projects from investment grade rated companies who are long-term solar project owners.
Energy Cost Hedge: Over the last 15 years, average national electricity costs have increased by 45%! What price risks will the next 15 years bring? A solar PPA from Empower provides you with a long-term fixed rate schedule for your solar power costs. The PPA price can be flat or it can escalate at a set, nominal percentage over the term – we can show you different options to meet your cost savings strategy. A solar PPA from Empower gives you peace of mind in a volatile energy environment.
Sustainability Targets: Our customers are increasingly looking to solar to meet their renewable energy targets and demonstrate their commitment to sustainability. Empower is adept at working with corporate customers to look across a portfolio of facilities and assess how best to hit targets while optimizing savings relative to current utility costs. We’re here to help you hit your renewable energy goals!
One-Stop Shop: Empower is your one-stop-shop – we combine in-house the capabilities to develop, manage construction and deliver a state-of-the-art solar project with our third-party financing in a seamless process.
VPPA (Virtual PPA)
In many regions of the country, a Virtual PPA can provide you with third party financed solar power, like a traditional PPA, but from an off-site solar project.
Economies of Scale: A VPPA allows Empower to provide you with a lower cost of power from a larger project that could potentially be built on your site. For those with significant power needs and sustainability targets, this can be a more efficient method to hedge your power prices based on a renewable generation facility.
Economies of Geography: The cost of land, interconnection and project construction can vary widely from state to state and region to region. Utilizing a VPPA, Empower can build a solar project at an off-site location with the least cost to build and most optimal production conditions to hedge your facilities’ power needs.
Risk Mitigation: A VPPA is a financially settled derivative contract which provides you with price certainty and cost savings. Because the contract is financially settled and does not involve physical delivery, you can mitigate your price risk and provide savings for multiple sites through a single contract.
Empower’s Expertise: Empower will utilize our in-house power market analytics and regional construction cost knowledge to locate the lowest cost VPPA site for your project and then develop and construct it.
Empower’s Third Party Financing Advantage: Our financing partners are wholesale market participants, facilitating the scheduling of power from the project to the market, and working directly with your facilities management group or energy service company (ESCO).
VPPA+ (Virtual PPA Plus)
Empower can also provide you with the option to take title to the physical power generated. This provides you with a physical power supply contract as opposed to a financial contract for differences.
Supply Agreement Management: A VPPA+ agreement can be managed by your facilities management group or ESCO like any other long-term physical supply agreement in your portfolio.
Simplified Accounting: A VPPA+ contract structure does not require the derivative accounting procedures involved with a traditional, financially settled VPPA.
Direct Linkage of Renewable Power to Your Facilities: For sustainability purposes, a VPPA+ agreement provides a direct contractual connection between you and an identified solar asset. Certain clients value this direct connectivity as part of their sustainability strategy.
VPPA+ with Full Requirement Supply Contract Option
Empower has partnered with certain regional ESCOs to provide you with all your electric power needs delivered to your local electric distribution company, including the solar VPPA+ and your remaining full requirement needs (e.g., balance of power needs, delivery, and ancillary services).
Fixed Price Bundled Service Package: Empower and our ESCO partners can manage your electricity supply at a fixed price as an option to our VPPA+ contract. This product seamlessly incorporates the long-term solar VPPA+ into a full requirements agreement with our ESCO partner. You receive all your electric supply needs, including solar, with less contractual friction and administrative burden on your facilities management group.
Empower Partnership Advantage: Our solar project financing partners are retail energy service providers to commercial, industrial and institutional customers. This gives Empower a distinct advantage in providing this contractual structure to the market.