PowerBank Secures Safe Harbor for 15 Solar Projects in New York
In a significant move for New York’s renewable energy landscape, PowerBank Corporation (NASDAQ: SUUN) has successfully secured “safe-harbor” status for 15 distributed solar and energy storage projects across the state. This strategic achievement not only accelerates the development of clean energy infrastructure but also unlocks substantial financial incentives, positioning the company and the state for a greener future.
A Major Financial and Developmental Milestone for New York solar projects
The successful qualification for safe harbor is a critical financial victory. By meeting the necessary requirements, PowerBank has qualified the portfolio for an estimated US$65 million in Investment Tax Credits (ITCs). These 15 projects represent a combined construction value of approximately US$168 million, marking a substantial investment in the region’s clean energy transition.
The ITC is a cornerstone of federal energy policy, providing a 30% tax credit for solar and energy storage developments. To qualify under the One Big Beautiful Bill Act of 2025, developers like PowerBank had to demonstrate that physical work had commenced or that critical equipment was obtained before the end of 2025. By meeting this deadline, PowerBank has ensured the financial viability of these projects, allowing them to move forward with confidence.
Powering Communities and Reducing Costs with New York solar projects
Beyond the financial implications, the true impact of this development will be felt in communities throughout New York. Once completed, the 15 projects are set to deliver a combined 67 megawatts (MW) of solar capacity and 11 megawatt-hours (MWh) of battery storage.
This new capacity is projected to provide clean, renewable electricity to approximately 7,500 homes. A majority of these projects will operate under community solar and net-metering frameworks. This model allows local residents, including those who may not be able to install solar panels on their own properties, to subscribe to a local solar project and receive credits on their electricity bills, leading to tangible savings and greater energy independence.
Paving the Way for a Sustainable Future with New York solar projects
As an independent developer and operator of renewable energy projects in the United States and Canada, PowerBank’s latest achievement underscores its role as a key player in the energy transition. Securing safe-harbor status for such a significant portfolio demonstrates strategic foresight and effective project management.
This development is a win for all involved. It solidifies PowerBank’s project pipeline, provides a significant boost to New York’s renewable energy goals, and offers thousands of residents access to cleaner, more affordable electricity. As these projects move from development to operation, they will stand as a powerful example of how strategic investment and policy can create a more sustainable and resilient energy grid.