City Finalizes Net Metering Agreement with Briar Hydro Associates
Updated: Jun 22, 2022
The City of Concord has finalized its agreement with Briar Hydro Associates. This arrangement follows the new and expanded net metering legislation signed into law by Governor Chris Sununu in August 2021.
The agreement calls for the City of Concord to commit 9 million kilowatt hours per year of its electricity usage to a group net metering arrangement with Briar Hydro Associates serving as the municipal host. In addition to supporting local renewable energy projects, the City of Concord has separately pursued and competitively bought 100% renewable electricity supply from national renewable projects since December 2016. These national sources are Green-e® certified and support the City’s 100% Renewable Energy Goals.
House Bill 315 raised the cap on net metering from 1 megawatt to 5 megawatts for projects with a municipal host, or “political subdivisions” like cities and towns, allowing municipal hosts to support larger renewable energy projects including hydroelectric facilities and large-scale solar photovoltaic systems, among others.
Through this net metering agreement with Briar Hydro, the City is supporting the continued operation and financial performance of a local renewable energy facility by purchasing a portion of the financial credits generated by the hydroelectric facility. The agreement is a win-win as it is expected to generate financial credits for the City of approximately $100,000 per year for 18 years, and furthers the City’s objective to support renewable energy project development and operation in Concord.