4-29-14 master massachusetts srec transition - second half
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7/21/2019 4-29-14 MASTER Massachusetts SREC Transition - Second Half
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Zbjdcm ekfo do teb prdlrkn
Bcvirdcnbctkf Gusicbss Jducjif do Cbw Bclfkcm
Bcbrly Bcvirdcnbct Bjdcdny
7/21/2019 4-29-14 MASTER Massachusetts SREC Transition - Second Half
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Dvbrvibw do Cbt Nbtbricl
@dec \kmswdrteXkrtcbr
Grdwc Wumcija FFX
Bcvirdcnbctkf Gusicbss Jducjif do Cbw Bclfkcm
Bcbrly Bcvirdcnbct Bjdcdny
7/21/2019 4-29-14 MASTER Massachusetts SREC Transition - Second Half
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© 78;= Grdwc Wumcija FFX Kulust ;;, 78;= :
GDZ]DC MRGFIC EKW]ODWM FDCMDC CB\ YDWA DWKCLB JDRC]Y XKWIZ XWD_IMBCJB \KZEICL]DC MJ
CB] NB]BWICL
Ic Nksskjeusbtts
@dec \kmswdrte
Xkrtcbr
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Bxjbss Xdwbr sbct td lrim
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Lrim pdwbr suppfibs edst
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Bfbjtrij Giff
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Jdnpdcbcts do bfbjtrij rktbs
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CZ]KW Cbt Nbtbricl OK[s
Jfkss I Jfkss II Jfkss III
Justdnbr
Jfkss
Zdfkr, \icm dr
Klrijufturkf
Zdfkr, \icm dr
Klrijufturkf
Zdfkr, \icm dr
Klrijufturkf
a\ ?8 a\ dr fbssLrbktbr tekc ?8 a\ up
td ;,888 a\
Lrbktbr tekc ;,888 a\
up td 7,888 a\
Cbt
Nbtbricl
Jrbmit
Jkfjufktidc
Jrbmit bxjbss lbcbrktidc,gy ]DR pbridm io
kppfijkgfb, odr kff a\e
rktb jdnpdcbcts
icjfumicl mbokuft sbrvijb
bxjbpt MZN &
rbcbwkgfbs.
Jrbmit bxjbss lbcbrktidc,gy ]DR pbridm io
kppfijkgfb, odr kff a\e
rktb jdnpdcbcts
icjfumicl mbokuft sbrvijb
bxjbpt MZN &
Wbcbwkgfbs.
Jrbmit bxjbss lbcbrktidc,gy ]DR pbridm io
kppfijkgfb, odr kff a\e
rktb jdnpdcbcts
icjfumicl mbokuft sbrvijb
bxjbpt Mistrigutidc, MZN
& Wbcbwkgfbs.
Jkfjufktidc
Bxjbptidcs
Io nucijipkf tebc kfsd
jrbmit mistrigutidc a\e
rktb.
Finits Kllrblktb jkpkjity sekff cdt bxjbbm : pbrjbct do CZ]KW’s mistrigutidc pbka odr
privktb okjifitibs kcm : pbrjbct odr nucijipkf okjifitibs.
7/21/2019 4-29-14 MASTER Massachusetts SREC Transition - Second Half
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Gksij rbquirbnbcts odr bfiligifity
• Bvimbcjb tekt ydu ekvb rbjbivbm k Jkp
Kffdjktidc ordn teb Kmnicistrktdr do teb
Zystbn do Kssurkcjb (sbb www.nksskjk.drl).
Zinpfioibm systbns (fbss tekc ;8 a\ KJ siclfb
peksb kcm fbss tekc dr bqukf td 72 a\ KJ
terbb peksb) krb bxbnpt ordn teb Jkp
Kffdjktidc rbquirbnbct1• K jdnpfbtb kcm kjjurktb Zjebmufb P1
7/21/2019 4-29-14 MASTER Massachusetts SREC Transition - Second Half
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Ic Xfky4
• Jdnpbticl fblisfktivb giffs td mbkf wite okjttekt cbt nbtbricl jkps ekvb gbbc eit ic sdnbtbrritdribs, kcm krb jfdsb ic dtebrs.
• Rtifity giff ‚ icjrbksb jkps td =%, kmm ic kjdnpbtitivb prdjbss webrb mbvbfdpbrs sugnitgims odr pbridmij gfdjas kcm lbt k fdcl tbrnjdctrkjt ordn utifity td purjeksb ZWBJs.
• Icmustry Giff ‚ bfinicktb jkps odr cbxt ybkr drndrb.
7/21/2019 4-29-14 MASTER Massachusetts SREC Transition - Second Half
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Jdctkjt Icodrnktidc
@dec \. \kmswdrte, Bsq.Grdwc Wumcija FFX
Dcb Oickcjikf JbctbrGdstdc, NK 87;;;
]bf0 (?;<) 52?-529?Okx0 (?;<) 759-8=:7
Bnkif0 `wkmswdrteHgrdwcrumcija.jdn
7/21/2019 4-29-14 MASTER Massachusetts SREC Transition - Second Half
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Ndmbrktdr0 Gdg Lrkjb
Zustkickgfb Bcbrly Kmvkctklb, FFJ
Xkcbf Nbngbrs0
• Cdc-Nkcklbm Lrdwte0 Btekc MbZdtk, Btedsdfkr
• Nkcklbm Lrdwte0 ]dmm Nkrtic, ZucMurkcjb Bcbrly• Bquity Icvbstnbct0 Cijedfks Nicbainb, Jkprijdrc
Icvbstnbct Lrdup
• Gkca Mbgt0 Mkvim @. Jdstbffd, Jdnnbrjb Gkca &]rust Jdnpkcy
Bcvirdcnbctkf Gusicbss Jducjif do Cbw Bclfkcm
Bcbrly Bcvirdcnbct Bjdcdny
Xkcbf Misjussidc
7/21/2019 4-29-14 MASTER Massachusetts SREC Transition - Second Half
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Cdc-Nkcklbm Lrdwte0
Btekc MbZdtk
]brritdry Nkcklbr
BtedZdfkr Icj.
Bcvirdcnbctkf Gusicbss Jducjif do Cbw Bclfkcm
Bcbrly Bcvirdcnbct Bjdcdny
Xkcbf Misjussidc
7/21/2019 4-29-14 MASTER Massachusetts SREC Transition - Second Half
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\ed Is BtedZdfkr 4
Nissidc0 Bclklicl teb wdrfm terdule
Wbvdfutidckry Zdfkr Zdfutidcs
BtedZdfkr mbvbfdps kcm mbpfdys0
Jdnnbrjikf, Jdnnucity, Icstitutidckf, kcm WbsimbctikfZdfkr odr Dwcbr / Dpbrktdrs
7/21/2019 4-29-14 MASTER Massachusetts SREC Transition - Second Half
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BtedZdfkr gricls
Bxpbribcjb
Dvbr ?88 systbns icstkffbm (5.2 N\) kcm ucmbr D&N klrbbnbctswite kc kmmitidckf <8 jdnnbrjikf systbns ucmbr
mbvbfdpnbct/jdcstrujtidc rbprbsbcticl kc kmmitidckf ;: N\
\iccbr do Gbst Jdnnbrjikf Mbsilc ‚ Ordcius Jkckmk
7/21/2019 4-29-14 MASTER Massachusetts SREC Transition - Second Half
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ZWBJ II Xfkcs0 Oirst ZWBJ II Odrwkrm Jdctrkjt ic teb
Nksskjeusbtts Nkrabt wite Zdf Zystbns kcm \eittibr Okrns.
Jurrbctfy dvbr : N\ ucmbr mbvbfdpnbct ic teb stktb.
BtedZdfkr `dicbm teb Nksskjeusbtts Nkrabt ic Okff 78;:
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Nkcklbm Lrdwte0
]dmm Nkrtic
_ijb Xrbsimbct
ZucMurkcjb Bcbrly
Bcvirdcnbctkf Gusicbss Jducjif do Cbw Bclfkcm
Bcbrly Bcvirdcnbct Bjdcdny
Xkcbf Misjussidc
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ZucMurkcjb Bcbrly
BGJ Wbcbwkgfb Bcbrly Xrdlrkn ‚ Kprif 79, 78;=
b
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Z u c M u r k c j b
B c b r l y
Ictrdmujtidc td ZucMurkcjb ZucMurkcjb Bcbrly, FFJ (‖ZucMurkcjb„) is k ouff-sbrvijb sdfkr
bcbrly jdnpkcy tekt mbvbfdps, mbsilcs, guifms kcm dpbrktbs sdfkrpdwbr prd`bjts ic teb RZ kcm ictbrcktidckffy
ZucMurkcjb wks oducmbm ic 788< kcm is k wedffy dwcbm sugsimikry doJdcti Jdrpdrktidc ic Bmisdc, C@
Ic 78;;, ZucMurkcjb wks rkcabm gy Icj. Nklkzicb #:5 okstbstlrdwicl privktb jdnpkcibs kcm #: ic teb Bcbrly sbjtdr
ZucMurkcjb doobrs turcaby sdfkr sdfutidcs icjfumicl jd-mbvbfdpnbct,mbsilc, oickcjicl, jdcstrujtidc kcm dpbrktidcs
Xkrtcbrs dc bkrfy kcm nim-stklb prd`bjts Rcmbrstkcms kcm jdctrdfs kff risas, sbjurbs kcy nissicl bfbnbcts, kcm
mrivbs teb prd`bjt td sujjbssouf dpbrktidc
Zpbjikfizbs ic jdnnbrjikf, ldvbrcnbct kcm utifity prd`bjts fdjktbm icteb Knbrijks ZucMurkcjb eks dvbr ;88 N\ do sdfkr X_ pdwbr prd`bjts ucmbr
mbvbfdpnbct/jdcstrujtidc dr ic dpbrktidc ic C@, CJ, ]U, JK, OF, NC,NI, kcm NK
;9
b
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Z u c M u r k c j b
B c b r l y
Ictrdmujtidc td Jdcti
Ictrdmujtidc ]eb Jdcti Lrdup (‖Jdcti„) wks odrnbm ic ;98? td mbvbfdp, guifm,
dwc kcm dpbrktb icorkstrujturb prd`bjts Jdcvbctidckf kcm Wbcbwkgfb Bcbrly, Bcvirdcnbctkf
Wbnbmiktidc, ]rkcspdrtktidc Icorkstrujturb, Icmustrikf Xrd`bjts Fdjktbm ic Bmisdc, C@ wite dooijbs ic Cbw Drfbkcs, Isrkbf kcm
Korijk Kwkrmbm dvbr $7GC ic jdctrkjts sicjb 7882 Dvbr 288 bnpfdybbs Jdcti is ictbrcktidckffy rkcabm gy rbspbjtbm drlkcizktidcs
Wkcabm #;88 kndcl mbsilc/guifm oirns
Wkcabm #;?7 dc teb BCW =88 tdp jdctrkjtdrs Ks do Mbjbngbr :;, 78;7, Jdcti ekm kgdut $:28NN ic kccukf
rbvbcub
78
b
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Z u c M u r k c j b
B c b r l y
NK ZWBJ II Xrd`bjts
Fkcmoiffs/Grdwcoibfms Gbfficlekn ‚ 7.9 N\ Knbsgury ‚ ? N\ Ekvbreiff ‚ : N\ Ksefkcm ‚ : N\ \kfpdfb ‚ : N\ Jkngrimlb ‚ 7 N\
Nkcklbm Lrdwte Zdutewija ‚ 2.:= N\ Nbcmdc ‚ :.? N\ Euggkrmstdc ‚ ? N\
7;
b
7/21/2019 4-29-14 MASTER Massachusetts SREC Transition - Second Half
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Z u c M u r k c j b
B c b r l y
77
Zyfvbstbr Wky Fkcmoiff, Nkrseoibfm, NK ‚
= N\
B F C BWLY
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Bquity Icvbstnbct
Cijedfks Nicbainb
Xricjipkf
Jkprijdrc Icvbstnbct Lrdup
Bcvirdcnbctkf Gusicbss Jducjif do Cbw Bclfkcm
Bcbrly Bcvirdcnbct Bjdcdny
Xkcbf Misjussidc
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JDCOIMBC]IKF N K] BW IK FZ | C D] O DW M IZ]WIGR]IDC
XWICJIXFBM IC_BZ]NBC] NKCKLBNBC]
NK ZDFKW BCBWLY XWDLWKN0 ]EB ]WKCZI]IDC OWDN ZWBJ-I ]D ZWBJ-II
KXWIF 78;=
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JKXWIJDWC IC_BZ]NBC] LWDRX
72
J KXWIJDWC D _BW_IB\ & IC]BWBZ] IC ZDFKW
Xrivktb icvbstnbct oirn, gksbm ic Cbw Ydra kcm Xkfd Kftd
Nkcklb ~$=Gc ic privktb jkpitkf, wite icvbstnbcts ic kff kssbts jfkssbs lfdgkffy
Fdcl-tbrn Ictbrbst ic Zdfkr
Ekvb gbbc icvbsticl ic sdfkr odr ~? ybkrs lfdgkffy
Ic NK, jurrbctfy ic jdcstrujtidc dc k 77N\ (kj) pdrtodfid dc Jkpb Jdm
Fkcmdwcbr & mbvbfdpbr do teb ??8N\ Kctbfdpb _kffby sdfkr prd`bjt ‚ sdfm td Zucpdwbr &
NimKnbrijkc kt bcm do 78;7 odr ~7.?x rbturc
Kjtivbfy bvkfukticl sdfkr X_ mbkfs kjrdss teb RZ ‚ kcm fddaicl kt sbfbjt ictbrcktidckf nkrabts.
Jurrbctfy fddaicl kt dppdrtucitibs ic _], NK, JK, CJ, C@
\b icvbst up kcm mdwc teb vkfub jekic ic sdfkr ‚
prd`bjts, mbvbfdpbrs, tbjecdfdly
7/21/2019 4-29-14 MASTER Massachusetts SREC Transition - Second Half
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JKXWIJDWC IC_BZ]NBC] LWDRX
7?
JDNNI]NBC] ]D W BCB\KGFBZ
Ekvb gbbc icvbsticl ic jfbkc bcbrly & jfbkctbje odr ;; ybkrs
Inpdrtkct odjus krbk odr dur oirn ‚
fdcl-tbrn lfdgkf trbcm
□ Zdfkr, \icm, Bfbjtrioijktidc do _beijfbs, Gkttbribs, Wbfktbm Nktbrikfs
\b wbrb kc bkrfy icvbstdr ic ]bsfk Ndtdrs
\b krb k nk`dr guybr do fkcm odr sdfkr mbvbfdpnbct ‚ sicjb 7885, wb ekvb spbct 3 $;88N
purjeksicl fkcm ic Zdutebrc Jkfiodrcik odr sdfkr mbvbfdpnbct
Icjugktbm kcm fbkm icvbstnbcts ic k fbkmicl ndmufb Zucprbnb, weije is odjusbm dc eile-
booijibcjy c-typb sifijdc pkcbfs.
□ Zuprbnb prdmujbs k eile-booijibcjy, lfkss-dc-lfkss ndmufb0 :=8\ pkcbf wite gi-okjikf gddst
kcm supbridr tbnpbrkturb jdbooijibct. Cdw wdraicl dc =88\ pkcbf.
7/21/2019 4-29-14 MASTER Massachusetts SREC Transition - Second Half
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JKXWIJDWC IC_BZ]NBC] LWDRX
7<
\ EK] KWB \ B FDDAICL ODW IC ZDFKW MBKFZ4
Zbbaicl prd`bjts webrb wb jkc jdnpducm kt ~;7% prb-tkx, dc k fbvbrbm gksis, odr 78 ybkrs.
\b krb teb jkse bquity ic bvbry mbkf. \b md cdt ekvb tkx kppbtitb.
\b pkrtcbr wite k tkx bquity prdvimbr & sdnbtinbs wite k tbrn mbgt prdvimbr
Xkrtcbrseip kpprdkje0 fiab td pkrtcbr wite tdp-cdtje mbvbfdpbrs & BXJs td bxbjutb dc rbpbkt
gusicbss
Kfwkys sbbaicl tkx bquity, skfb-fbksbgkja kcm mbgt pkrtcbrs
]kabkwky0
\b krb kjtivbfy sbbaicl prd`bjts wite bxbjutbm XXKs tekt krb kt dr cbkr C]X
□ \iff fdda kt pdrtodfids gbtwbbc 7N\ ‚ 58N\
7/21/2019 4-29-14 MASTER Massachusetts SREC Transition - Second Half
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Gkca Mbgt
Mkvim @. Jdstbffd
Zbcidr _ijb Xrbsimbct
Jdnnbrjikf Fbcmicl
Jdnnbrjb Gkca & ]rust Jdnpkcy
Bcvirdcnbctkf Gusicbss Jducjif do Cbw Bclfkcm
Bcbrly Bcvirdcnbct Bjdcdny
Xkcbf Misjussidc
7/21/2019 4-29-14 MASTER Massachusetts SREC Transition - Second Half
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\b’rb gil…Kjtukffy gillbr tekc ydu teica.
• Fkrlbst fdjkffy dwcbm gkca ic Jbctrkf Nksskjeusbtts
• Kssbts do $;.9 giffidc
• ;? grkcjebs ‚ : ic Gdstdc krbk, ;: ic \drjbstbr
Jducty• Jkpitkf do $;28 niffidc
• Fbcmicl finit up td $78 niffidc
7/21/2019 4-29-14 MASTER Massachusetts SREC Transition - Second Half
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\b’rb k fbkmbr ic oickcjicl jdcstrujtidc kcm
dwcbrseip do Nksskjeusbtts sdfkr prd`bjts.
• Kjtivb sicjb 78;8
• Zdfkr fdkc jdnnitnbcts do $<8 niffidc
• Dvbr 78N\ guift kcm dpbrkticl dc :8 sitbs
• Zizb rkclb 788 a\ td 2.8 N\
• \b justdn ucmbrwritb bkje fdkc
7/21/2019 4-29-14 MASTER Massachusetts SREC Transition - Second Half
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Kcm wb ekvb teb pbdpfb…..
• Dur Xricjipkf Dwcbr is k gusicbssnkc.
• Dur Zbcidr Nkcklbnbct ]bkn is bctrbprbcburikfkcm eilefy kttucbm td teb gusicbss nkrabt.
• Dur Wbfktidcseip Nkcklbrs krb sbksdcbm fbcmbrstekt rbspdcm quijafy kcm teduletouffy.
• Dur Jrbmit Xrdjbss is jdnpkjt wite k siclfbprbsbctktidc td teb wbbafy Fdkc Jdnnittbb.
X f Mi i
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Ndmbrktdr0 Gdg Lrkjb
Zustkickgfb Bcbrly Kmvkctklb, FFJXkcbf Nbngbrs0
• Cdc-Nkcklbm Lrdwte0 Btekc MbZdtk, Btedsdfkr
• Nkcklbm Lrdwte0 ]dmm Nkrtic, ZucMurkcjb Bcbrly• Bquity Icvbstnbct0 Cijedfks Nicbainb, Jkprijdrc
Icvbstnbct Lrdup
• Gkca Mbgt0 Mkvim @. Jdstbffd, Jdnnbrjb Gkca &]rust Jdnpkcy
Bcvirdcnbctkf Gusicbss Jducjif do Cbw Bclfkcm
Bcbrly Bcvirdcnbct Bjdcdny
Xkcbf Misjussidc
7/21/2019 4-29-14 MASTER Massachusetts SREC Transition - Second Half
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BGJ Wbcbwkgfb Bcbrly Xrdlrkn
Bcvirdcnbctkf Gusicbss Jducjif do Cbw Bclfkcm
Bcbrly Bcvirdcnbct Bjdcdny
Nksskjeusbtts Zdfkr Bcbrly Xrdlrkn0]eb ]rkcsitidc ordn ZWBJ-I td ZWBJ-II