University of Colorado Boulder Signs 20-Year Virtual Net Metering Agreement with Pivot Energy for Off-Site Solar Project
July 29, 2024
Pivot Energy, a national renewable energy provider and independent power producer, has signed a 20-year, 5 MWdc virtual net metering agreement with the University of Colorado Boulder (CU Boulder) to develop, operate, and own an off-site net metering solar project in Weld County.
“Pivot Energy is excited to partner with a renowned university like CU Boulder on this impactful clean energy project that brings more solar power to Colorado,” said Mat Elmore, SVP of Strategic Accounts at Pivot Energy. “CU Boulder illustrates how colleges and universities can be leaders in helping advance the clean energy transition.”
CU Boulder will benefit from virtual net metering, a new sustainability program made possible by Colorado Senate Bill 21-26 in 2021, which enables organizations to take advantage of the energy produced by offsite solar installations.
The University will utilize solar power generated by the offsite net-metering solar project, without the need to install solar onsite. The offsite solar project will feed directly into the electric grid, with CU Boulder receiving credits on its electric bills for the renewable energy produced.
Additionally, 100% of the project’s Renewable Energy Credits (RECs) from the offsite solar project will be transferred to CU Boulder to assist the University in reducing its Scope 2 greenhouse gas (GHG) emissions by 50% by 2030 and achieving carbon neutrality by 2050.
The project, expected to be completed in early 2026, will produce an estimated 9.5 million kWh of solar energy annually, equivalent to powering more than 850 homes and removing 1,580 passenger cars from the roads for a year. The project's solar panels are enough to occupy four football fields.
