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About this course

This is the most in-depth free course on commercial solar finance and microgrids available online. You'll learn the basics of community solar, how Power Purchase Agreements (PPAs) work, the key legal structures used to finance projects, the basics of financial modeling, and how to determine the economic feasibility of microgrids.

After taking this course you will understand:

  • The variables that go into modeling a commercial solar PV project
  • The basics of community solar legal structures
  • The most common legal structures used to finance commercial solar projects and how they vary based on regulations and investor concerns
  • The variables that determine the financial feasibility of microgrids

Ready To Sign Up Today? Click Here to Enroll

Course outline

4 modules • 23 assignments • 2:36 hours of video lectures

Module 1 • 10 assignments
Legal Structures 101

This module includes a recording of a one-hour event—with solar finance experts Chris Lord and Keith Cronin—on how commercial solar EPCs can develop and own their own solar projects. The second section of this course will deal with the basic concepts and terms behind the legal structures used to finance commercial solar PPAs. We'll cover tax equity structures, tax perspectives on partnership flips, how passive loss issues impact the legal structure of projects, and also provide an open source PPA contract.

  • How Commercial Solar EPCs Can Finance Their Own Projects (01:03:49 hours)
  • Primary Tax Equity Finance Structures (.pdf)
  • Reading: Tax Perspectives on a Partnership Flip (.pdf)
  • A Discussion of Partnership Flips (02:18 minutes)
  • Master PPA Structures (05:53 minutes)
  • Special Owner/Lessor Arrangements (06:12 minutes)
  • Sample PPA Agreement Template (.docx)
  • "How We Financed a 13kW Community Solar Project on a Church in Massachusetts" - HeatSpring Magazine
  • Basics of Commercial Solar Legal Structures (8 questions)
  • Totally optional: iPhone App for taking this class (50 seconds)
Module 2 • 3 assignments
Due Diligence and Bankability

This section contains an introduction to the basics of project bankability. Bankability and due diligence are critical to the success of a project. We'll cover how to structure a bankable solar project, how to assess risk with a non-profit solar client, and how to understand and reduce equipment and manufacturer risk.

  • Six Stages of Solar Bankability (.pdf)
  • How to Structure a Bankable Solar PV Project
  • Assessing Risks with Non-Profit PPAs (10:39 minutes)
Module 3 • 5 assignments
Finance and Modeling 101

This section covers the basic terms and concepts related to modeling solar projects. You'll learn how to understand risk in SREC markets, the impact of leverage on projects, all the variables you need to understand when financing a project.

  • Introduction to Leverage - Khan Academy (10:00)
  • Understanding Debt, Risk, and Leverage
  • Pre- and Post-Tax Returns (10:56 minutes)
  • Understanding Risk in SREC and ZREC Markets (06:36 minutes)
  • Audio: Advice from a $20MM Solar Project Investor
Module 4 • 3 assignments
Microgrid Modeling

In this section, you will learn what factors determine the economic feasibility of microgrids and how to determine the economics of a microgrid. The instructor for this section is primarily Dr. Mahesh Bhave, the instructor for our Microgrid MBA.

  • Presentation Slides: Microgrid Economics & Feasibility (.pdf)
  • "Microgrid Economics and Feasibility" - Part 1 - Lecture (24:32 minutes)
  • "Microgrid Economics and Feasibility" - Part 2 - Questions (24:59 minutes)

Authors

  • Keith Cronin

    SunHedge LLC
    View profile

    What kind of world do you want to live in? Two plus decades of cleantech experience on our journey together to sequester carbon in meaningful ways. Blessed with a multidisciplinary skill set of development, finance, business, and deep connections globally. The road to your destiny is often a curved line. After a decade on the East Coast, it catapulted me to Hawaii to... Learn more

  • Chris Lord

    Managing Director, CapIron, Inc.
    View profile

    Christopher J. Lord is the Managing Director of CapIron, Inc., a firm focused, among other things, on helping clients plan, structure and close financings involving renewable energy projects, including Distributed Generation and Utility-Scale Projects. Mr. Lord graduated from Cornell Law School, and practiced corporate law in firms, and in-house, for over 25 years. He... Learn more

  • Mahesh Bhave

    Visiting Professor, Indian Institute of Management
    View profile

    Mahesh Bhave is a Visiting Professor of Strategy at Indian Institute of Management, Kozhikode, India. He has worked in product management, strategy, and business development positions at Hughes, Sprint, and Citizens in the United States. He is the founder of a rich media communications start-up in San Diego, CA. He is an engineer from IIT, New Delhi and Ph.D. from... Learn more

Frequently asked questions

How does this course work?
This is a free course. Enroll today and get access to all of the materials instantly. The lecture video and other materials are available any time.
How long do I have access to the materials?
For free courses there is no guarantee for how long the course materials will be available.
Is there a certificate of completion?
Certificates of completion are only provided to HeatSpring Membership subscribers. This course has not been approved by any credentialing organizations (NABCEP, AIA, USGBC etc) for Continuing Education Credits (CEUs). This course is for self education purposes only and completion does not indicate a level of professional expertise or credential.
Can I register multiple people?
Yes, this is a free course so you can share this page with other people from your group.

Reviews

4.3
Based on 137 reviews
3,792
students have taken this course
02/11/2024

Very Informative

ROGELIO CHAVENIA
11/22/2023

Very enjoyable

Darren Bishop
Project manager/sales lead, Lincolninfracture/Convalt energy
05/19/2021

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