About this course

After enrolling, we recommend starting with Keith Cronin's "Inside the Solar Executive MBA Deal Room" course. It's full of contracts and financial models and lessons to get you off to a fast start.

Subjects covered

Solar Marketing and Sales Energy Finance

Bundle outline

2 courses
35 - 50 hours to complete
Course 1 • 10 modules
Intro to Solar Financial Modeling in Excel
Welcome • 3 assignments
Orientation Materials

This course is self-paced, so you don’t need to be logged in at any specific time. You can get started immediately after you enroll and the course materials will remain in your account with minimum guaranteed access for 12 months (1 year) after enrollment.

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Module 1 • 2 assignments
Resources

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Module 2 • 1 assignments
Introduction to Solar Project Lifecycle

This module introduces the lifecycle of a solar project and provides context for how financial modeling fits into real-world development. I will walk you through the key stages of a project, and learn where and how financial modeling is used to evaluate project viability. This foundation will help you understand why building a dynamic financial model matters in practice. 

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Module 3 • 4 assignments
Model Setup

This module focuses on setting up the structure of your solar financial model using Excel. You will create the core layout of your model, organize your inputs tab, and establish a clear separation between assumptions and calculations. This step is critical for building a model that is easy to follow, flexible to update, and scalable as you add more complexity in this course and in your own independent work. 

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Module 4 • 4 assignments
Building Your Inputs Tab

This module focuses on building the Inputs tab, which serves as the foundation of your solar financial model. You will define key assumptions related to system performance, pricing, costs, and financial parameters, and organize them in a clear, structured format. A well-designed Inputs tab makes the model easier to understand, update, and use for scenario analysis as you build the rest of the model. 

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Module 5 • 4 assignments
Building your Solar Production Tab

This module focuses on building the Solar Production tab, where you calculate how much energy the system generates over time. You will model annual energy production using system capacity and capacity factor, and incorporate performance degradation to reflect how output changes over the project lifecycle. This step establishes one of the most important drivers of the model, as production directly impacts revenue and overall project performance. 

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Module 6 • 3 assignments
Building your Revenue & Costs Sheet

This module focuses on translating energy production into financial performance and building the Revenue and Costs tabs. You will calculate revenue based on energy generation and power price, and define key cost components, including upfront capital costs and ongoing operating expenses. This step connects the technical and financial sides of the model and establishes the core drivers of project profitability.

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Module 7 • 4 assignments
Building your Cash Flow Tab

This module focuses on building the Cash Flow tab, where you bring together revenue and costs to model the financial performance of the project over time. You will construct annual net cash flows, account for the upfront investment in Year 0, and calculate the cumulative cash flow to track how the project performs across its lifecycle. This step provides a clear view of how and when the project generates value.

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Module 8 • 4 assignments
Evaluating Project Returns

This module focuses on evaluating project performance using key financial metrics. You will calculate the internal rate of return (IRR), net present value (NPV), and payback period based on the project's cash flows. These metrics are commonly used to assess whether a project meets required returns and helps translate the model into a decision-making tool.

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Module 9 • 4 assignments
Sensitivity Analysis

This module focuses on sensitivity analysis, where you explore how changes in key assumptions impact project performance. You will evaluate how variations in inputs such as power price affect returns like IRR, and identify which factors have the greatest influence on project viability. This step helps you understand the risk and reinforces how the model can be used for real-world decision making.

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Module 10 • 4 assignments
Final Case Study

This module serves as a capstone, where you apply your financial model to a real-world scenario. You will evaluate a solar project for a data center by analyzing energy demand, estimating system performance, and calculating key financial metrics. You will also explore how changes in system size impact both energy offset and financial returns. This module reinforces the full modeling process and highlights trade-offs involved in real project development.

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Conclusion • 4 assignments
Feedback and Additional Resources

This is our last module but you still have access to the all of course materials for 12 months (1 year), so keep working and you'll be able to complete the course at your own pace. After your year of access expires you can optionally extend access with a HeatSpring Membership. Enjoy the course and keep in touch!

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Course 2 • 8 modules
Inside the Solar Executive MBA Data Room
Welcome • 7 assignments
Orientation Materials

This course is self-paced, so you don’t need to be logged in at any specific time. You can get started immediately after you enroll and the course materials will remain in your account with minimum guaranteed access for 12 months (1 year) after enrollment.

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Module 1 • 10 assignments
Financial Modeling - Introduction

This is the economic evaluation of a project as a first gating item.
We often use this a the first step in seeing if a project makes sense or not to build or if an investor would be interested in.

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Module 2 • 6 assignments
Development Services Agreement - What is it?

This is the intro into the DSA.
It is a high level overview the parties relationships with each other and how this mechanism works.
We're not providing legal, tax or accounting advice in this video or anywhere in this course, but go over the commercial conditions in which these deals are structures.

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Module 3 • 19 assignments
EPC Agreement

In this module, we will walk you through an EPC agreement and provide you with a template. We're not providing legal advice, but more going through commercial terms that EPC's and developers work through daily.

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Module 4 • 7 assignments
Operations and Maintenance Agreement

In this module, we'll go over the details of the O&M agreement through the lens of the developer looking to subcontract the work to an EPC or a 3rd party O&M provider.

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Module 5 • 12 assignments
SSA/PPA Agreement

We have known for decades the idea of a PPA- Power Purchase Agreement. They have gotten more nuances to be a SSA- Solar Services Agreement. There are also ESA- Energy Services Agreements for storage.

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Module 6 • 10 assignments
MIPA - Membership Interest Purchase Agreement

This is a standard agreement in the solar industry.
Consult your legal counsel for feedback on this agreement, as we aren't offering legal advice.

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Module 7 • 7 assignments
Data Room Example

This is for Google Drive.
You can see the folder structure as a guide.

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Module 8 • 4 assignments
2 Case Studies for Solar Projects - CA & RI

In this module, you will use all of the things you've learned in this course to answer the questions in the case studies.
One project is in California and the other is in Rhode Island.
They each have different goals and characteristics for you to solve for.

You will utilize the Financial models to start, then think through interconnection, EPC agreements and the Operations and Maintenance costs. In addition, think through the Operating Expenses as this is essential.

They are in PowerPoint and can be submitted in PPTX and any additional supporting collateral to show your work and how you arrived at your conclusions. This includes the actual Financial model, the PPTX, and a Word doc if needed.

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Conclusion • 4 assignments
Feedback and Additional Resources

This is our last module but you still have access to the all of course materials for 12 months (1 year), so keep working and you'll be able to complete the course at your own pace. After your year of access expires you can optionally extend access with a HeatSpring Membership. Enjoy the course and keep in touch!

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Continuing Education Units

Authors

Keith Cronin

SunHedge LLC

Two-plus decades in cleantech, spanning development, finance, and advisory work across the US, Hawaii, and Southeast Asia. I founded a Hawaii solar company that SunEdison acquired in 2007 — a path that started, improbably, with a 2002 cold call from Jigar Shah at BP Solar looking for a way into the Hawaii market. That call became a lasting friendship and set the...

I am a data and energy professional with experience in solar design, financial modeling, and real estate investment. I hold two Master's degrees from the University of Michigan in Ecology & Evolutionary Biology, and Bioinformatics where my research focused on complex biological systems and data-driven analysis. I have worked in commercial and rooftop solar, building...

Frequently asked questions

Full FAQ
How does this course work?
This bundle of courses is delivered entirely online. After you enroll, the courses will be added to your Account. There's a recommended progression to follow, but you have the flexibility to access the materials in whatever order you prefer. Pre-order courses are available on launch date. The courses are self-paced and you can set your own schedule to complete the materials. You can begin the lecture videos and other course materials as soon as you enroll. After successfully completing the course, you will be able to generate a certificate of completion.
How long do I have access to the materials?
Students can pre-order but will not be able to access the full course materials or earn a certificate of completion until the course is fully published. Once the course is published any students who have pre-ordered will then have access to the course materials for one year (365 days). After the one year of access expires, access can be extended with a HeatSpring subscription (Plus or Pro). A single subscription extends access to course materials for all past enrollments.
Does This Course Cover Utility Scale Solar Developments?
The default inputs for the financial model are geared toward a utility scale project, but the size can be scaled up or down as required. Both utility scale and distributed generation projects are covered and the model can be used for any size project including residential, commercial and industrial scale but the examples focus primarily on utility scale. The course covers all of the principles behind utility scale and distributed generation solar. The models scale equally between them because the principles remain constant. That said, utility scale solar prices tend to be much lower (benefiting from the larger economies of scale), but this is reflected through management of the various input variables. The course and materials really are infinitely expandable.
Will the instructor really answer my questions during this course?
Yes! This is an instructor-led online course. You can ask questions on the discussion board and get prompt answers from your instructor. It varies by instructor and by course but typically instructors check-in between daily and weekly to check quiz results or project work, review and respond to discussion board questions and read survey responses. Check the enrollment page for specific information about each instructor's check-in frequency.
Is This Course Relevant For International Students
Yes we get many international students who take the course. Approximately 25% of the course material is specific to the US, the rest is applicable to any country. The inputs for the financial model do focus on ITC and depreciation benefits available in US markets, but the model can be easily adapted for straight line or other depreciation methodologies, as well as differing subsidies. For the most part, we won’t cover the specific subsidies and tax treatments for countries other than the US, but the bulk of the material is readily applicable to all solar projects regardless of the country.
Is there a certificate of completion?
Yes, when you complete a course in this bundle you are eligible for a certificate of completion from HeatSpring. You can download your certificate as soon as you have completed all of the course requirements. Students can easily share their verified certificates on their LinkedIn profiles using our LinkedIn integration.
Can I register multiple people?
Yes, please visit our For Teams page to get a group discount.
2 courses for
$2,495
Take these 2 courses