Electricity generated from solar PV is an attractive investment. Large scale systems can be built wherever the sun shines, quickly deployed compared to conventional generation sources, and the fuel is free.
There are, however, challenges. Globally, about 75% of all installed PV came online in the past five years and is expected to more than double over the next 3 years. Without decades of historical data to confidently validate current operations, PV system stakeholders need to find alternate ways to assess risk in order to make informed decisions about future developments.
Bankability is a term often used in the solar industry to describe the degree of financial risk associated with a project, which also factors into the financing process.
UL’s bankability service aligns with stakeholder needs and focuses on elements that affect the lifetime performance and electrical safety of PV systems. The basis for the service is full evaluation and testing as identified in published performance standards, for example IEC/UL 61215 or IEC/UL 61646 for PV modules.
Further tests are performed to expose defects that are known to impact long term reliability. The manufacturer’s production processes and supply chain are also examined specifically for consistency in quality. The company size, history, reputation, financial foundation, and product portfolio are also reviewed. The resulting bankability report is designed to help build stakeholder confidence toward making the right decisions.
For further information on UL’s bankability or other solar energy services, please contact Scott Jezwinski.
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