PowerBank Corporation has signed a lease agreement for its 3.2 MW Scofield solar project in Broome County, New York, marking another step in expanding community solar capacity in the state. The project is expected to qualify for New York’s NY-Sun incentives and federal Investment Tax Credits, supporting affordable clean energy while strengthening local renewable energy infrastructure.

Key Overview

• PowerBank has secured a lease for the 3.2 MW Scofield solar project in New York.
• The project will operate as a community solar facility serving local households.
• It is expected to qualify for New York State Energy Research and Development Authority (NYSERDA) NY-Sun Program incentives.
• The project has an estimated construction value of US$8 million.
• Federal Investment Tax Credits are expected to reduce development costs.

PowerBank Secures Lease for New York Community Solar Project

PowerBank Corporation has signed a lease agreement for the 3.2 MW DC ground-mount solar project known as the Scofield project (the “Project”) in Broome County, New York, advancing its renewable energy development portfolio and expanding access to community solar.

The independent energy developer said the ground-mounted solar project is expected to qualify for incentives under the New York State Energy Research and Development Authority (“NYSERDA”) NY-Sun Program, subject to regulatory approvals.

With the lease agreement now in place, the company will continue progressing the project through grid interconnection, permitting and financing before construction begins.

Project Moves Toward Development

PowerBank confirmed that the project’s interconnection application is already underway.

Once approval is obtained, the company plans to complete permitting requirements and secure financing necessary for construction.

The Scofield project carries an estimated construction value of approximately $8 million USD and represents another investment in New York’s growing clean energy sector.

The project is a redesigned and relocated version of the previously announced Boyle Rd. project, allowing PowerBank to continue development under an updated project configuration.

Expanding Community Solar Access

Once completed, the Scofield facility will operate as a community solar project.

Unlike rooftop solar installations, community solar allows multiple households and businesses to benefit from electricity generated by a shared solar installation connected to the local power grid.

Subscribers receive energy credits on their monthly electricity bills based on their share of the project’s electricity generation, enabling renters and homeowners to access solar energy without installing panels on their own properties.

The model also helps reduce electricity costs by allowing participants to benefit from renewable power generated at utility scale while supporting wider adoption of clean energy.

As community solar projects continue expanding across the United States, they are playing an increasingly important role in making renewable energy more accessible to households that cannot install rooftop solar systems.

Eligible for Federal Tax Incentives

The Scofield project is expected to remain eligible for federal Investment Tax Credits under the One Big Beautiful Bill Act of 2025.

According to PowerBank, physical construction work on the project began before the July 4, 2026 eligibility deadline and is expected to satisfy the IRS Physical Work Test, allowing the project to qualify for available tax incentives.

The company estimates the project will generate approximately $3.2 million USD in Investment Tax Credits.

Investment Tax Credits have supported commercial solar development in the United States since 2006 by providing a 30% tax credit for qualifying projects, with opportunities for additional bonus incentives under certain conditions.

Under the One Big Beautiful Bill Act of 2025, the Section 48E Investment Tax Credit for solar projects is being phased out, although projects that began construction before the July 4, 2026 deadline remain eligible.

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Supporting New York’s Clean Energy Transition

The Scofield project contributes to New York’s broader efforts to expand renewable electricity generation and increase community participation in the clean energy transition.

Programs such as the New York State Energy Research and Development Authority (“NYSERDA”) NY-Sun Program continue to encourage private investment in solar energy by providing financial incentives that improve project economics and accelerate deployment.

Community solar projects have become an important part of New York’s renewable energy strategy by increasing access to affordable clean electricity while strengthening grid resilience and reducing greenhouse gas emissions.

For developers like PowerBank, these projects also create long-term revenue opportunities through electricity generation while supporting local economic development and job creation.

Outlook

PowerBank’s progress on the Scofield project highlights the continued growth of community solar across the United States, even as federal renewable energy incentives gradually evolve. By securing site control and maintaining eligibility for Investment Tax Credits, the company is well positioned to advance construction once regulatory approvals and financing are completed. As demand for affordable renewable electricity continues to rise, community solar projects are expected to play an increasingly important role in expanding clean energy access, supporting grid decarbonisation and helping states like New York achieve their long-term climate and renewable energy goals.

FAQs

1. What is the Scofield solar project?

It is a 3.2 MW ground-mounted community solar project being developed by PowerBank Corporation in Broome County, New York.

2. What is community solar?

Community solar allows multiple households and businesses to subscribe to a shared solar installation and receive electricity bill credits without installing rooftop solar panels.

3. Will the project receive government incentives?

The project is expected to qualify for the New York State Energy Research and Development Authority (NYSERDA) NY-Sun Program and remain eligible for federal Investment Tax Credits, subject to meeting regulatory requirements.

4. What is the estimated value of the project?

The Scofield project has an estimated construction value of approximately US$8 million, with expected Investment Tax Credits worth around US$3.2 million.

Sources: Powerbank, Yahoo Finance, AOL

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