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Types Of Solar Surety Bonds
EPC, Solar Payment And Performance Bonds
A solar payment and performance bond, aka an "EPC bond", guarantees satisfactory completion of a project by the solar contractor. An EPC bond combines a performance bond with a payment bond which guarantees that the general contractor or developer will perform according to the terms of the agreement and pay all sub-contractors and/or suppliers in accordance with a bonded solar project.
Community Solar Subscription Manager Bonds
Community solar subscription manager bonds are a form of performance bond required by community solar programs in certain states. A community solar subscription manager bond may be purchased for one (1) or up to five (5) years and may be renewed as needed. Bond premiums are subject to underwriting guidelines and may include collateral requirements, depending on creditworthiness.
Interconnection Bonds
Commercial or industrial solar projects often require sub-stations to be built as part of the energy distribution infrastructure. Once a solar project development is complete, sub-stations are often connected to the public grid to distribute the renewable energy as electricity to offtakers and/or retail customers. The developer may need to provide an interconnection bond for the benefit of the utility to guarantee the proper connection and maintenance of that infrastructure over the life of the project.
Solar Decommissioning Bonds
A solar decommissioning bond guarantees that commercial solar project assets are decommissioned at the end of their useful life and that land is restored to its former condition and/or is environmentally reinstated. As solar projects can produce renewable energy for decades, and take up thousands of acres of land, a decommissioning bond is necessary to ensure the physical assets and land will be restored, and not abandoned, when a project is wound down.
Solar decommissioning bonds may be purchased for payment annually as needed.
Power Purchase Agreement (PPA) Bonds
A solar PPA bond provides assurance that a power purchase agreement will perform as promised. We work with counterparties across the U.S., such as utility companies, municipalities and offtakers to provide bonds as a form of security and financial assurance for renewable energy projects of almost any size.
Procurement Bonds
Solar panel module, inverter and other renewable energy equipment suppliers may require a guarantee - such as a deposit or other financial security - to reduce the risk of purchase order default by solar developers and/or solar contractors. Solar procurement bonds help secure purchase orders for products in high-demand. We help manufacturers across North American and Asia to secure purchase orders prior to delivery.
We've Got The Bond You Need
Contract surety bonds are the most commonly requested form of solar surety bonds.
Common solar surety bonds include bid bonds, performance bonds, payment bonds, supply bonds, maintenance bonds, decommissioning bonds, improvement bonds, EPC bonds, power purchase agreement (PPA) bonds, advanced payment bonds and interconnection bonds.
Our Expertise Saves You Money
You should work with a broker who understands insurance and bonding AND solar industry operations.
Why? Because many insurance companies and sureties are uncomfortable with the solar industry.
Our focus on solar means efficiency, greater synergies and savings for your business. By working with a solar insurance and surety bond specialist, your project(s) will be more bankable because they're perceived as having less risk.
Have Questions?
Call 1 (203) 200-0445 to talk with a Surety Expert today.
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Solar Surety Bonds And Insurance Available Nationwide
Solar project developers and contractors have unique risks and exposures across the U.S.
Community solar subscription manager bonds1 are becoming more common as a requirement for the management of community solar subscribers. Once applications are submitted, we help our clients turn these bond requests around quickly to move their projects forward.
Whether your company installs 4 kW residential systems or develops 100 MW community solar projects, you should work with an insurance and surety bond broker who understands your business… Indeed, a more thoughtful, expert approach to solar surety bonding and business insurance increases the chances that your solar business will succeed.
In addition to surety bonds, we offer custom solar insurance solutions including specialized coverages for commercial general liability (CGL), umbrella and excess, business auto and commercial fleet insurance, workers compensation, property insurance and inland marine coverage, directors and officers (D&O), professional liability (E&O) and cyber liability insurance. Specialty insurance products include solar offtaker insurance, solar production guarantee, extended warranty, solar consultant insurance and more.