JUNO BEACH, Fla., March 13, 2019 /PRNewswire/ -- Florida Power & Light Company (FPL) today filed a proposal with the Florida Public Service Commission (PSC) for a new community solar program that would offer FPL customers the opportunity to directly participate in Florida's transformation to a world leader in solar energy.
Through this voluntary program, participating customers will help accelerate the cost-effective growth of solar in Florida by subscribing to a portion of new solar power capacity, and in return, they will receive credits that are expected to reduce their monthly bills over time.
"We've been aggressively expanding solar with one goal in mind: bringing more solar to all of our customers cost-effectively while continuing to keep their bills lower than 90 percent of the country," said Eric Silagy, president and CEO of FPL. "This innovative program is another major step forward in our '30-by-30' plan, which is one of the world's largest solar expansions, and also an unprecedented opportunity for our customers to harness the power of the sun like never before."
FPL SolarTogetherSM will significantly expand solar energy in Florida. Pending PSC approval, FPL plans to install 1,490 megawatts of new universal solar at 20 new solar power plants across FPL's service territory to meet anticipated customer enrollment in the program. Built cost-effectively, the new solar power plants attributed to the program are projected to generate an estimated $139 million in net savings for customers over the long term, primarily from avoided fuel and other system savings. Participating customers will receive direct credits for the savings on their monthly bills, and the program is designed to also contribute a portion of the savings to all customers, which will help keep fuel costs low for everyone.
If approved, FPL SolarTogether will be the largest community solar program in the United States. According to the Solar Energy Industry of America's latest information, a total of 1,298 megawatts of community solar has been installed in the U.S. through the third quarter of last year.
"This program will more than double the amount of community solar currently in the U.S.," said Silagy. "More importantly, FPL SolarTogether will allow individual customers to personally support Florida's affordable, clean energy revolution while lowering their electric rates and bills over the long term."
FPL studied community solar programs offered throughout the country, including Florida. The result is a next generation solar option for customers that offers flexibility, convenience and is not subject to the confines of their location. Program participants will not be tied to a long-term contract and can terminate or reduce their subscription at any time. In addition, because the subscription is associated with a customer account and not a physical address, program participants who move within FPL's service area can maintain their subscription benefits. FPL expects program participants to achieve a simple payback on their subscription within seven years. FPL also will retire Renewable Energy Certificates or RECs on behalf of participants who are looking to meet sustainability goals.
In order to gauge potential customer interest in a program like this, FPL has been working with its largest energy users, and the response has been overwhelmingly positive. More than 200 of FPL's largest energy users – including municipalities, large national retail chains, universities, banks, restaurants and schools – have committed to participate, providing the foundation for such a large program.
"Include Miami-Dade County among the advocates and early endorsers of FPL's SolarTogether program," said Miami-Dade County Mayor Carlos A. Giménez. "A 'Resilient 305' means embracing sustainable and environmentally responsible options to promote the growth and utilization of smart, affordable solar energy sources to secure power for Miami-Dade County facilities and allow residents and businesses to reap the benefits of zero emissions and cost savings."
"Broward County is proud to be the first county in Florida to preregister for the new FPL SolarTogether program," said Dr. Jennifer Jurado, Broward County's chief resilience officer and director of environmental planning and community resilience division. "Our participation in this forward-thinking initiative helps advance our community's ongoing commitment to a sustainable environment while delivering significant, long-term cost savings."
"Reducing our impact on the environment is a major focus for 7‑Eleven, and shifting to renewable energy is important to our progress," said Ann Scott, director of energy, engineering and store planning for 7-Eleven. "We're strongly encouraged by the rapid growth of large solar plants in one of our key states, Florida. The FPL SolarTogether program brings us one step closer to achieving 7-Eleven's sustainability goals. With over 500 participating stores in Florida, we are making significant strides to reduce our carbon footprint."
"We have exceeded our first renewable goal by 10 years and thank FPL for designing this innovative program," said Tom Barwin, the City Manager of City of Sarasota.
"The City of Coral Springs is excited about the opportunity to participate in the FPL shared-solar program, called SolarTogether," said Director of Public Works, Rich Michaud, City of Coral Springs. "The program gives the City of Coral Springs an opportunity to share in the benefits and cost savings of a large-scale solar program while receiving monthly credits over the term of the project. FPL SolarTogether meets the goal of sustainability for the City of Coral Springs."
"Our residents are excited we now get the opportunity to go solar," said Carlington Pinnock, community association manager, The Wave Condominium Association in Hollywood. "From coast to coast, so many Floridians enjoy the ease of living in a condominium. And, now with FPL SolarTogether, that lifestyle can also include solar."
"Broward College is committed to the education and advancement of sustainable energies that improve community wellness," said John Dunnuck, chief operating officer, Broward College. "The College's partnership with FPL's SolarTogether program is an investment in Florida's future."
"A clean environment is a top priority for Florida Atlantic University, and we're strongly encouraged by the rapid growth of large solar plants in Florida," said Michael Dipple, director of FAU's Engineering Utilities and Energy Management. "We look forward to participating in the new FPL SolarTogether program and the ability to meet FAU's energy needs with clean power that is generated using the sun for fuel."
The new energy centers built through the program will increase the use of solar power on the energy grid, helping to offset the use of other power plants fueled by non-renewable resources. As a result, all FPL customers, including those who do not participate in FPL SolarTogether, will benefit from the fuel savings produced by the new solar facilities. The first six solar plants, each of which will have about 300,000 solar panels and be capable of generating 74.5 megawatts of solar, are scheduled to be operational in early 2020, with the remaining 14 facilities planned for 2021. FPL has already secured enough land to build all of these plants and the company plans to announce the individual locations in the future.
"FPL's SolarTogether program provides an innovative approach to addressing business and residential needs for embracing clean energy in Florida and cost-effectively expanding the Sunshine State's renewable energy footprint," said Tim Center, executive director of Tallahassee-based, Sustainable Florida. "This initiative chalks up major wins for Florida's environment and sustainability."
FPL encourages customers who are interested in more information about FPL SolarTogether to visit FPL.com/SolarTogether.
Florida Power & Light Company
Florida Power & Light Company is the largest energy company in the United States as measured by retail electricity produced and sold, serving more than 5 million customer accounts or an estimated 10 million+ people across the state of Florida. FPL's typical 1,000-kWh residential customer bill is approximately 30 percent lower than the latest national average and among the lowest in the U.S. FPL's service reliability is better than 99.98 percent, and its highly fuel-efficient power plant fleet is one of the cleanest among all electric companies nationwide. The company was recognized in 2018 as one of the most trusted U.S. electric utilities by Market Strategies International for the fifth consecutive year. A leading Florida employer with approximately 8,700 employees, FPL is a subsidiary of Juno Beach, Florida-based NextEra Energy, Inc. (NYSE: NEE), a clean energy company widely recognized for its efforts in sustainability, ethics and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2019 list of "World's Most Admired Companies." NextEra Energy is also the parent company of Gulf Power Company, which serves more than 460,000 customers in eight counties throughout Northwest Florida, and NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun and a world leader in battery storage. For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.GulfPower.com, www.NextEraEnergyResources.com.
Cautionary Statements and Risk Factors That May Affect Future Results
This news release contains "forward-looking statements" within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not statements of historical facts, but instead represent the current expectations of NextEra Energy, Inc. (NextEra Energy) and Florida Power & Light Company (FPL) regarding future operating results and other future events, many of which, by their nature, are inherently uncertain and outside of NextEra Energy's and FPL's control. Forward-looking statements in this news release include, among others, statements concerning adjusted earnings per share expectations and future operating performance, statements concerning future dividends, and results of acquisitions. In some cases, you can identify the forward-looking statements by words or phrases such as "will," "may result," "expect," "anticipate," "believe," "intend," "plan," "seek," "potential," "projection," "forecast," "predict," "goals," "target," "outlook," "should," "would" or similar words or expressions. You should not place undue reliance on these forward-looking statements, which are not a guarantee of future performance. The future results of NextEra Energy and FPL and their business and financial condition are subject to risks and uncertainties that could cause their actual results to differ materially from those expressed or implied in the forward-looking statements, or may require them to limit or eliminate certain operations. These risks and uncertainties include, but are not limited to, the following: effects of extensive regulation of NextEra Energy's and FPL's business operations; inability of NextEra Energy and FPL to recover in a timely manner any significant amount of costs, a return on certain assets or a reasonable return on invested capital through base rates, cost recovery clauses, other regulatory mechanisms or otherwise; impact of political, regulatory and economic factors on regulatory decisions important to NextEra Energy and FPL; disallowance of cost recovery by FPL based on a finding of imprudent use of derivative instruments; effect of any reductions or modifications to, or elimination of, governmental incentives or policies that support utility scale renewable energy projects of NextEra Energy Resources, LLC and its affiliated entities (NextEra Energy Resources) or the imposition of additional tax laws, policies or assessments on renewable energy; impact of new or revised laws, regulations, interpretations or ballot and regulatory initiatives on NextEra Energy and FPL; capital expenditures, increased operating costs and various liabilities attributable to environmental laws, regulations and other standards applicable to NextEra Energy and FPL; effects on NextEra Energy and FPL of federal or state laws or regulations mandating new or additional limits on the production of greenhouse gas emissions; exposure of NextEra Energy and FPL to significant and increasing compliance costs and substantial monetary penalties and other sanctions as a result of extensive federal regulation of their operations and businesses; effect on NextEra Energy and FPL of changes in tax laws, guidance or policies as well as in judgments and estimates used to determine tax-related asset and liability amounts; impact on NextEra Energy and FPL of adverse results of litigation; effect on NextEra Energy and FPL of failure to proceed with projects under development or inability to complete the construction of (or capital improvements to) electric generation, transmission and distribution facilities, gas infrastructure facilities or other facilities on schedule or within budget; impact on development and operating activities of NextEra Energy and FPL resulting from risks related to project siting, financing, construction, permitting, governmental approvals and the negotiation of project development agreements; risks involved in the operation and maintenance of electric generation, transmission and distribution facilities, gas infrastructure facilities, retail gas distribution system in Florida and other facilities; effect on NextEra Energy and FPL of a lack of growth or slower growth in the number of customers or in customer usage; impact on NextEra Energy and FPL of severe weather and other weather conditions; threats of terrorism and catastrophic events that could result from terrorism, cyber-attacks or other attempts to disrupt NextEra Energy's and FPL's business or the businesses of third parties; inability to obtain adequate insurance coverage for protection of NextEra Energy and FPL against significant losses and risk that insurance coverage does not provide protection against all significant losses; a prolonged period of low gas and oil prices could impact NextEra Energy Resources' gas infrastructure business and cause NextEra Energy Resources to delay or cancel certain gas infrastructure projects and could result in certain projects becoming impaired; risk to NextEra Energy Resources of increased operating costs resulting from unfavorable supply costs necessary to provide NextEra Energy Resources' full energy and capacity requirement services; inability or failure by NextEra Energy Resources to manage properly or hedge effectively the commodity risk within its portfolio; effect of reductions in the liquidity of energy markets on NextEra Energy's ability to manage operational risks; effectiveness of NextEra Energy's and FPL's risk management tools associated with their hedging and trading procedures to protect against significant losses, including the effect of unforeseen price variances from historical behavior; impact of unavailability or disruption of power transmission or commodity transportation facilities on sale and delivery of power or natural gas by NextEra Energy, including FPL; exposure of NextEra Energy and FPL to credit and performance risk from customers, hedging counterparties and vendors; failure of NextEra Energy or FPL counterparties to perform under derivative contracts or of requirement for NextEra Energy or FPL to post margin cash collateral under derivative contracts; failure or breach of NextEra Energy's or FPL's information technology systems; risks to NextEra Energy and FPL's retail businesses from compromise of sensitive customer data; losses from volatility in the market values of derivative instruments and limited liquidity in OTC markets; impact of negative publicity; inability of NextEra Energy and FPL to maintain, negotiate or renegotiate acceptable franchise agreements with municipalities and counties in Florida; occurrence of work strikes or stoppages and increasing personnel costs; NextEra Energy's ability to successfully identify, complete and integrate acquisitions, including the effect of increased competition for acquisitions; the inability to realize the anticipated benefits of the Gulf Power Company acquisition; environmental, health and financial risks associated with NextEra Energy Resources' and FPL's ownership and operation of nuclear generation facilities; liability of NextEra Energy and FPL for significant retrospective assessments and/or retrospective insurance premiums in the event of an incident at certain nuclear generation facilities; increased operating and capital expenditures and/or reduced revenues at nuclear generation facilities of NextEra Energy or FPL resulting from orders or new regulations of the Nuclear Regulatory Commission; inability to operate any of NextEra Energy Resources' or FPL's owned nuclear generation units through the end of their respective operating licenses or through expected shutdown; effect of disruptions, uncertainty or volatility in the credit and capital markets or actions by third parties in connection with project-specific or other financing arrangements on NextEra Energy's and FPL's ability to fund their liquidity and capital needs and meet their growth objectives; inability of NextEra Energy, FPL and NextEra Energy Capital Holdings, Inc. to maintain their current credit ratings; impairment of NextEra Energy's and FPL's liquidity from inability of credit providers to fund their credit commitments or to maintain their current credit ratings; poor market performance and other economic factors that could affect NextEra Energy's defined benefit pension plan's funded status; poor market performance and other risks to the asset values of NextEra Energy's and FPL's nuclear decommissioning funds; changes in market value and other risks to certain of NextEra Energy's investments; effect of inability of NextEra Energy subsidiaries to pay upstream dividends or repay funds to NextEra Energy or of NextEra Energy's performance under guarantees of subsidiary obligations on NextEra Energy's ability to meet its financial obligations and to pay dividends on its common stock; the fact that the amount and timing of dividends payable on NextEra Energy's common stock, as well as the dividend policy approved by NextEra Energy's board of directors from time to time, and changes to that policy, are within the sole discretion of NextEra Energy's board of directors and, if declared and paid, dividends may be in amounts that are less than might be expected by shareholders; NEP's inability to access sources of capital on commercially reasonable terms could have an effect on its ability to consummate future acquisitions and on the value of NextEra Energy's limited partner interest in NextEra Energy Operating Partners, LP; and effects of disruptions, uncertainty or volatility in the credit and capital markets on the market price of NextEra Energy's common stock. NextEra Energy and FPL discuss these and other risks and uncertainties in their annual report on Form 10-K for the year ended December 31, 2018 and other SEC filings, and this news release should be read in conjunction with such SEC filings made through the date of this news release. The forward-looking statements made in this news release are made only as of the date of this news release and NextEra Energy and FPL undertake no obligation to update any forward-looking statements.
SOURCE Florida Power & Light Company
For further information: Florida Power & Light Co. Media Line: 561-694-4442, @FPL_Newsroom