On Friday, the OPA put a quick halt to the frantic rush to sell or move constrained microFIT offers before the new relocation options expire on May 31st. The OPA scratched the requirement for owners to submit option-specific forms complete with relocation/assignment details in favour of a single form. The new form is essentially just a way to reserve the option to take advantage of one of the 4 relocation options. All that is needed is the reference number, the applicant’s name, and evidence of a connection request that was made on or before August 19, 2011 and that was subsequently denied.
The form will also give the OPA a better sense of how many owners will be take advantage of the ‘built project’ option. As I understand this fourth options (and details are not clear right now), the OPA will be facilitating the purchase of relocation of built solar PV systems that are not connected to the grid and that are in a capacity constrained area. How this will be done is unclear, however it may entail amassing a list of purchasers which may take time if there are a significant number of owners who need this type of relief.
After owners have submitted their form, there will be no movement on the OPA’s part until the final microFIT 2.0 rules and contract are released. Given that the comment period on the draft rules ended on April 27th, I would not be surprised to the see the final rules announced in June. Once the new rules are released, constrained offer holders that submitted the necessary paperwork before the May 31st deadline will have (likely) 30 days to submit another application for the specific option they are choosing.
While this change may have slowed the buy/sell market for constrained offers, once buyers are confident that any new option eligibility requirements are able to be met (or that there will not be any changes to the eligibility requirements) the frenzy will likely again pick up. With buyers willing to pay pwards of $10k to $12K for an single offer, there will likely be no shortage of opportunities for constrained owners looking to sell or move their conditional offers.
For trusted, professional advice on buying, selling, or relocating your constrained microFIT offer, contact me at email@example.com.