Refers to energy that has been harnessed from the sunlight and converted into electricity by photovoltaic (PV) panels or other technologies.
Solar Panel
A device that converts sunlight into electricity by using photovoltaic (PV) cells. PV cells are made of materials that produce excited electrons when exposed to light.
Solar Lease
The document or documents that work together to govern the relationship, rights and remedies between a landowner and the party (or parties) that have been granted rights to construct and operate a solar power project on the landowner’s real estate. These agreements are sometimes called “solar leases,” “solar easements,” or “solar land contracts.”
Solar Project Owner
The entity which owns the solar power plant once it is in commercial operation. Owners are typically utility companies, independent power producers (IPPs) or infrastructure funds, that often own numerous energy generation projects.
Solar Lessor or Solar Landowner
Individual(s), institutions, or other organizations that owns the real property the solar project is built on. The Solar Landowner grants a long-term lease providing the right to install and operate solar panels on their property (while maintaining ownership of the real property)
Solar Rent
The mutually agreed upon compensation that Solar Project Owners pay to landowners in installments throughout the term of the lease in consideration for the right to construction, own and operate a solar project on the Solar Lessor’s Land.
Solar Lease Buyout
Refers to the type of transactional option typically offered by Madison Street Energy to Solar Landowners whereby MSE offers to pay a large immediate lump sum payment in to the Solar Lessor in exchange for assigning rights to collect the future Solar Rent payments when they become due any payable over the term of the Solar Lease.
Solar Lease Payment Assignment
Refers to the binding closing agreement used to document when a lump sum payment is made to a Solar Lessor in exchange for the Solar Lessor’s Assignment of the rights to collect future Solar Rent to Madison Street Energy.
