NAMPA, Idaho (AP) — The Idaho Public Utilities Commission approved an agreement to allow Idaho Power to buy energy from Jackpot Solar, the commission said.
The commission announced last week that it approved the purchase agreement with Jackpot Holdings LLC for 120 megawatts of energy, The Idaho Press reported.
The agreement will enable Idaho Power to initially buy energy from Jackpot Solar at $21.75 per megawatt hour, The commission said.
The price will increase 1.5% each year during the 20-year period of the agreement. The pricing depends on the project developer securing a 30% federal investment tax credit, which ends at the close of 2019, the commission said.
Idaho Power will own all renewable energy credits associated with the energy produced by Jackpot Solar.
The utilities commission approved Idaho Power’s application filed in April following a review that included economic analyses, information from Idaho Power’s integrated resource plan, and evaluation of whether the agreement would economically benefit customers, the commission said.