The Owens PV project holds a 20-year, plus additional year options, power purchase agreement (PPA) with Maui Electric Company (MECO). The PPA includes a requirement for MECO to purchase 100% of the power at $0.238 per kilowatt hour.
The Owens project was established under a Feed In Tariff (FIT) program issued by MECO and awarded to Neighborhood Power Corporation (NPC). The program is designed to encourage the addition of more renewable energy projects in Hawaii. Pre-established FIT rates and standardized FIT contract terms provide an easy way for individuals, small businesses, governmental entities, or other developers to sell renewable energy to Maui Electric.