What is solar compliance administration?
As your portfolio grows, it will be more and more challenging to keep track of all the compliance obligations under your contracts. A missed compliance event can harm vendor relations. But even worse, it could result in a claim for damages or a default event. To avoid this, it is very important to be organized around the topic of compliance. You will want to have "checks and balances" in place, so that if one of your collaborators is absent, their work can be easily assumed by a colleague to avoid missing an important compliance date.
What are the key steps to successful solar compliance?
Step 1: Identify Obligations
- With tracking in place, you will identify your most important compliance events. These could be events like monthly reporting, making payments, sending out invoices, renewing contracts, producing debt service coverage certificates, renewing insurance policies etc;
Step 2: Determine Frequency of Obligations
- Your asset managers will have a self-service wizard to create important compliance dates for the lifetime of the solar project. You will be able to assign individual responsibilities;
Step 3: Operate
- “Fingertip access” to contract terms and data allows your asset managers to ensure that all important compliance is met. Asset managers will receive weekly or monthly emails informing them of any compliance dates coming up and will receive email reminders if compliance dates are overdue;
Step 4: Approve
- You can set up an approval workflow process to ensure that compliance events are reviewed and approved by the right person
Step 5: Monitor
- Your compliance officer will be track the overall compliance via customizable dashboards outlining overdue compliance or by email alerts.