Pennsylvania Solar Center‘s GET Photo voltaic Program will develop almost 70 initiatives over the following 4 years within the state with assist from Capital Good Fund. These new initiatives will likely be constructed for small companies, nonprofits and municipalities at no preliminary value, whereas nonetheless qualifying for the 48E funding tax credit score.
“The PA Photo voltaic Middle is so proud and grateful to be partnering with the Capital Good Fund on this revolutionary strategy to reducing vitality payments throughout Pennsylvania,” mentioned Sharon Pillar, founder and govt director of the PA Photo voltaic Middle. “Our nonprofit’s GET Photo voltaic program has been providing trusted, unbiased steering to a whole lot of entities for the previous eight years by serving to them resolve whether or not photo voltaic is true for them, in addition to connecting them to financing choices and certified photo voltaic builders. It’s a dream to assist almost 70 of them go photo voltaic in a single fell swoop with Capital Good Fund, particularly since a lot of them had been too small to get the sort of financing on their very own.”
Capital Good Fund will oversee the development and operation of the brand new photo voltaic arrays beneath energy buy agreements (PPAs), which can lock in month-to-month vitality charges. Capital Good Fund will personal and preserve the photo voltaic arrays, and the host websites pays for the vitality generated by the photo voltaic system.
The initiatives will vary in dimension from 20 kW to 1.5 MW. PPAs are usually solely out there to initiatives 500 kW or bigger, however by grouping these initiatives collectively, they will all qualify. This system plans to deploy 19.4 MW of initiatives statewide.
“Vitality prices have risen by an estimated 50% over the previous 5 years alone, putting huge pressure not solely on Pennsylvania householders, however the small businesses and neighborhood organizations that serve them,” mentioned Anika Wistar-Jones, govt VP of America BRIGHT at Capital Good Fund. “We’re delighted to have the ability to assist ease that burden by way of Pennsylvania BRIGHT in order that very important neighborhood organizations can concentrate on their core work and reinvest 1000’s of {dollars} in annual vitality financial savings again into their missions. By combining pooled investor capital for PPA financing with the PA Photo voltaic Middle’s established venture pipeline, this partnership creates a singular alternative to broaden entry to photo voltaic the place it’s wanted most.”
These 70 PV initiatives will value roughly $40 million, and are supported by The Reinvestment Fund and The Kresge Basis. These contributions let Capital Good Fund secure harbor the tools that will likely be used throughout these initiatives.
Information merchandise from Pennsylvania Photo voltaic Middle
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