Pennsylvania Solar Center‘s GET Solar Program will develop nearly 70 projects over the next four years in the state with support from Capital Good Fund. These new projects will be built for small businesses, nonprofits and municipalities at no initial cost, while still qualifying for the 48E investment tax credit.
“The PA Solar Center is so proud and grateful to be partnering with the Capital Good Fund in this revolutionary approach to lowering energy bills across Pennsylvania,” said Sharon Pillar, founder and executive director of the PA Solar Center. “Our nonprofit’s GET Solar program has been offering trusted, unbiased guidance to hundreds of entities for the past eight years by helping them decide whether solar is right for them, as well as connecting them to financing options and qualified solar developers. It’s a dream to help nearly 70 of them go solar in one fell swoop with Capital Good Fund, especially since many of them were too small to get this type of financing on their own.”
Capital Good Fund will oversee the construction and operation of the new solar arrays under power purchase agreements (PPAs), which will lock in monthly energy rates. Capital Good Fund will own and maintain the solar arrays, and the host sites will pay for the energy generated by the solar system.
The projects will range in size from 20 kW to 1.5 MW. PPAs are typically only available to projects 500 kW or larger, but by grouping these projects together, they can all qualify. The program plans to deploy 19.4 MW of projects statewide.
“Energy costs have risen by an estimated 50% over the past five years alone, placing enormous strain not only on Pennsylvania homeowners, but the small businesses and community organizations that serve them,” said Anika Wistar-Jones, executive VP of America BRIGHT at Capital Good Fund. “We are delighted to be able to help ease that burden through Pennsylvania BRIGHT so that vital community organizations can focus on their core work and reinvest thousands of dollars in annual energy savings back into their missions. By combining pooled investor capital for PPA financing with the PA Solar Center’s established project pipeline, this partnership creates a unique opportunity to expand access to solar where it’s needed most.”
These 70 PV projects will cost approximately $40 million, and are supported by The Reinvestment Fund and The Kresge Foundation. These contributions let Capital Good Fund safe harbor the equipment that will be used across these projects.
News item from Pennsylvania Solar Center
