Pennsylvania Solar CenterThe GET Solar program will develop nearly 70 projects in the state over the next four years with support from Capital asset fund. These new projects will be built at no upfront cost for small businesses, nonprofits and municipalities, while still qualifying for the 48E investment tax credit.
“The PA Solar Center is so proud and grateful to partner 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 provided trusted, unbiased guidance to hundreds of entities over the past eight years, helping them decide if solar is right for them and connecting them with financing options and qualified solar developers. Helping nearly 70 of them go solar in one fell swoop with Capital Good Fund is a dream, 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 panels under power purchase agreements (PPAs), which will set monthly energy rates. Capital Good Fund will own and maintain the solar panels, 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 for projects of 500 kW or larger, but by grouping these projects they can all qualify. The program plans to deploy 19.4 MW of projects statewide.
“Energy costs have risen by an estimated 50% in the past five years alone, putting enormous pressure on not only Pennsylvania homeowners, but also the small businesses and community organizations that serve them,” said Anika Wistar-Jones, executive VP of America BRIGHT at Capital Good Fund. “We’re pleased to help alleviate 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 into their missions. By combining the pooled investor capital for PPA financing with the PA Solar Center’s existing project pipeline, this partnership creates a unique opportunity to expand access to solar energy 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 allow the Capital Good Fund to secure the equipment that will be used in these projects.
News item from Pennsylvania Solar Center
