Megan Birney of Community Environmental Council (CEC) shares the secrets of how to provide nonprofits with the benefits of solar energy and save money while providing investors with Investment Tax Credits (ITC) and tax equity.
The Community Environmental Council (CEC) of Santa Barbara, California, has established a Limited Liability Corporation (LLC) that owns and installs solar energy panels on the roofs of nonprofit-owned buildings. A Power Purchase Agreement will bill the nonprofits for energy each month at a rate that not only can be less than current energy costs but that creates significant savings over time thereby improving the nonprofits’ operating costs. Simultaneously, passive investors can enjoy debt equity returns as well as the extensive Investment Tax Credits available for renewable energy projects in the first year. By utilizing tax equity, this innovative program provides nonprofits, investors, the community and CEC with both financial and environmental returns.
This program is one of several designed to make the Central Coast of California “fossil free by ’33.” CEC’s aggressive goal is well on its way with the implementation of this Community Supported Solar program along with Solarize Santa Barbara and a collaborative program with the Department of Energy to install electrical vehicle charging stations. The future vision of solar-fueled transportation is becoming a current reality.
An investor event for CEC’s Community Supported Solar project benefiting nonprofits in Santa Barbara County occurs August 22, 2012 at the Santa Barbara Club. To attend, or to learn more about the opportunity, call Megan Birney at 805-963-0583 extension 107.
