Investment in San Rafael-based solar electric finance specialist unites two California Benefit Corporations to provide low-cost clean energy for schools, municipalities and public service organizations
As I receive green business news across the wires, it is an amazing thing to see an older, more reliable company not just succeed but get better. Here is such a story. A great solar company that has been around since 1976 called Sun Light & Power just closed a deal with SolEd Benefit Corporation to do Power Purchase Agreements (PPA) in the State of California. In addition, this partnership enables both companies to be stronger California Benefit Corporations for the State and taxpayers. This includes schools, municipal buildings, City Halls and other halls of government in the State. What also is exciting is the opportunity to benefit schools. This well needed energy savings or tax monies will only enhance the educational missions of these schools and sets a great example for the community while reducing government’s overall carbon footprint.
As recently reported by Gary Gerber, founder and president of Sun Light & Power, the arrangement will give both his public sector and his private sector customers better access to a full range of financing options; which can now include the PPA contracts to pay as they go (per se) for the energy they use. This also gives the owner of the system (SolEd and/or Sun Light & Power) the tax advantages of the renewable energy tax credits and accelerated depreciation.
“We wanted to enhance our ability to help our clients navigate the complexities of solar energy financing and incentives,” Gerber says. “A strategic partnership was clearly the best way to achieve that goal, but we took our time finding the right match, with people who truly share our customer-centered values.”
By creating a partnership between two California Benefit Corporations, both firms are committed to harnessing the power of business for the public good. This is great for taxpayers in the State of California and local school district costs too for education. For example, Stockton Unified School District (SUSD) with 5.1 megawatts (MW) of solar power that will bring clean energy to 18 SUSD schools and facilities in California. The solar installations are expected to save the district $600,000 in the first year, which will directly benefit school programs and services district wide. .
“Our mission is to provide host customers with the lowest lifetime cost of energy,” said David Kunhardt, CEO of SolEd. “Sun Light & Power has been delivering quality for repeat customers for decades, and is also a B Corporation, the perfect partner for SolEd.”
This partnership makes both companies able to become developers on bigger projects and enables serious financial backing for any large solar project in the State. With financing, engineering, procurement and construction services wrapped into one, partnership, both companies just expanded the solar market in the State of California.
Again, this is a serious green business news alert here. Stay tuned for great developments from both companies; I anticipate more announcements from Sun Light & Power.