January 26, 2021
For Immediate Release
Media contact: Tom Deyo, Montgomery County Green Bank Chief Executive Officer, at firstname.lastname@example.org
ROCKVILLE, MARYLAND – The Montgomery County Green Bank is launching a new solar PV energy financing program for small businesses and nonprofit organizations that requires no out-of-pocket funding and offers long-term, lower monthly payments for electricity. The Commercial Solar Power Purchase Agreement (PPA) financing program is being brought to market to help small businesses and nonprofits both save money during the current pandemic and lock in energy savings for decades to come.
The Commercial Solar PPA financing program helps property owners conserve energy and enjoy operating costs savings through the use of on-site solar energy generation rather than drawing power from the grid. The owners can install solar panels on their properties with no initial outlay of funding and then have lower operating costs for the solar generated electricity compared to grid produced electricity for 20 years.
The program is part of the Green Bank’s portfolio of financing products positioned to help businesses during the pandemic with strategies to address operating costs and health of properties.
Under the Commercial Solar PPA financing program, a solar developer works with a business to size an onsite rooftop solar PV system to meet the energy demand needs of the business. The developer and the business agree on a price to buy the generated solar PV energy by seeking PPA rates lower than those charged by local utilities for the same energy from the grid. The developer would then install the system, using a local installer contractor, at no upfront cost to the business. This Green Bank structure unlocks key benefits of both investment tax credit incentives and Green Bank special capital that together create the opportunity to offer favorable long-term PPA rates for the business, particularly for nonprofit businesses which cannot easily access the tax credit benefits.
“We know the importance of solar PV energy for both the environmental and operating benefits to businesses,” said Green Bank CEO Tom Deyo. “We kept hearing from organizations that they wanted to add solar PV to their properties but couldn’t move forward in the face of out-of-pocket costs or poor operating economics for a solar PV system. So, we looked to how our capital could be used to improve those economics and drive savings to nonprofits and commercial entities throughout the county.”
The Green Bank encourages interested businesses, nonprofits and contractors to reach out about the Commercial Solar PPA financing program. The program was particularly designed to work for smaller energy systems with as little as 25 kW in generation capacity.
About Montgomery County Green Bank
The Montgomery County Green Bank is a publicly chartered nonprofit dedicated to accelerating affordable energy efficiency and clean energy investment in Montgomery County, MD. We partner with the private sector to build a more diverse, equitable, and inclusively prosperous, resilient, sustainable, and healthy community. Our work supports Montgomery County’s goal to reduce its greenhouse gas emissions.
The Green Bank now offers a broad portfolio of affordable renewable energy and energy efficiency financing options for commercial and residential property improvements. Its suite of products include the Clean Energy Advantage program for homeowners and the Commercial Loan for Energy Efficiency and Renewable Energy program, the Small Business Energy Savings Support program, and the Commercial Solar PPA program for businesses.
Interested parties should also subscribe to the Green Bank’s newsletters to receive the latest updates on investment opportunities, contractor trainings, and program developments
For more information, visit www.mcgreenbank.org.