Boston, MA [RenewableEnergyAccess.com] MassDevelopment announced the closing of $3,129,300 in federally sponsored Clean Renewable Energy Bonds (CREB) issued on behalf of the Commonwealth of Massachusetts to support the installation of photovoltaic cells at twelve facilities across the state including schools and correctional facilities.
Created by the Internal Revenue Service in January 2006 as part of the Energy Policy Act of 2005, the CREBs program encourages the development of new renewable energy projects across the country by providing for no interest loans to the states, cities and towns that undertake such projects
By participating in the no interest bond program, Massachusetts stands to save more than $1,000,000 in borrowing costs along with $180,000 in annual energy costs. The projects will also reduce the amount of carbon dioxide released into the atmosphere by approximately 500 metric tons each year.“Thanks to these CREB bonds and other state support, we will be able to increase installed solar power at state facilities fivefold, and total solar capacity statewide by nearly 25 percent, with the bonds paid off by the energy savings made possible by the solar panels,” said Massachusetts Secretary of Energy and Environmental Affairs Ian Bowles. “Governor Patrick and I consider the CREBs bonds issued by MassDevelopment an essential tool for helping state agencies invest in renewable energy and lead by example toward a clean energy future for the Commonwealth.”