Pennsylvania, United States [RenewableEnergyWorld.com] Borrego Solar Systems Inc. announced a partnership with Reading Electric to install more than 5 megawatts (MW) of solar energy at 32 different local businesses across Southeastern Pennsylvania. These projects will greatly expand the solar capacity in the region and across Pennsylvania. At the end of 2008, the entire state had fewer than 5 MW of solar installed.
To help offset the $30 million combined cost of these and the other 30 companies’ solar energy systems, Borrego Solar and Reading Electric have secured more than US $7.5 million in grant awards through the PA Sunshine Grant, a $100 million state fund administered by the PA Department of Environmental Protection. The grants awarded to these 32 customers represent approximately 25 percent of the solar energy grants awarded to businesses to date through the PA Sunshine program.
Borrego Solar and Reading Electric also anticipate funding from the Federal Renewable Energy Grant Program totaling more than $9 million. To facilitate these 32 companies’ ability to enjoy the benefits of going solar, Borrego Solar has offered to “carry” both the PA Sunshine and Federal Grant portions of these projects’ costs until they are received, leaving customers with a more manageable out-of-pocket financial obligation and overall enhanced project economics.
Borrego Solar also does not charge an interest cost for carrying the grant portions of the project. This approach represents a unique financial innovation and material incentive to these companies, enabling them to be at the leading edge of the development of commercial solar photovoltaic (PV) systems in Pennsylvania.
For the 32 projects that Borrego Solar and Reading Electric have jointly developed, Borrego Solar anticipates taking responsibility for nearly $17 million in incentive receivables from the two main funding programs (PA and Federal Government).
Last year Borrego made a move out of the residential solar market to focus on the industrial and commercial segments of the market. RenewableEnergyWorld.com talked to Mike Hall, CEO of Borrego about the move and what the market is like for installers. Watch the video below to hear more.
