Doing Good With Green Energy, Wainwright Bank Finances Solar Projects
Tuesday, June 8th 2010 9:36 PM
By GetSolar Staff.
Massachusetts solar installers and nonprofits looking to benefit from renewable energy may want to take advantage of a new loan facility set up by Boston-based Wainwright Bank and sustainability solutions provider GreenBridge Energy Consortium.
Wainwright will provide financing to nonprofit organizations in Massachusetts in order to defray the significant fixed costs of installing and maintaining solar facilities. This will save organizations the risk of committing their own capital and free up more resources for other work.
Nonprofits are not eligible to receive any tax benefits for new solar projects under the American Recovery and Reinvestment Tax Act of 2009.
"Wainwright Bank is pleased to provide financing that will not only benefit nonprofits across the state, but also help reduce general energy consumption," said Stephen Pratt-Otto, Vice President of Community Development Lending at Wainwright.
The two organizations estimate that the financing provides enough capital to build new solar facilities generating a total of about 2 megawatts and achieving emissions reductions equivalent to removing 300 cars from the road.
The project may create additional benefits for nonprofits, according to GreenBridge COO Greg Bowden. "We've seen where the onsite presence of 'green' energy provides the nonprofit host with outstanding educational opportunities, as well as tremendous PR and additional resources for fundraising," said Bowden.
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Massachusetts solar installers and nonprofits looking to benefit from renewable energy may want to take advantage of a new loan facility set up by Boston-based Wainwright Bank and sustainability solutions provider GreenBridge Energy Consortium.
