As tax-exempt organizations around our region struggle to meet budgets due to the Coronavirus pandemic, a new piece of legislation brings a great solution to cut costs and attain sustainability goals.
Faith-based and non-profit organizations in Virginia can now go solar at no cost due to the passage of the groundbreaking Virginia Clean Economy Act. The new policy allows for a funding mechanism called a Power Purchase Agreement (PPA). A PPA is a great way for tax-exempt organizations to green their buildings without any out of pocket expense.
A PPA leverages the 26% federal incentive tax credit to lower the cost of installation for the solar company. Since tax-exempt organizations cannot use the tax credit, a PPA allows the solar company to own the solar it installs on the nonprofit’s site, generate power, and pass the savings on by selling the power back to the organization at a lower rate than the utility company can.
Benefits of a PPA for Faith-Based Organizations:
- PPAs bring an opportunity to reach sustainability goals and model environmental values without the investment required for equipment ownership.
- For faith-based organizations or non-profits that run on a tight budget, a PPA-financed solar project means immediate savings on the utility bill. That savings can in turn be put to use helping the people that the organization serves.
- A PPA structure means the solar company is responsible for installation, maintenance, performance and operating risk. This allows the organization’s leadership to leave the solar maintenance to the experts, leaving more time for the important tasks required to fulfill their organization’s mission.
Register now for our upcoming PPA webinar:
- Presented by Ipsun CEO Herve Billiet and Ipsun Solar Energy Consultant John Mein
- Learn how a PPA works, how it's possible for your organization to go solar at no cost, and what the benefits are. A live Q-and-A session will follow the slide show, so bring your questions for Herve and John!
We're looking forward to seeing you there- Register Now!