Renewable Social Benefit Funds (RSB Funds) will be partnering with Pacific Edison, Golden Power Partners, and Martifer Solar USA in a new solar energy financing program to service nonprofit and tax-exempt U.S. organizations. The project will guarantee solar power at a 5% savings over traditional power sources through power purchase agreements. Solar prices will stay set at a 5% discount to the customer’s existing utility rate for the life of the agreement, even if solar prices are to decrease.
“Across the country, schools, local governments and nonprofits are dealing with monumental economic challenges caused by the recession. In the meantime, energy prices continue to rise and consume an increasing portion of critical operating budgets,” said Jonathan Jaffrey, CEO, RSB Funds. “RSB Funds designed this plan with these organizations in mind, and we absolutely guarantee that our clients will spend less on utility bills with this rate-indexed PPA option.”
The power purchase agreement will not necessitate a down payment, will include operations and maintenance for all systems at no added cost, and will increase or decrease with electric rates. The PPA is guaranteed to create solar power at a 5% savings, when compared to traditional power sources, over its lifetime.
“Given recent energy price volatility, many of our clients distrust projections about future utility rate increases, and that can make them nervous about adopting solar energy,” said Dion Camp-Sanders, CEO of Pacific Edison. “This utility rate-indexed PPA pricing program solves that problem and allows our clients to embrace solar energy with the comfort and security of knowing that they will always be paying 5% less than utility rates. We are pleased to join RSB Funds as a solar project development partner in support of this revolutionary product.”