Pennsylvania Solar Center is now in its fourth round of the Galvanizing our Energy Transition (GET) Solar program, which provides technical assistance and financial guidance for organizations looking to benefit from solar energy. This round specifically focuses on Pennsylvania businesses.
The launch of the GET Solar program coincides with the recent extension of the federal solar investment tax credit of 26% through 2023. The credit combined with accelerated depreciation will save businesses about 50% of the entire cost of the system over the first five years. Some counties also offer C-PACE financing, enabling companies to go solar with no up front payments.
“It really is a great time to go solar,” said Sharon Pillar, Executive Director of the Pa. Solar Center. “The federal tax credit extension is a huge incentive that will hopefully encourage more companies to make the transition to clean energy and, in the process, save businesses thousands of dollars in energy costs over the life of the system. Going solar creates both environmental sustainability as well as financial sustainability, which the pandemic has highlighted as an important goal to which many more companies are now paying more attention.”
Through GET Solar, the Solar Center completes a preliminary assessment of a business’s solar potential, helps them understand financing options, and links them with qualified solar developers.
For greater detail, Solar Center will hold a webinar on February 10 with a second webinar explaining financing options including C-PACE on February 17. Plug Smart, an energy service company, will join the February 17 webinar and offer a free C-PACE consultation for qualifying businesses considering other energy infrastructure upgrades.
“We’re excited to work with the Pa. Solar Center to help businesses GET Solar,” said Matt Mahoney, Senior Project Developer with Plug Smart. “Within C-PACE, solar power is an important consideration when evaluating a portfolio of infrastructure needs because it can enhance the overall project’s energy and fiscal efficiency. Combining energy savings measures opens new avenues for reducing costs while enhancing the building. And now with flexible financing options like C-PACE, building owners have an option that creates positive cash flow immediately.”
Building owners in Pennsylvania can use C-PACE, or Commercial Property Assessed Clean Energy, to finance building infrastructure improvements such as roof replacement, HVAC, LED lighting, windows, elevators, building automation, and solar without funds coming out of pocket. C-PACE offers 100% financing with low rates fully amortized over a term of up to 30 years so property owners can achieve energy and cost savings, especially when combined with tax incentives and other cost reduction programs.
For these reasons, more and more Pennsylvania businesses and organizations are choosing to go solar. In addition, once the equipment is paid for, the energy from the sun or wind is free, so the cost of the electricity is known for the life of the equipment which is 25 years or more.
The application for GET Solar is available here.