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RSB Funds Offers Nonprofit and Tax-Exempt Entities Utility Rate-Indexed PPAs for Solar Projects
Fixed 5% Discount to Utility Rates Makes Solar Energy a Risk-Free Proposition
Denver, CO – (July 28, 2010) – Renewable Social Benefit Funds (RSB Funds) today announced the introduction of a unique solar energy financing program exclusively for nonprofit and tax-exempt entities in the U.S. that will guarantee solar power at a five percent (5%) savings compared to the cost of traditional power. Under this national program, RSB Funds will make solar energy available through power purchase agreements (PPAs), where solar prices are indexed at a fixed 5% discount to the customer’s prevailing utility rate for the life of the agreement, even if power rates drop. RSB Funds has partnered with Pacific Edison, Golden Power Partners, and Martifer Solar USA for the implementation of this new program.
“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 PPA will require no money down, include operations and maintenance for all systems at no additional cost, and increase or decrease with electric rates. It is guaranteed to generate solar power at a 5% savings compared to the cost of traditional power for the lifetime of the agreement.
“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.”