Award-winning municipal financing model to provide clean energy for county schools, libraries, community centers, fire/police stationsElizabeth, NJ – May 19, 2011 – Tioga Energy, a leading provider of renewable energy services to commercial, government and non-profit institutions, today announced it has finalized contracts and begun development of 3.4 MW of solar energy systems at facilities owned by a variety of local government agencies in Union County, New Jersey. Under the terms of the solar power purchase agreements (PPAs) between Tioga Energy and the county agencies, Tioga will own and operate the projects, selling the electricity generated back to the county at predictable rates and lowering electricity costs by approximately 50 percent over 15 years.
To finance the installations, Tioga Energy and the Union County Improvement Authority implemented a financial structure that combines the benefits of low-interest municipal bonds with the sale of solar renewable energy certificates (SRECs) and federal tax incentives to lower the cost of the solar electricity provided to the county under the PPAs.
“Working with Tioga Energy offers Union County tremendous value, allowing us to decrease our energy expenses and instead allocate those resources to better serve our community,” said Charlotte DeFilippo, Executive Director of the Union County Improvement Authority. “In these times of tight budgets for schools and municipal services, Union County’s forward-looking solar program helps us save money, control costs over the long-term and create jobs within the growing clean technology industry.”
Union County Freeholder Daniel P. Sullivan hailed the solar program as a “visionary” effort.
“The Renewable Energy Program puts Union County in the forefront as our nation transitions to a safer, healthier and more affordable energy future,” said Freeholder Sullivan. “The Improvement Authority is to be commended for its diligent pursuit of this important program, and I would like to thank all the participants for their support.”
The 44 solar electric systems will be located at a variety of county-owned sites throughout the region, including three firehouses, four libraries and schools in seven districts. Tioga’s installation partner, a joint venture between Pro-Tech Energy Solutions and Huen Electric, Inc., will engineer and construct the systems.
“Tioga’s experience with this type of municipal project financing enabled us to tackle the complexities of this initiative that turned away other providers. We commend the Union County Improvement Authority for taking action to simultaneously reduce both the county’s carbon footprint and its electricity bills,” said Paul Detering, CEO of Tioga Energy. “The Tioga team is constantly working to highlight the viability of solar in any economic climate, and we’re now seeing more and more communities like Union County exploring unique financing mechanisms to bring renewable projects to life.”
This is the third countywide solar project in New Jersey to be financed in this manner. Groundbreaking in Union County will begin over the next several months, with all systems expected to be completed by April of 2012.
About Tioga Energy
Tioga Energy enables commercial, government and non-profit organizations to reduce energy costs while lowering carbon emissions. Through the SurePath™ solar power purchase agreement (PPA), Tioga Energy owns and operates renewable energy systems that provide organizations a hedge against energy price volatility and accelerate their access to clean energy without any capital outlay. For more information call 877.333.9787 or visit www.tiogaenergy.com. To access and download Tioga Energy’s SurePath™ Solar PPA, please visit: www.tiogaenergy.com/annotated-ppa-index.php.
Media Contact:
Kimberly Setliff
Antenna Group for Tioga Energy
415-977-1942
kimberly [at] antennagroup.com
