Wednesday, March 31, 2010

Solar Power applauds signing of Senate Bill 205

ROSEVILLE, USA: Solar Power Inc. announced that the March 25, 2010 signing of Senate Bill 205 by Governor Arnold Schwarzenegger helps clear the way for school districts across the state to leverage Qualified School Construction Bonds (QSCBS) to finance infrastructure projects, including the installation of solar systems to reduce energy costs.

The bill provides municipalities the authority to move forward with selling these bonds to fund qualified projects. QSCBs are part of the $787 billion American Recovery and Reinvestment Act (ARRA) of 2009.

The ARRA authorizes these special low-interest bonds for schools seeking to improve infrastructure. QSCBs provide federal tax credits for bondholders in lieu of interest in order to significantly reduce an issuer's cost of borrowing, providing a win-win solution for all parties.

“We were happy to see the anticipated signing of SB 205 take place. As a financial instrument Qualified School Construction Bonds are a very effective way to help school districts make much needed improvements. They provide an opportunity to finance solar systems that will deliver energy cost savings for decades.”

Recently, Solar Power announced that it will begin construction this summer of 2.24 megawatts of multiple systems across Baldwin Park Unified School District (BPUSD). The eight systems will be installed at seven schools and at the BPUSD district offices. BPUSD selected QSCBs as the optimal means of financing the solar systems for the district.

In addition to BPUSD, Solar Power, Inc. has other school districts it is working with in its immediate pipeline, including Washington Unified School District (WUSD). The WUSD Board recently approved allocation of QSCB’ to fund a 1.25 megawatt solar energy which Solar Power, Inc. co-developed with DRI Energy.

“We were happy to see the anticipated signing of SB 205 take place. As a financial instrument Qualified School Construction Bonds are a very effective way to help school districts make much needed improvements. They provide an opportunity to finance solar systems that will deliver energy cost savings for decades,” said Jeff Winzeler, CFO of Solar Power.

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