SHORT HILLS, USA: Geoscape Solar has announced a unique financing program called “Sun For All,” which extends the company’s existing financing solutions for non-profits and religious institutions by adding elements that help them reap the many benefits of solar energy.
With this program, all types of non-profit institutions can save 50 percent over the utility cost of electricity generated by a solar energy system and can also earn valuable Solar Renewable Energy Credits (SRECs). For a modest-sized installation, the program can generate more than $500,000 of income over 25 years.
The Sun For All program offers a breakthrough in solar financing by allowing the non-profit and its members to team up and share in the powerful financial rewards of solar ownership.
To accomplish this, the organization’s members lend approximately 60 percent of the purchase price of the system, while Geoscape Solar funds the remaining 40 percent. Federal tax credits, SRECs and discounted electricity payments from the non-profit are used to repay the benefactors and Geoscape Solar. After 10 years, the benefactors will have been repaid with interest and the non-profit will get the SRECs for five more years.
“We make it easy for community-minded organizations to save money on energy costs and to reduce their carbon footprints using solar energy,” said Jeffrey Chavkin, president and co-founder of Geoscape Solar.
“Now, members can do well by doing good – benefiting both their favorite non-profit and the environment. A number of religious institutions, such as churches and temples, have been looking for ways to take advantage of the incredible solar incentives in New Jersey, and we are now pleased to be able to help them with our unique Sun For All financing program.”
While many environmentally inclined and cost-conscious organizations would like to switch to solar energy, the federal incentives that make it feasible are limited to federal taxpayers. Without these incentives, the cost of solar can be prohibitive. Geoscape Solar’s Sun For All program solves this problem, making solar not only attainable, but financially compelling for all houses of worship and non-profits in New Jersey.
“No other program allows non-profits to capture so much of the solar energy savings,” said Chavkin. “And, no other program allows them to keep the income from New Jersey’s valuable SRECs.”
While members help their charities save on operating costs and save the planet, they also earn a return on an investment. Those benefactors who wish to give even more can donate any of their investment income back to the charity.
“We are extremely interested in this program because it substantially reduces energy costs from day one,” said Rabbi Mendel Solomon, director of the Rabbinical College of America, which is located in Morristown. “It gives our benefactors an opportunity to get involved in a unique way that benefits the school and the environment, while simultaneously paying them a return on their investment. Going solar this way is a win-win for everyone.”
Geoscape Solar’s management team is reshaping New Jersey’s environmental landscape by taking solar energy mainstream. With a proven history of building successful companies, they are delivering professionalism and high-standards to a fragmented solar market.
Building on over 60 years of banking, investment and solar experience to create the region’s first residential lease program and a range of creative commercial financing options, the team offers a unique investment approach to the solar market.