Reading Electric Awarded $281,075
PA Sunshine Grant for Solar Array
Grant to help fund a 145 kW solar array for the
Company’s warehouse and office facility
Reading, Pennsylvania – October 14, 2009 – Reading Electric announces that it has received a reservation for a $281,075 PA Sunshine Grant. The PA Sunshine Grant, administered by the PA Department of Environmental Protection, is part of a program currently offering $100MM to businesses and residents to help fund solar energy and solar thermal systems. Reading Electric will also receive approximately $260,000 from the Federal Grant Program for solar projects, upon completion of the solar installation. Total Project cost is approximately $871,000.
IMPORTANT ASPECTS OF THE SOLAR ARRAY SYSTEM AND GRANT
The solar array will produce the following conservative, estimated savings for the company:
- $700,000 in reduced energy bills
- $320,000 in Renewable Energy Credits payments
- $230,000 in 5 year Accelerated Depreciation Benefits
The project will be cash flow positive in the first year due to the cash flow characteristics of solar and the current incentives available.
Borrego Solar Systems, Inc. is providing the cash upfront for both the $281,075 State and $260,000 Federal grant, and is taking 100% of the risk of the timing related to the government grant payments. No variable financing cost is being charged to Reading Electric.
Reading Electric will receive long term Electric Utility Price Protection. The 145 kW System will generate approximately 45% of energy consumption at an effective cost per kWh of approximately $0.01.
Borrego and Reading Electric are making these exact same terms available to other clients interested in installing solar systems in PA. Companies interested in receiving a PA Sunshine Grant must apply through a PA DEP certified solar installer. Reading Electric and Borrego Solar Systems are both PA DEP certified solar installers and will prepare the necessary paperwork filings for you.
Reading Electric is a leading supplier of electromechanical equipment and services, and has provided problem solving solutions to Industrial, Commercial and Municipal customers for over 50 years. For more information about Reading Electric’s solar installation, or for inquiries about a solar array for your facility, contact Reading Electric.
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