Steamfitter’s Union + Solar = Savings for UA Local 21

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Project Profile

UA Local 21 Plumbers & Steamfitters Union in Peekskill, NY installed a 35.4 kW solar electric system in October 2016, with Energize NY PACE financing available through the City. 

The Challenge: The union wanted to obtain solar power for its 84-year old headquarters through a power purchase agreement (PPA). The union did not want to depend upon traditional credit measures to secure financing for the project.

The Solution: Energize NY provided a 20-year PACE loan for the project based solely on the property’s value and the project’s ability to generate positive cash flow through energy savings. The financing was simple and cost-effective and didn’t require a credit analysis.

The project cash flow numbers below are estimates. 


PROJECT FINANCING

Amount financed:        $78,835

Financing Cost:          $ 3,441/yr

Term:                           20 years

Interest rate:                5.17%

ESTIMATED SAVINGS

Electric use offset:  28%
Annual average net cash flow to owner: $1,936/yr


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