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.
Amount financed: $78,835
Financing Cost: $ 3,441/yr
Term: 20 years
Interest rate: 5.17%
Electric use offset: 28%
Annual average net cash flow to owner: $1,936/yr