Solar Power World

  • Home
  • Top Solar Contractors
    • 10th Anniversary Roundtables
  • Articles
    • Most Recent Posts
    • News
      • Latest News Items
      • Solar tariffs
    • Featured
      • Latest Feature Stories
      • Contractors Corner
      • Trends in Solar
      • The Solar Explorer
  • Policy
    • Monthly Snapshots
  • Markets
    • Residential
    • Commercial
    • Community Solar
    • Utility
  • Products
    • 2020 Top Products
    • Batteries and Storage
    • Inverters
      • Global Manufacturing Locations
    • Racking and Mounting
    • Software
    • Solar Panels
      • U.S. solar panel manufacturers
      • Global Manufacturing Locations
  • Subscribe
  • Resources
    • About SPW
    • Digital Issues
    • Event Coverage
    • Leadership
      • 2020 Winners
      • 2019 Winners
      • 2018 Winners
    • Podcasts
    • Product Databases
      • Solar Inverter Models
      • Solar Panel Models
      • Solar Racking Models
      • Battery Storage Models
    • Product Manufacturing Locations
      • Global Inverter Manufacturing Locations
      • Global Solar Panel Manufacturing Locations
      • U.S. solar panel manufacturers
    • Solar Classrooms
      • Inverters
      • Solar panels
      • Roof-mount systems
      • Ground-mount systems
      • Residential energy storage systems
    • Suppliers
    • Videos
    • Webinars / Digital Events
    • Whitepapers

Greenworks Lending and CollectiveSun simplify nonprofit solar financing

By Kelsey Misbrener | July 26, 2018

Share

Greenworks Lending, a commercial PACE (C-PACE) capital provider, and CollectiveSun, the nation’s only company dedicated exclusively to helping nonprofits and tax-exempt organizations fund solar projects, announced today a partnership that will break down the financial barriers that nonprofits and charities face when considering solar photovoltaic systems. Together, the firms have created a commercial finance product specifically designed to meet the needs of tax-exempt organizations called “Collective PACE.”

Collective PACE combines CollectiveSun’s Solar Power Agreement (SPA), which monetizes tax credits upfront thereby lowering the cost of solar installations by 15%, and a C-PACE loan which is used to fund the remaining 85%. The SPA is a deposit lease agreement wherein nonprofits enter into a lease with a third party that owns and is responsible for the performance of a solar system. For nonprofit institutions or commercial properties that cannot monetize solar tax credits, third-party ownership has long been the sole option for these entities to access the full economic benefits of solar. Collective PACE delivers a discount to nonprofits through the upfront monetization of tax incentives by the third party, while simultaneously allowing nonprofits to take advantage of the longer-term, lower-cost financing available through C-PACE.

“This offering effectively unlocks the potential of solar for nonprofits and tax-exempt organizations,” explained Jessica Bailey, CEO and co-founder of Greenworks Lending. “We partnered with CollectiveSun to create Collective PACE in direct response to the needs of our clients. Nonprofits often own their properties debt-free, but cannot access the same funding sources as commercial businesses. Through Collective PACE, Greenworks has a unique ability to deploy C-PACE financing to a larger volume of nonprofits and this really helps the projects pencil out with greater returns for them.”

“With Collective PACE, we have created the $0 down, financing solution that nonprofit clients across the country have been asking for: long-term financing for their solar energy projects which also monetizes tax credits up front. We are excited to continue to serve our nonprofit clients with this compelling offer,” stated Lee Barken, chief community officer of CollectiveSun.

Opening the solar industry for nonprofits and tax-exempt organizations:

Nonprofits represent an untapped potential market for solar. According to the National Center for Charitable Statistics, there are over 1.5 million nonprofits in the United States and over 300,000 congregations. Many of these entities are interested in solar, but the upfront cash investment is too high.

Collective PACE offers multiple benefits to nonprofits:

  • Monetizes tax benefits of solar for nonprofit
  • Funding term matches system life
  • Cash flow positive each year of ownership
  • System performance monitored and guaranteed
  • Nonprofit retains ownership of RECs
  • Can cover non-solar property improvements

Melanie Santiago-Mosier, program director for VoteSolar.org, an advocacy organization dedicated to the acceleration of solar progress, suggested, “Persistent and rapid technology, policy and finance innovation make it possible to expand solar access and bring clean energy to the mainstream. We’re thrilled that innovative financing tools further unlock solar for those who can benefit the most, including nonprofits, while promoting clean air in communities and spurring local investments.”

Solar installers will benefit from Collective PACE through a standardized PACE SPA document that can be used alongside financing from Greenworks, which is actively funding C-PACE projects in over 12 states. Collective PACE can be used for solar systems of 50 kW or more. Nonprofits and solar PV installers are encouraged to contact either company to learn more about Collective PACE.

News item from Greenworks Lending

About The Author

Kelsey Misbrener

Kelsey is senior editor of Solar Power World.

Tell Us What You Think! Cancel reply

Related Articles Read More >

White Pine Renewables takes top spot with largest floating solar system in the US
An insane increase in battery capacity came online in the United States in Q4 2020
Zenernet now using EagleView aerial imaging for residential solar installs
Arcadia to offer community solar subscriptions for Central Maine Power customers by 2022

Exclusive SPW Content

Videos Podcasts Webinars Whitepapers

SPW Digital Editions

Solar Power World Digital EditionBrowse the current issue and archived issues of Solar Power World in an easy-to-use, high-quality format. Bookmark, share and interact with the leading solar construction magazine today.

Solar Policy Snapshot

Solar policy differs across state lines and regions. Click to see our monthly roundup of recent legislation and research throughout the country.

Read More >

Popular Posts See More >

Solar investment tax credit extended at 26% for two additional years
SolarJuice American to take over consumer contracts of bankrupt residential solar installer Petersen-Dean
What the Biden administration could mean for solar and storage
The changing state of retiring solar panels
Solar Power World
  • Top Solar Contractors
  • Solar Articles
  • Top Products
  • Leadership
  • WTWH Media
  • About/Contact Us
  • Advertising
  • Subscribe
  • Windpower Engineering & Development

Copyright © 2021 WTWH Media, LLC. All Rights Reserved. Site Map | Privacy Policy | RSS

Search Solar Power World

  • Home
  • Top Solar Contractors
    • 10th Anniversary Roundtables
  • Articles
    • Most Recent Posts
    • News
      • Latest News Items
      • Solar tariffs
    • Featured
      • Latest Feature Stories
      • Contractors Corner
      • Trends in Solar
      • The Solar Explorer
  • Policy
    • Monthly Snapshots
  • Markets
    • Residential
    • Commercial
    • Community Solar
    • Utility
  • Products
    • 2020 Top Products
    • Batteries and Storage
    • Inverters
      • Global Manufacturing Locations
    • Racking and Mounting
    • Software
    • Solar Panels
      • U.S. solar panel manufacturers
      • Global Manufacturing Locations
  • Subscribe
  • Resources
    • About SPW
    • Digital Issues
    • Event Coverage
    • Leadership
      • 2020 Winners
      • 2019 Winners
      • 2018 Winners
    • Podcasts
    • Product Databases
      • Solar Inverter Models
      • Solar Panel Models
      • Solar Racking Models
      • Battery Storage Models
    • Product Manufacturing Locations
      • Global Inverter Manufacturing Locations
      • Global Solar Panel Manufacturing Locations
      • U.S. solar panel manufacturers
    • Solar Classrooms
      • Inverters
      • Solar panels
      • Roof-mount systems
      • Ground-mount systems
      • Residential energy storage systems
    • Suppliers
    • Videos
    • Webinars / Digital Events
    • Whitepapers