A new program from CollectiveSun and BQuest Foundation helps nonprofit organizations to go solar. The SunForAll Solar Fund is now accepting applications from qualifying nonprofits.
To qualify for the SunForAll Solar Fund, the organization must be a valid 501(c)(3) nonprofit with a solar project located in San Diego or Imperial county. Priority is given to organizations that have significant positive social impact and/or have had difficulty qualifying for traditional solar financing options. Applicants can find details and begin the process at https://sunforall.com.
“We hope that we’ll be able to reach a lot of nonprofits that serve our community and help their financial sustainability,” says the co-founder and president of BQuest Foundation, Kara Ballester. “These are the same nonprofits that provide so much relief and essential services for different parts of our population. Especially during this COVID crisis, we’re all very aware of the needs of our community that are served by clinics, food banks, family services, and other vital nonprofit organizations. We really feel that each dollar saved on their operating costs is a dollar put to work serving others. It’s a dollar that helps get San Diego closer to our goal of 100% renewable energy and demonstrates the value of cleaner air and a cleaner environment.”
The SunForAll Solar Fund combines three components that add up to fund 100% of the solar installation cost: an 18% philanthropic donation, a 12% tax-like credit benefit for nonprofits, and a 70% loan with 1.9% 10-year terms.
The 12% tax-like credit is provided by CollectiveSun through its Solar Power Agreement (SPA) with the organization. The SPA utilizes tax benefits that would otherwise be lost due to the organization’s nonprofit status. The remaining 70% of the solar installation cost is provided as a loan to the nonprofit organization. The 10-year loan has an interest rate of 1.9%. There are no collateral requirements beyond the solar equipment itself.
SunForAll is a philanthropically motivated impact investment designed to ensure that the nonprofit remains cash-flow positive from day one. The program is structured so that the projected solar energy savings are greater than the loan payments. As energy rates go up over time, the savings increase each year, reducing operating costs and allowing the nonprofit to further its mission.
News item from CollectiveSun