Now in it’s second round, the SunForAll Solar Fund has awarded funding to five additional nonprofit organizations for a combined $4,132,640 of solar projects in San Diego.
SunForAll is a unique solar financing program for nonprofits created by CollectiveSun with lead investor BQuest Foundation, and supported by other impact investors. SunForAll makes going solar easy and affordable with an innovative financing structure consisting of a grant plus a Program Related Investment (PRI) in the form of a low-interest loan. SunForAll covers 100% of the up-front costs for solar installations on buildings owned by non-profits.
The five awardees in the second round of the fund are:
- Habitat for Humanity, facilitating opportunities for affordable homeownership.
- San Diego Center for Children, providing evidence-based therapeutic, educational, foster care and transition age services to children and families struggling with mental, emotional and behavioral disorders.
- Barrio Logan College Institute, specializing in college and career preparation for underserved students.
- Casa de Amparo, supporting those affected by and at risk of child abuse and neglect.
- San Ysidro Health, offering affordable and quality healthcare for families. In addition to the grant, these organizations will receive a solar installation discount that in total results in a 30% reduction on the cost of the solar system installation.
In addition to the grant, these organizations will receive a solar installation discount that in total results in a 30% reduction on the cost of the solar system installation. The low-interest loan finances the remaining 70% of installation costs. In the first SunForAll round totaling $1,561,754, awardees included Vista Community Clinic, a provider of health education and services, and Casa Familiar, a community development and social services organization. To date, SunForAll has funded $5,694,394 of solar projects for San Diego nonprofits.
The selection committee chose awardees based on an evaluation of the nonprofit mission and operations along with the technical merits and economic benefits of the solar project. Priority was given to nonprofits engaged in underserved or marginalized communities with a focus on social equity.
Kara Ballester, co-founder and president of BQuest Foundation, one of the fund’s investors, said, “SunForAll creates greater financial stability for nonprofits while also making an impact on climate sustainability. Each of these nonprofits will now be able to save on operating expenses that can be redirected towards their mission of serving our communities. They will also be able to help increase the use of renewable energy in San Diego and demonstrate its value, especially for the communities that stand to benefit the most from cleaner, more affordable energy.”
This funding round was launched in June 2020, in the middle of the pandemic. Lee Barken, Chief Community Officer at CollectiveSun, said, “Solar installations can be performed with COVID-friendly safety protocols, which supports local economic activity and creates local jobs. We are delighted to partner with BQuest Foundation and other impact investors to advance renewable energy and support nonprofits. The sun keeps shining even during troubling times.”
News item from CollectiveSun
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