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Challenge: To provide Morris County municipalities and school districts electricity savings by combining the benefits of private ownership of solar panels and low cost of financing through public financing.
NW Solution: By utilizing our innovative financing solutions, NW Financial was able to assist in creating a unique program in which the local units reap the benefits of a private developer owning and operating their solar panel system (SREC revenue, 30% federal tax credit, accelerated depreciation) coupled with public financing through a County guaranteed bond issuance in order to receive the lowest PP A price and save on electricity costs.
Client Benefit: As a result, the underlying local units saved approximately 35% in electricity costs and the County provided a shared service to its municipalities and school districts.
NW Financial Role: We served as Financial Advisor to the Morris County Improvement Authority, designed the financing structure, determined project feasibility for participants, helped in preparation of the RFP for solar developer and negotiated the successful sale of the bonds.
Key Staff: Douglas Bacher, Principal