Commonwealth Financing Authority Invests $7 Million Solar, $7.8 Million In Energy Projects
The Commonwealth Financing Authority approved $7 million in grants for the six projects this week through the Solar Energy Program and $7.8 million in energy conservation grants.
The Commonwealth Financing Authority approved $7.8 million in grants and loans for 11 projects in eight counties that will use energy efficient technologies like LED lighting and alternative forms of power such as geothermal and biomass.
In total, the projects account for a more than $23.8 million investment in the state and, once completed, will save citizens, businesses, local governments and school districts almost $3.1 million on energy costs annually.
A list of the projects is available online.
The solar projects will have an installed capacity of more than 12.5 megawatts and will generate at least 14,000 megawatt hours of electricity annually, or enough to power approximately 1,500 Pennsylvania homes. In addition to generating 14,000 solar renewable energy credits a year, the systems will save their respective owners $777,000 in annual electric production over the next 20 years.
"From helping a school district become more energy efficient to transforming a blighted coal property into a solar farm, these investments are paving the way for a cleaner, greener economy and moving the commonwealth away from more costly, traditional fuels," said Department of Community and Economic Development Secretary George Cornelius.
"Pennsylvania is poised to become one of the top five states for solar energy installation by the end of the year. State investments in solar and other renewable energy sources help to drive down the cost of development and deployment of solar technology, and create a substantial energy savings for those who take advantage of this clean, renewable energy source," he said.
A list of projects is available online.
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