HACKENSACK, NJ-SunLight General Capital has completed two solar electric power projects at county municipal facilities in Bergen County, NJ. Installed by Pfister Energy at the Prosecutor’s Office in Paramus, NJ and a parking canopy structure at the county seat in Hackensack at a cost of $3.5 million, the projects were completed at no expense to Bergen County taxpayers. The arrays will generate approximately 850,000 kilowatt hours annually.
“With the installation of these projects completed, Bergen County will begin reaping the benefits of this cost-effective and environmentally responsible solution to its energy needs,” says Stacey Hughes, managing partner of SunLight General Capital in New York City. “We are one of the only solar developers with in-house access to financing through our investment fund, SunLight General Solar Fund, and we were therefore able to deliver a timely and cost-effective proposal to Bergen County.”
Installed by renewable energy installation contractor Pfister Energy, the project allows Bergen County to purchase electricity at a discounted price. Over a 15-year period, the county is guaranteed savings of approximately $250,000. That sum could rise by as much as $1 million if utility prices continue increasing at historic rates.
Under the Power Purchase Agreement, SunLight General financed and owns the solar electric generating projects. The clean energy produced is comparable to saving 670 tons of carbon dioxide per year or 130 acres of forestland, SunLight General Capital says.
“In addition to immediate savings on the power price, Bergen County will benefit from the certainty of known fixed priced escalation of the power cost, at a rate well below that of the utility,” says Edouard Klehe, another managing partner of SunLight General. “After a public RFP, the county selected the partnership of SunLight General and Pfister Energy as they offered the best combination of proven expertise to finance, engineer, build and complete this project in a timely manner, coupled with a proposal that offered the most significant savings to the taxpayers of the county.”
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