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01/09/09
BCIA Leads First Ever NJ Financing of Public Renewable Energy Project
BERGEN COUNTY IMPROVEMENT AUTHORITY (BCIA) LEADS FIRST EVER NEW JERSEY FINANCING OF PUBLIC RENEWABLE ENERGY PROJECTS
BCIA Helps Fund Solar Panels Which Will Produce Environmental Friendly Energy and Save Taxpayer Monies
(Hackensack), NJ – January 9, 2009 - The Bergen County Improvement Authority (BCIA) announced funding for renewable energy projects which allow local public entities to produce environmentally friendly energy.
According to Ronald J. O’Malley, BCIA Chairman, the projects financed involve the installation of solar panel systems on the roofs of various local public facilities, generating environmentally friendly energy.
The BCIA staff, in cooperation with the law firm of Wilentz, Goldman & Spitzer, headquartered in Woodbridge, and Capital Financial Advisors of Mount Laurel, organized the first ever New Jersey financing of public renewable energy projects through the issuance of Clean Renewable Energy Bonds (“CREB”).
“The BCIA utilized a unique and financially advantageous funding vehicle called a ‘CREB’ which are essentially 0%-1% interest rate bonds. These low interest rate bonds allow public entities to substantially reduce the cost of the projects to the municipalities and ultimately, to the taxpayers,” added O’Malley.
“The significant savings in interest costs combined with the energy saving solar panel systems result in a true tax savings being directly passed on to the taxpayers,” stated County Executive Dennis McNerney.
The BCIA, in conjunction with its energy consultant, Metro Energy Solutions, analyzed multiple local municipalities and schools and made a determination of facilities which would benefit from these environmentally friendly solar systems. According to O’Malley, many of the facilities of the local municipalities and school districts qualified for such systems and the low interest rate loans.
The first series of funding by the Bergen County Improvement Authority financed the installation of solar panels on the municipal building in the Borough of Alpine and the installation of solar panels to provide for 20% of the energy needed to run the wastewater plant of the Northwest Bergen County Utilities Authority which provides services to many Bergen County communities.
According to County Executive McNerney, the BCIA funding program will help significantly reduce energy costs, both Alpine and Northwest Bergen County Utilities Authority expect to see reduced energy bills, rebates for the installation of the solar panels and the ability to generate cash from the sale of energy credits.
“The Alpine and Northwest Bergen County Utilities Authority projects are just the first in many countywide green energy projects to be initiated by the County as part of its solar energy initiative program. We anticipate that many more towns and schools will benefit from this program,” added McNerney.
“The projects are a win-win. These ‘green’ solar panel projects reduce energy costs and are also financed at very low interest rates - all with the end result of reducing local taxes. These efforts go a long way in encouraging smart government through energy saving green projects and the coordination of bundling several public projects together.”
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