New Way Forward
Jack Barnett of the Clean Energy Cooperative recently revisited the project with the Commissioners in light of the lack of grant funding. He said the Co-op board believes that this is an important project for the community and began searching for other ways to finance the missing 25% (approximately $15,000) of the project costs..
The board discovered a project funding model that requires that the Co-op form a subsidiary LLC (Limited Liability Company), together with a local business. The other business will invest about $15,000 and take away the majority of the federal tax credits and depreciation losses. After about 6 years, the LLC can be dissolved, leaving the Co-op as sole owner of the Stourbridge Project solar array.
Tentatively Approved
The commissioners are enthusiastic and committed to installing a solar array at the Stourbridge Project. The Co-op board is currently working with legal and accounting professionals to set up the LLC, its operating agreement and other requirements. Our target is to have the Stourbridge Project solar array installed and operational by the end of October.