LOS ANGELES, CA--(Marketwired - May 28, 2014) - Panasonic Eco Solutions North America (Panasonic) and its strategic partner Coronal Group (Coronal) have teamed with HelioPower to create the Solar Water Funding Alliance, a multi-million dollar effort focused solely on developing, building, financing and managing solar PV installations for California's water agencies. Recognizing the urgent need among water agencies to reduce expenses, this alliance will enable these agencies to save significantly on their electric bill by converting to solar energy with zero upfront costs. As a result, water agencies are able to transfer the money they were paying the electric companies back into water projects to help their own ratepayers.
According to a recent article in Greentech Media, California water utilities "spend about 30 percent of their total operating budget on energy, and yet have little to no available capital to upgrade systems in order to save money. In California, nearly one-fifth of the state's energy requirements are water-related."
HelioPower and the Panasonic-Coronal team have established a renewable energy platform that provides end-to-end solar power systems with zero capital outlay for their water agency clients. "In this time of severe drought, water agencies are under tremendous financial pressure to maintain adequate water resources while limiting costs to ratepayers," said Jonathan Jaffrey, Coronal's CEO and managing director. "By teaming with HelioPower, we are effectively changing the economics of solar for California's water agencies."
Traditionally, a water agency would be required to make a substantial upfront investment in order to purchase and install a solar energy system. The only viable alternative -- third party financing -- yielded marginal savings at best. As a result, many water agencies considered solar energy projects impractical. With the adoption of the Renewable Energy Self-Generation Bill Credit Transfer (RES-BCT) program, a water agency can install a large ground mount solar PV system of up to 5 megawatts on empty land, and credit the energy savings against any meter located in its district. Often the highest usage electric meters are located in crowded areas where a large solar array would not fit. With RES-BCT the solar array can generate energy in an empty field while the bill credits are applied virtually against whichever meter the water agency prefers.
"RES-BCT may not be new but has been underexploited. Until recently, few water agencies took advantage of it because the net savings from installing solar facilities after the financing costs were not significant enough to be worth the effort," said Nick Weber, Sr. Project Developer for HelioPower. "With the collaboration between Panasonic, Coronal and HelioPower, the economics of a solar RES-BCT project are not only viable, but impressive."
Now, the Solar Water Funding Alliance is leveraging RES-BCT to help water agencies obtain some of the largest year-over-year savings seen from solar. Mr. Weber explained, "We can turn each acre that a water agency allocates to the RES-BCT solar program into immediate dollar savings on agencies' power bills. Typically, clients can see savings of $8,000 - $12,000 per acre, per year."
For more information, contact Nick Weber, firstname.lastname@example.org
About Coronal Group, LLC
Coronal Group is an alternative energy firm that finances and operates solar PV projects for institutions, municipalities, corporations and non-profit organizations throughout the US, Canada and Puerto Rico. The Coronal team, which brings more than 80 collective years of successful asset and investment management experience, and a strong record of solar project development, has been recognized by the White House Office of Innovation and Civic Participation as thought leaders in the solar industry.
For additional information, please visit www.CoronalGroup.com.
About Panasonic Eco Solutions North America
Panasonic Eco Solutions North America is a division of Panasonic Corporation of North America, the principal North American subsidiary of Panasonic Corporation. Panasonic Corporation was recently ranked number four in Interbrand's "Best Global Green Brands 2013", moving up two spots from number six, becoming the highest ranked electronics brand in the report. Panasonic Eco Solutions develops and provides customized and integrated technology-based system solutions for enterprise customers in a variety of industries such as sports, entertainment and digital outdoor. Additionally, the company supplies renewable energy and energy-efficiency solutions to corporate and public sector organizations. For more information visit: http://www.panasonic.com and http://us.panasonic.com/business/pesna/.
Founded in 2001, HelioPower is the premier energy engineering firm for public sector, commercial, industrial, and agricultural energy systems. HelioPower has installed over 4,000 systems and own and operate 160 solar systems. With over a decade of experience, HelioPower consistently delivers quality, custom engineered, cost-effective energy solutions to its clients. For information, visit www.HelioPower.com.