Sidwell Friends School Uses Innovative Bond Mechanism to Install Solar on Lower School |
groSolar installs 27.6 KW System on Washington, DC area school
Bethesda, MD (July 23, 2010) –National solar installer, groSolar, will take to the roof of Sidwell Friends Lower School in late July to install a solar power system that will provide electricity for the school.
The installation is the culmination of a year-long development project, led by groSolar, Sidwell Friends, and Common Cents Solar, a community-based organization that encourages solar installations in the Washington, DC area.
“At a time when America is reeling from coal-mine and oil spill catastrophes, Sidwell Friends is setting an example for the rest of the nation by moving toward a clean energy future,” says groSolar CEO Jeff Wolfe. “Since it opened the world’s first LEED Platinum K-12 school building, Sidwell Friends School has been recognized as a leader in green buildings and environmental education. The innovative financing approach used for this project shows that solar power is a strong investment opportunity as well as a sustainable solution for America’s energy needs.”
The School and Common Cents Solar are marketing “solar bonds” to parents, friends, faculty and alumni of Sidwell Friends.
“Investors in the Friends Solar Fund are purchasing "bonds" in increments of $5,000 to collectively own the solar system. The School will provide roof space and will purchase the solar generated electricity from the group at fixed rates that protect it against inflating energy costs,” says Ketch Ryan of Common Cents Solar. “After the system is fully paid off, the community investors will convey the system to the school as a charitable deduction. Each investor becomes a part of a community-supported sustained effort to change the course of environmental degradation - one building at a time.”
The 27.6 KW system, consisting of 120 PV solar modules, will generate 3,000 kWh per month, which is the equivalent of powering five homes. Per year, the system will offset nearly 40,000 pounds of CO2, 940 gallons of gasoline, or 20 barrels of oil.
“We think it is important to not only talk about environmental solutions, but also to demonstrate them. This gives students a sense of hope for the future and for their own ability to bring about change to the world in which they live,” says Mike Saxenian, CFO and Asst. Head of School, Sidwell Friends School. “Installation of this solar system reflects our commitment to environmental stewardship. This commitment is based in our Quaker values, and is one of four cornerstone values of the School.” The installation will be mounted on the flat roof of the school’s gymnasium, and is expected to be completed by the last week in August, in time for the start of the 2010-2011 school year.
About Sidwell Friends School Sidwell Friends School is an educational community inspired by the values of the Religious Society of Friends and guided by the Quaker belief in "That of God" in each person. We seek academically talented students of diverse cultural, racial, religious and economic backgrounds. We offer these students a rich and rigorous interdisciplinary curriculum designed to stimulate creative inquiry, intellectual achievement and independent thinking in a world increasingly without borders. We encourage these students to test themselves in athletic competition and to give expression to their artistic abilities. We draw strength from silence—and from the power of individual and collective reflection. We cultivate in all members of our community high personal expectations and integrity, respect for consensus, and an understanding of how diversity enriches us, why stewardship of the natural world matters and why service to others enhances life. Above all, we seek to be a school that nurtures a genuine love of learning and teaches students "to let their lives speak." www.sidwell.edu About groSolar groSolar is North America’s premier distributor, installer and integrator of solar energy solutions for residential and commercial installations. Founded in 1998, groSolar is the largest 100 percent U.S.-owned distributor in the solar industry, and a leading national installation company in North America. The company has offices and warehouses across the US, distributing solar electric and solar hot water systems from offices in VT, NJ, NY, CT, MA, MD, DE, PA, and CA. groSolar integrates components from leading solar manufacturers including Canadian Solar, Zep Solar, Solon, Enphase, SMA, Fronius, and UniRac into simple solar energy solutions for customers that generate clean, reliable energy for decades. groSolar is a mission-driven company dedicated to providing high quality solar energy solutions and whole energy appreciation. groSolar’s venture capital investors include NGP Energy Technology Partners, SJF Ventures, and Calvert Social Investment Fund. grosolar.com About Common Cents Solar Common Cents Solar exists to encourage neighbors to consider solar energy specifically and energy-wise options generally, as we all face a future of expensive, greenhouse gas producing, and often-unreliable energy choices. By joining together we can marshal our purchasing power to reduce the solar system prices and capture much larger tax incentives relative to what we could get if we each pursued solar on our own.By providing technical and economic information, and building demo systems to demonstrate that solar energy can be a practical, attractive and effective option. We build a solar bandwagon that will encourage more members of any community to participate, producing a larger positive energy and environmental impact than would otherwise be possible. We create a community action model that can be expanded to deliver other efficient and economical energy-wise products and services (such as energy conserving insulation or new windows) for our Town and in other communities as well. www.commoncentssolar.org
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