Union County’s Improvement Authority in Tennessee, a coordinator of installation activities in the county will be conducting a solar panel installation in municipal-owned facilities and centers, as well as school districts in the county, which include public libraries, parking lots, community centers, fire houses, and other facilities.
According to the General Council for the Authority, Jonathan Williams, the solar panel installation in municipal-owned facilities and centers will allow the Union County to save about $6.2 million on energy spending and consumption for a 15 years period.
The Improvement Authority is expects to sell about $20 million worth of bonds the land property owners to cover approximately 70 percent of the total amount involve in the solar panel installation.
A California-based company, Tioga Energy, who provides solar electricity to commercial, government and non-profit organizations, and the vendor for the proposed solar panel installation project is going to compensate for the remaining 30 percent balance of the start-up costs for the project.
The company will be repaid for the loan raised by the bonds sold within the duration of the 15-year contract period.
Tioga Energy expects to make profits by selling the accumulated energy credits and by the available tax dispensations. The company will conduct solar panel installation only to the facilities and centers who agree purchase the power, which will be generated by the systems at a pre-fixed cost.
A total of 46 buildings spread within Union County will be provided with solar panel installation, which will be expecting to pay about 40 percent less than the usually rates by utility companies.