Solar Energy Initiatives Inc. has signed a $6.5 million letter of intent to install solar panels on municipal buildings at a western U.S. school district. Installation of this project is expected to begin within the next few months.
The company's solar dealer will supply the solar equipment and balance of system for the project, and Solar Energy Initiatives will sell the newly generated solar energy to the school district at a discounted rate.
Solar Energy Initiatives adds that it will partner with a major funding source, installing the solar system at no out-of-pocket cost to the municipality. Solar Energy Initiatives will split the revenue of the energy sold to the school district and recognize energy sales over a 20-year period.
SOURCE: Solar Energy Initiatives