Solar Energy Initiatives Inc. has signed a letter of intent with a school district in Pennsylvania to install and operate approximately 4 MW of photovoltaic systems on government buildings. The company anticipates that the projects will break ground this fall and will be completed during spring 2011.
Solar Energy Initiatives will provide all solar equipment for the installation on the sites and sell the newly generated solar electricity to the buildings at a discounted rate. The project is expected to provide energy savings to the district over a 20-year term and does not require any out-of-pocket costs, the company notes.
The project will utilize approximately 17,000 solar modules. Solar Energy Initiatives adds that it will recognize energy sales over a 20-year period from the project ownership and the sale of solar renewable energy credits through a state program supported by the Pennsylvania Public Utilities Commission.
SOURCE: Solar Energy Initiatives Inc.
