Unique financing model saves teachers' jobs, reduces furloughs; State officials commend school on innovative approach to hedge against budget cuts
Dublin (Georgia), March 12, 2013. – MAGE SOLAR, a turn-key provider of optimally coordinated PV-system solutions announced today that the company will provide a 1.1 MW solar PV system to Dublin City High School.
The 4898 module system will be spread out over several locations on campus and include roof top arrays, ground mounts, as well as several dual axis trackers. It will be the largest system in the Middle Georgia area and the very first one in the state that utilizes a third party lease model for schools.
Greenavations Power LLC, a solar consulting group with a "Physics to Finance"-approach, and Renewable Energy Equipment Leasing (REEL), a Georgia-based finance company, as well as the Atlanta law firm Arnall Golden Gregory have worked with MAGE SOLAR to create the financing structure that will reduce the school's utility costs about 40%. The savings will free up crucial capital expenses—resources much needed to pay teachers' salaries, continue essential programs and decrease the number of furlough days the school will have to implement.
In a groundbreaking ceremony on Monday Georgia Public Service Commissioner Lauren "Bubba" Mc Donald announced: "Today is the first day of tomorrow. This day represents entities coming together to work toward a common goal and to break the ice for solar in Georgia. I am proud to be here in Dublin today."
The Superintendent of Dublin City Schools Dr. Chuck Ledbetter said in a recent statement: "As educators struggle with decreasing revenues, the ability to not only reduce operating costs with solar power but also to essentially stabilize our energy costs for the next 25 years is a huge benefit to our school system. This will allow us to focus more of our resources on our primary mission, student learning."
"Solar technology came of age several years ago," says Robert Green, CEO of Greenavations Power LLC. "It has crossed the financial chasms that have ended many good technologies. Solar has achieved such a point of technical maturity and reliability that it is time for financing methodologies, such as bonds, to become standard practice."
Peter T. Micciche, the President and CEO of Renewable Energy Equipment Leasing, LLC (REEL) comments: "We are excited to have been a part of this project and are looking forward to when solar technology is utilized throughout the State of Georgia. In the overall scheme of things Georgia can utilize and maximize the sun's intensity, coupled with a high value producing panel from MAGE SOLAR this is the perfect combination for both municipal as well as all commercial applications."
Besides energy savings and a substantial reduction of operating costs, the solar installations will also be integrated into the curriculum as an educational tool. Through the production monitoring system, students in the physics lab will have the opportunity to learn about real-life energy generation while business classes will examine the financial benefits and return on investment. Evergreen Solar Services, a nationally operating installer company with focus on large commercial and utility scale installations, will construct, commission, and maintain the operation of the photovoltaic system.
Joe Thomas, the President and CEO of MAGE SOLAR, comments: "MAGE SOLAR is extremely excited about this project in our very own community of Dublin. When education and sustainability come together to secure jobs and create financial savings that can be reinvested in the school, clean solar energy has the most positive impact imaginable. We would like to thank our partners at REEL, Greenavations Power, Arnall Golden Gregory, Evergreen Energy and of course, the Dublin City School for their vision and determination in making this project a reality."