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Teton County approves up to $1.9 million loan to Energy Conservation Works for community solar project
Summary
The Board of County Commissioners approved an intergovernmental loan not to exceed $1,900,000 to Energy Conservation Works to support a community solar project; repayment is expected from SPET proceeds tied to the 11/08/2022 ECW ballot measure and is estimated by late 2029.
Teton County commissioners voted unanimously June 3 to approve an intergovernmental loan of up to $1,900,000 to Energy Conservation Works to support a planned community solar project.
The vote followed a presentation by Katie Smith, Teton County treasurer, who said the loan would come from the county Capital Projects Fund (a depreciation/future use restricted fund) and be repaid from Special Purpose Excise Tax (SPET) proceeds linked to the ECW projects approved by voters on Nov. 8, 2022. Deputy County Attorney Gingree said the resolution anticipates repayment spread through Dec. 31, 2029 as an estimate.
Energy Conservation Works Executive Director Melissa Turley told the board the organization is finalizing an engineering, procurement and construction contract with Lower Valley Energy and preparing a conditional use permit application in Lincoln County. Turley said the project team expects to incur project expenses in the next fiscal year and appreciates access to county-administered funds.
Smith said the loan will not be advanced as a single lump-sum payment; disbursement will be “pay as you go” and she will administer repayments in coordination with ECW. The resolution approved authorizes a loan not to exceed $1.9 million for the community solar project and ties repayment to the SPET proceeds from the 11/08/2022 ECW ballot authorization.
Commissioner Probst moved to approve the resolution; Commissioner Gardner seconded. The motion carried unanimously.
The board did not adopt a detailed repayment schedule at the meeting; Smith said a repayment schedule through December 2026 exists in planning, but the final timing will be coordinated as ECW’s SPET receipts and project expenditures are confirmed.
