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Buckman board agrees to apply $1.106 million in federal energy credits to reduce solar lease debt to City of Santa Fe
Summary
The board approved applying $1,106,612.77 in federal clean-energy/efficiency tax credits to pay down the outstanding solar lease purchase debt owed to the City of Santa Fe; staff said the city initially financed the solar arrays and the BDD had fallen behind on payments.
The Buckman Direct Diversion Board voted Nov. 6 to apply $1,106,612.77 in federal clean-energy tax credits to reduce the BDD—s outstanding solar lease purchase debt to the City of Santa Fe.
Staff explained the city procured and financed two solar arrays as part of a broader citywide energy-savings agreement financed by Sterling Bank. The city fronted the money for the arrays and the BDD owes a portion of the total project cost; staff told the board the total project was about $5.2 million and that the federal tax-credit amount would be applied to pay down the BDD—s share.
Board members asked how the funds moved and whether the credit came to the city or directly to BDD; staff said the City of Santa Fe received the federal credit and is applying it to BDD—s portion of the city-held debt. Members also asked about interest rates and whether the BDD had been current on payments. Staff said the BDD had fallen behind and the credit will help bring the account nearly current.
Councilor Cassatt moved approval and Councilor Romero Wirth seconded. The board approved the application by roll call.
