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Council approves $11M+ solar and energy efficiency package, financing with Bank of America
Summary
Lincoln Council approved financing and work orders to install solar arrays and replace HVAC units across city facilities, approving a roughly $11.05 million project and a financing proposal from Bank of America with expected federal tax incentives reducing net cost.
The Lincoln City Council on July 9 approved a multi‑faceted energy efficiency and solar package that includes financing and contracts to build rooftop and ground‑mounted solar arrays, replace HVAC units and cover pickleball courts, and to set up a 10‑year operations and maintenance agreement.
City staff presented financing options and said an RFP produced bids from banks; PFM financial advisors recommended the Bank of America proposal as the lowest cost of capital. A PFM representative summarized the Bank of America offer as a loan of about $11.7 million, total repayment of roughly $17.9 million and annual debt service near $944,000; staff said expected federal Inflation Reduction Act incentives (about $2.4 million estimated) would be prepaid in 2026 and reduce net debt to about $14.7 million and annual debt service to about $735,000.
Separately the council authorized two SiteLogic work orders totaling $11,050,000 and a 10‑year O&M agreement with first‑year costs of about $48,750. Staff said the term aligns with insurance constraints and state limits; SiteLogic will provide a performance guarantee under the maintenance agreement. Project locations listed by staff included City Hall, the community center, corporation yard, McBean Park pickleball cover and an airport‑area ground mounted system. Staff estimated lifecycle savings and projected annual net savings of roughly $1.7 million based on SiteLogic work orders and projected energy reductions.
Council members praised staff for the pace of the project and asked practical questions about site lighting and O&M terms; staff said construction is staged and that work orders and funding were previously vetted. After brief public input the council voted unanimously to approve the lease‑purchase financing (Resolution 2024‑149) and to authorize work orders and the O&M agreement (Resolution 2024‑150). Staff said net project savings are expected in most years once incentives and energy offsets are applied and that additional work orders and contract details will return for subsequent approvals where required.
The project now moves to contract execution and construction planning; staff said they will return with any amendments or additional work‑order approvals as milestones require.
