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Contractor outlines tax-credit strategy and local benefits of solar installations
Summary
Renewal Energy Partners presented technical details, job and training benefits, and a "safe-harbor" approach to preserve federal tax-credit eligibility; the firm offered to purchase equipment on the city's behalf to meet the 5% spend deadline if necessary.
Renewal Energy Partners representatives described their approach to engineering, procurement and construction and emphasized local workforce training tied to municipal solar projects. "We started in, 2013, focused on the idea that we could help create economic opportunities for, both underserved populations as well as those folks from, economically challenged neighborhoods," said Jumeset Staples, CEO of Renewal Energy Partners, explaining the company's mission and prior municipal work.
On financing, the contractor explained the federal direct-pay tax credit and a "safe harbor" strategy to secure eligibility by spending 5% of the project budget before the statutory deadline; Michael Krause, the company's chief operating officer, said they could purchase and hold panels if the state will not permit grant funds to be used for the safe-harbor payment. The presenters also highlighted potential local job and training pipelines connected to the work.
